Skip to Content
The Big Picture San Diego Blog


Mega-Region

June 23, 2015

When Mark Cafferty was recruited to take the reins at EDC in 2011, his first assignment was simple. Then executive committee member Vincent Mudd asked him to “tell us what the cover of Fortune Magazine will look like in five years.” A few days later, Mark came back with a well-crafted cover displayed in English, Spanish and Japanese. It is anecdotes like this that have defined EDC over the past 50 years.

Almost five years later, Vincent Mudd, now serving as chairman of EDC, delivered his annual talk at EDC’s 50th Annual Dinner.  Combing through the archives, he pays homage to EDC’s past – recounting the transformative leadership that has shaped the region  – and gives us a glimpse into what the future might look like.

Watch below: 

May 29, 2015

Earlier this week, the Brookings Institution published The 10 Lessons from Global Trade and Investment Planning in U.S. Metro Areas.

As one of the pilot cities in the development of a trade and investment plan, San Diego has learned a lot about itself in its ability to better compete globally. Below are the lessons learned:

 

(1) The primary benefit of global trade and investment is increased competitiveness, not quick jobs.

There is a reason the goal of the Go Global initiative is to maximize San Diego’s global competitiveness and prosperity through increased global engagement: increasing exports and attracting foreign investment (FDI) take time. Once a company decides to go global and export, it takes the firm 18 months on average to finally get its product abroad. 

 

(2) The most important firms are the ones you already have.

When more than 98 percent of the national job growth comes from startups and business expansions, it’s hard to ignore San Diego’s most important assets – its own companies.  When Takeda Pharmaceuticals, one of the oldest and largest companies in Japan, decided to condense its West Coast operations, it chose San Diego – closing the San Francisco office and moving those jobs into the region. 

       

 

(3) FDI and exports are closely linked.

Innovation-based industries that export San Diego’s leading products and services are also the drivers of FDI into the region. Reinforcing this relationship, FDI in these industries has catalyzed international exports as parent companies open new markets for San Diego establishments.  Aerospace products, pharmaceuticals, communications equipment, and semiconductors – all of which are strong exporting industries and large sources of FDI. 

 

(4) Leading with real specializations opens doors for firms.

Case in point: Go Global San Diego Strategy 4, Tactic 5: Reinforce research institutions leading innovation. Leading with San Diego’s premier research institutions will enable the spillover effects these institutions create – starting new companies and growing jobs. Hybritech, San Diego’s first biotech company, was co-founded by two professors from UC San Diego. Since then, UC San Diego’s faculty, staff, and students have founded more than 640 companies. 

“Our location is key for collaboration and talent recruitment with institutions like UCSD and Scripps. These assets make San Diego an attractive place for foreign firms to establish U.S. beachheads.” – San Diego pharmaceutical company                                                

 

(5) The middle market offers outsized opportunities.

EDC’s MetroConnect prize, funded by JPMorgan Chase, will assist small and medium sized enterprises (SMEs) in their ability to go global. SMEs represent more than 99 percent of businesses in the region and are responsible for much of the innovation and job creation activity that propels our economy. The success of these firms is critical to the region’s future, and increasing their global reach is crucial to that success.

 

(6) Mergers and acquisitions are the dominant form of FDI.

Of the FDI that came to San Diego between 1991 and 2011, 60 percent did so through M&A activity. This represents more than 72,600 jobs that transferred from domestic to foreign ownership. Post-acquisition, some of these companies continue to grow. Althea Technologies, acquired by Japanese food and chemical company Ajinomoto, has had access to new markets and new capital previously unseen by the company, growing by more than 20 percent since its acquisition.

 

(7) Global engagement must be a demonstrated priority.

Focus on high impact trade missions. Implement a global identity campaign. Build a proactive protocol network of civic and business organizations. Retain and attract international flight routes to key markets.

One thing these tactics have in common is that organizations throughout San Diego must have a mindset and culture that is global in nature. Having one organization carry the weight of interacting with global players is a lot of work. Having a network of organizations that work together in attracting new flights, execute trade missions, and implement a global identity ensures San Diego can reap the benefits of global connectivity. 

 

(8) Global commerce is driven by relationships and networks.

San Diego is one of the most active binational cross-border regions in the world. Global trends are making Mexico, and Baja California in particular, an increasingly favorable location for manufacturing. Their proximity to San Diego gives our region a clear competitive advantage.

 

(9) Metro areas are unsure of how to harness emerging forms of global capital.

When it comes to global patent intensity, San Diego ranks third, yet when compared to U.S. cities, it ranks a distant eighth in terms of the amount of venture capital activity in the region. Because of this, venture capitalists, entrepreneurs, research institutions, and a whole host of other entities are increasingly looking to alternative sources of capital – EB-5, limited partners, sovereign wealth funds, corporate partnerships. Finding ways to leverage these resources can help bridge these capital gaps. 

