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The Big Picture San Diego Blog


November 2013

November 11, 2013

Illustration of GroundMetrics oil producing technology

 

GroundMetrics CEO George Eiskamp recently demonstrated a talent important to any entrepreneur building a company – extemporaneous speaking. Asked to give a quick update on his company at the closing lunch of the World’s Best Technology conference (WBT), Eiskamp whisked the audience through his firm’s financing wins and in the process showed that it takes a proverbial village to get a company up and running.

Founded in 2010, GroundMetrics is developing a new class of sensor system for advanced ground-based electromagnetic survey and monitoring services for resource exploration, production and environmental integrity.

Eiskamp’s early funding set records with San Diego’s Tech Coast Angels. His first round of financing in 2012 was the largest investment ever raised from a single chapter ($1.2 million). A Small Business Innovation Research grant (SBIR) from the U.S. Department of Energy soon followed and in October of 2012 GroundMetrics was selected to present at WBT.

Eiskamp’s story was welcome news for the WBT class of 2013. Since participating in the program last year, where the company won a Gold award as one of the most promising technologies showcased at the event, GroundMetrics took second place in the San Diego Venture Group’s PitchFest, closed a second round of financing – again led by San Diego Tech Coast Angels – and secured an additional SBIR grant from the Department of Energy as well as a $1.8M grant not earmarked for small companies.  The company also added the world’s 6th largest and 20th largest oil companies to its customer base in addition to repeat business from the world’s largest oil company.

San Diego Regional EDC’s Matt Sanford (who met Eiskamp at WBT 2012) introduced him to Tom Van Betten and Kaley Severn at Cassidy Turley San Diego, who helped him locate office space in Kearny Mesa and referred him to James Morrell at Veteran Solutions to renovate the space. In a follow up email, Eiskamp was very positive about his experience. “I’d highly recommend them to other early stage companies, which are the real economic drivers in any community and especially tech clusters like San Diego.”

GroundMetrics is currently in due diligence for a Series B round of funding with two organizations he met via WBT in 2012. It was a meeting with one of those groups at the site of WBT 2013 that led to the last minute request for what turned out to be an inspiring story for companies currently in the hunt for funding.


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November 7, 2013

California group photo with Sec. of Commerce Pritzker

EDC recently joined a delegation of nine California organizations, organized by the California Governor’s Office of Business and Economic Development (GO-Biz), at the inaugural SelectUSA  Investment Summit in Washington D.C. The goal was to promote the golden state as the prime spot for international trade and investment. Hosted by the Department of Commerce, the summit connected top-level corporate executives and investors from the U.S., and around the globe, with the nation’s economic development organizations at the state, regional, and local levels.

Despite the federal government shutdown a few weeks prior, it was business as usual in the nation’s capital.  “The United States is open for business,” President Obama told a sold-out room at the conference. 

The two-day conference welcomed more than 1,000 attendees from nearly 60 international markets and 47 U.S. states, three U.S. territories, and the District of Columbia. Featured speakers, in addition to the President, included Secretary of Commerce Penny Pritzker, Secretary of State John Kerry, Bill Simon (President and CEO of Walmart U.S.), Parker Harris (Co-Founder of Salesforce.com), and Ludwig Willisch (CEO of BMW North America).  The summit also featured more than 70 high-level speakers covering topics such as workforce development, public-private partnerships through infrastructure investments and exports.

Why is foreign direct investment (FDI) important?  Direct investment in the United States – from foreign or domestic firms – is a critical factor in economic growth and job creation.  In 2012 alone, the U.S. attracted more than $160 billion in foreign direct investment (FDI), making us the world’s top destination for FDI.  In 2011, foreign-owned companies in the U.S.  were responsible for employing 5.6 million U.S. workers. 

Where does California stack up in comparison to other U.S. states?  In April of this year, California Governor Jerry Brown announced more than $1.8 billion in deals making the state number one for attracting FDI.  Foreign-owned companies account for more than 700,000 jobs in the state.

At the conference, President Obama  announced the first-ever comprehensive effort led by the federal government to attract job-creating foreign investment to the U.S. through the expansion and enhancement of the SelectUSA initiative. The initiative seeks to grow FDI as the nation emerges from the recession and becomes an increasingly competitive location for attracting investment due to rising productivity, abundant low-cost energy and rising costs elsewhere.  With the announcement,  regions like San Diego can expect a smart FDI strategy that integrates export promotions, workforce development, innovation cluster creation and land use planning.   Such a strategy will reap the many benefits of international trade and investment—including new better paying jobs, new tax revenues, knowledge spillover and global connectivity. 

What does this mean for San Diego?  San Diego’s active role in    the State of California’s collaborative and coordinated investment promotion efforts is needed to engage and attract future investors;  our partnership with the Brookings Institution on the Metropolitan Export Initiative will create a regional export strategy that will boost the local economy and create jobs; and our ongoing involvement with the Global Cities Initiative to spur and strengthen regional global engagement puts San Diego on track for creating a blueprint for  global competitiveness.


posted by Daichi Pantaleon

November 1, 2013

101 San Diego Companies made Inc 5000 list of fastest growing companies

Earlier this week, Inc. magazine released its annual Inc. 5000 list of fastest growing companies. More than 100 companies in San Diego metro made the list, including four EDC Investors: SKLZ,Sentek GlobalD&K Engineering and VAVi Sport and Social Club. Other prominent San Diego region businesses made the list, such as Stone Brewing and Quality Controlled Manufacturing, who recently participated in San Diego Manufacturing Day with EDC and other regional partners. 

The Inc. 5000 list ranks companies by revenue growth from 2009 through 2012 for companies that are U.S.-based, privately-held, for profit, and independent with 2012 revenues greater than $2 million. The 101 San Diego companies on the list totaled more than $1.75 billion in annual revenue in 2012. Among all US metros, San Diego had the 13th most companies on the list. 

This list shows San Diego's businesses are gaining steam. While we're home to one percent of the nation's privately-held businesses, San Diego companies make up 2 percent of this year's Inc 5000  list.

Click here to see the full Inc. 5000 list. Click here to see the full list of San Diego metro businesses.