 

(10) Competing on a global scale requires that metros intensify efforts on other critical economic issues.

“Workforce and infrastructure have consistently surfaced as the two issues that are increasingly threatening the competitiveness of companies and regions.” Feeding talent to companies and releasing the bottleneck from inefficient infrastructure can improve economic competitiveness and help grow the economy. Hence why the Link2 series, activating alumni networks, and modernizing key infrastructure assets are all key tactics of the Go Global San Diego initiative.

 

May 22, 2015

This past week, EDC traveled across the Pacific - by way of our direct JAL flight -  to release the National Geographic documentary in one of San Diego’s largest international trade and investment cities: Tokyo.

Tokyo based companies employ more than 6,300 people in San Diego, ranking as the largest source of foreign employment. When looking at advanced industries, these companies primarily invest in audio and video equipment manufacturing, semiconductor manufacturing, and medical equipment and supplies manufacturing. According to the Japan External Trade Organization (JETRO), companies that fall into these industries reported they will record a surplus in business profit in 2014 – a positive sign for San Diegans employed by these very same companies and our economy.

As part of the trade missions, EDC met with Japanese companies and organizations which have San Diego ties in order to strengthen relationships and learn more about specific challenges they face.

Day 1

EDC, San Diego County Regional Airport Authority, San Diego Tourism Authority, and Supervisor Ron Roberts met with Japan Airlines. The Airport gave an impressive update to JAL, stating that the flight has been very successful since the launch. The Airport, along with the other delegates, impressed upon JAL that the direct flight between San Diego – Tokyo is among the most important for the region, continuing to strengthen the business ties and drive investment into the respective regions.

JAL team along with the Airport, Supervisor Ron Roberts, EDC, and SDTA

EDC met with the U.S.-Japan Embassy following the JAL meeting. This meeting served as an important connection for San Diego, as many of the Embassy staff in Japan focus on industries important to the region – aerospace, life sciences, cybersecurity and defense. Having Embassy staff understand the strengths and assets of San Diego help to build a bigger and better portfolio for staff, especially when they are meeting with companies important to the region.

Day 1 concluded with a dinner at the American Club in Tokyo. JPMorgan Chase sent their commercial industry representative, Mr. Satoshi Yamamoto, who gave an overview of the Tokyo economy and companies that are and will be important to San Diego.

Day 2
Day 2 began with a 2 hour ride to Takeda Pharmaceuticals in Kanagawa. As one of the largest pharmaceuticals companies in the world, and the largest in Japan with more than 3 million employees worldwide, Takeda is one of San Diego’s most important companies. After consolidating the San Francisco office into San Diego, more than half of all research and development now occurs in San Diego.

Following the morning’s meeting with Takeda, EDC participated in a lunch with Al Pisano, Dean of UC San Diego’s Jacobs Schools of Engineering, and UC San Diego alumni located in Tokyo. The lunch proved to showcase the many interesting and important people UC San Diego brings through its campus – with alumni working on robotics to running their own business in Tokyo.

After lunch it was off to San Diego’s iconic example of how an acquisition can be extremely beneficial to the success and profitability of a company; Ajinomoto. Ajinomoto acquired Althea Technologies in 2013. Since then, Althea has proved a successful venture for Ajinomoto – forging a strong pathway for the company’s expansion into the healthcare sector.


Ajinomoto’s Dr. Osamu Kurahashi and Masahiko Oshimura with EDC’s Mark Cafferty and Lauree Sahba

Good thing regenerative medicine is becoming a focus in Japan, because San Diego has plenty of resources to go around. Whiz Partners, a private equity firm located in Tokyo, helped bring insight into what funds in Japan are focusing on and what companies in the near future will look for.

Mark Cafferty presenting on San Diego’s economy to Tokyo business leaders
Mark Cafferty presenting on San Diego’s economy to Tokyo business leaders

The evening’s activities began with the Jacobs School of Engineering seminar. Dean Pisano gave a presentation about some of the incredible research being undertaken at the university – from microchip processors that are small enough to be a patch to monitor a premature baby’s vitals to technology around a smart grid, analyzing data to improve and streamline energy use on campus.

The premiere hosted more than 140 Japanese business leaders – including executives from Toray to Toshiba to JAL to Panasonic.

UCSD alumni attending the premiere


Overflow room for Nat Geo Premiere

Day 3
The final day of the trip EDC met with the Japan External Trade Organization (JETRO). JETRO acts as the commercial service office for the country of Japan. They annually dispatch companies to the west coast from the gaming, tech, and life science industry. JETRO has an amazing incubator for foreign businesses. Any foreign business who wishes to do business in Japan, JETRO has a one-stop shop where business can lease space in an office which houses a representative from every branch of government in order to expedite the formation of their business.

Special thanks to all of the support from the delegates who traveled to Japan to strengthen San Diego’s connections to Tokyo and Japan – SeaWorld, Qualcomm, San Diego Tourism Authority, San Diego County Regional Airport Authority, Port of San Diego, County Supervisor Ron Roberts, and UC San Diego. We look forward to hosting more missions to the Land of the Rising Sun.

Lastly, what would a trade mission to Japan be without a trip to a ballgame?


 

 

March 25, 2015

With California Aerospace week underway in Sacramento, we wanted to take a look at how San Diego contributes to this thriving cluster. The industry counts itself among the  “aerospace, navigation and maritime technologies cluster,” which directly employs 35,000 in the region at an average annual wage of nearly $84,000. In an effort to bolster job creation in the industry, LAEDC and San Diego Regional EDC were in Sacramento earlier this week to meet the new chairs of the Assembly and Senate select committees on aerospace.

Aerospace has a long history in San Diego, dating back to the early 1900s when Ryan Airlines built the Spirit of St. Louis and Reuben Fleet brought Consolidated Aircraft Corporation to Lindbergh Field. Since then, San Diego’s aerospace cluster has been an integral part of the region’s innovation and defense economies.

Here are a few things you may not have known about the region’s thriving aerospace industry:

  1. They're not all "manned."
    Illustrating some of the dynamic uses for unmanned system.
    Illustrating some of the dynamic uses of unmanned systems. Clockwise from top left: Drone used for newspaper delivery (The Atlantic), prepping a wildfire- fighting drone for launch (The New York Times), simulation of a lifeguard/lifesaving drone (AUVSI), agricultural drone used for pest control.( Diydrones.com)
    Pilot-less aircraft, or unmanned air systems/drones, are revolutionizing the world. From the drone hobbyist to military contractors, San Diego’s diverse terrain, military expertise, and talented workforce have put us at the epicenter of drone manufacturing.

    Like many great innovations (e.g.  the internet), drone technology originated in the military, but has broad applications. From fighting wildfires to crop dusting and delivering crucial medications to people in disaster-inflicted areas, drones are another example of how San Diego works to solve some of the world’s hardest problems.

    A 2013 study by AUVSI found UAS integration in California would create 18,161 jobs throughout the state within a decade of airspace incorporation.

  2. The largest aerospace manufacturer in the state has a presence here.
    Nat Geo host Andrew Evans explores Northrop Grumman's Global Hawk during filming of the documentary
    Nat Geo documentary host Andrew Evans explores Northrop Grumman's Global Hawk during filming of the documentary.
    Defense Innovator Northrop Grumman – the Golden State’s largest defense company -  has 3,087 employees in San Diego, according to the SDBJ. Recognizing the region’s strengths in UAS technology, the company consolidated its Unmanned Center of Excellence to its Rancho Bernardo location in 2013.

    Northrop Grumman is featured in the upcoming Nat Geo “Smart Cities” documentary about San Diego (stay tuned for air dates).
     
  3. Baja California contributes to the region’s aerospace dominance.
    Calibaja Manufacturing
    A manufacturing facility in Baja California.
    As Mayor Faulconer likes to say regarding the San Diego – Tijuana relationship, “We’re two cities, but we’re one Mega-region.” This is particularly true when you look at the aerospace sector. Despite a recent decline, Baja California’s stronghold in aerospace manufacturing still reigns supreme, boasting more jobs in that sector than any other Mexican state.
     
  4. We’re getting ready to release the largest economic impact study about the aerospace industry the region has ever seen.
    Members from San Diego Regional EDC and LAEDC gather with legislaters in Sacremento to show support for the state's aerospace industry
    San Diego Regional EDC and LAEDC gather with legislators in Sacramento to show support for the state's aerospace industry.
    San Diego Regional EDC is working collaboratively with LAEDC to launch an aerospace economic impact study that will quantify the nine counties that make up Southern California. The study will help articulate how Southern California’s aerospace industry competes on a global level.
     

October 8, 2014

On the first Friday of every October, manufacturers across the country open their doors to the public to celebrate National Manufacturing Day (MFG Day). Last Friday, San Diego had 28 companies – more than any other region in California – participate in the day’s activities. Companies representing San Diego and Northern Baja’s diverse industries from biotech to aerospace, UAV and beer, united to show San Diegans all that’s made right here in our backyard.

In case you missed the morning’s panel and tours, we’ve compiled a list of things we’ve learned about these San Diego makers.

  1. Science and beer can share a roof
    Beer is science. If there is any company that demonstrates this, it’s San Diego-based White Labs, which was one of the innovators that opened its doors to the public this MFGDay. Part laboratory, part brewery, they are participating in another innovation activity San Diego knows well: decoding the genome; except instead of looking at the human genome, they’re looking to unravel beer’s DNA.
  2. Northern Baja is the gold standard of manufacturing
    CareFusion is one company that’s using the mega-region to its advantage. As a medical device manufacturer, they have acquired companies all over the U.S. However, all of its U.S. manufacturing facilities pale in comparison to its facilities right across the border, in Tijuana and Mexicali, said Carlos Nunez, chief medical officer of CareFusion, at a kickoff panel hosted by EDC on the morning of MFG Day. Many other innovators throughout San Diego have pointed to access to Mexico as a reason to set up shop in the region.

    On Sunday, CareFusion announced they were being acquired by Becton, Dickinson & Co (BD), a New Jersey-based medical technology company. The acquisition is further evidence of San Diego’s ability to develop sought-after, innovative companies. BD is committed to maintaining an active presence in San Diego, which we can speculate may be due to the mega-region’s strong R&D and manufacturing capabilities.
     
  3. East County is where music is made
    Two of the world’s most renowned musical instrument companies call East County home. Taylor Guitars, which has won the affection of musical talents including San Diego’s homegrown Jason Mraz, is located in El Cajon. This year marks the company’s 40th Anniversary. On MFG Day, tour goers were treated to a behind-the-scenes look at the company that employs more than 400 people in the region.

    The largest banjo manufacturer in the U.S. is headquartered in Spring Valley. Deering – The Great American Banjo Company, was another company San Diegans were invited to tour on MFG Day.
  4. San Diego flies above the rest in UAVs
    In May, San Diego was one of the first 12 communities in the U.S. selected to participate in the Investing in Manufacturing Communities Partnership, which allows the region to compete for a pool of $1.3 billion to support the local manufacturing industry. The region was selected specifically for its expertise in aerospace manufacturing.

    On Friday, two very different aerospace manufacturers – Northrop Grumman and 3D Robotics - invited people to their respective locations to check out their innovations first had. Both of these companies have made a name for themselves for their work in the unmanned aerial vehicles field.
    In Rancho Bernardo, Northrop Grumman treated tour goers to a peak at its Unmanned Systems Center of Excellence, where spectators got to meet a very impressive 21-year-old engineer.

    In Otay Mesa, 3D Robotics showed off its indoor testing facility. The UAVs are assembled right across the border in Tijuana. At Friday’s panel, Guillermo Romero, a director with the company, spoke about the collaboration between his facilities on both sides of the border. His team can design a world-class UAV in San Diego, and manufacturer in Mexicali the same day.
     
  5. Manufacturers are hiring…and they pay well
    Manufacturing provides strong middle-class jobs to many San Diegans. With more than 2,900 companies in the manufacturing ranks, the industry represents about 8.7 percent of all jobs in San Diego, yet it accounts for 12.2 percent of all wages.

    One company that is looking to ramp up hiring is General Dynamics NASSCO. The shipyard is looking to bring on 1,000 new employees for jobs including welding and shipfitting. As Kevin Graney, vice president and general manager of the shipbuilder said at Friday’s panel, “If you can weld, come see me after.” The Barrio Logan company is committed to helping fill those jobs through apprenticeships and skills training.

    Community colleges, apprenticeships and other job training programs are vital assets as San Diego companies look to fill these vacant positions. As panelist Dave Klimkiewicz of the iconic Sector 9 skateboards said, “Not everyone needs to go to college, but everyone needs to live.” He talked about the need to bring back hands-on classes at the middle and high school level. Panelist Bob Cassidy of ViaSat also discussed the need to fill the workforce pipeline with more highly-skilled manufacturing technicians. 

August 14, 2014

Pharma MFG info

Selected by the US Secretary of Commerce as one of the 12 advanced manufacturing communities in the country, San Diego is on the forefront of helping to strengthen American manufacturing. Manufacturing supports more than 90,000 jobs throughout San Diego County. National Manufacturing Day on October 3 provides San Diego and Northern Baja manufacturers an opportunity to highlight to the local community and the country, the diverse products that are manufactured in our region.

So why should San Diego County care about manufacturing? Here are a few reasons:

  • San Diego County’s 2,909 manufacturers employ 94,445.
  • Manufacturing industry jobs pay on average $75,824 annually, compared to the average private employer at $53,778.
  • Manufacturing industry jobs pay about 41 percent more than the average private job.
  • The manufacturing industry represents about 8.7 percent of all jobs in San Diego and about 12.2 percent of all wages/pay.
  • The manufacturing industry contributes more than $7.1 billion in wages every year.

On Oct. 3, many San Diego and Northern Baja companies will open their doors to the public as part MFG Day, a national program that addresses common misperceptions about the manufacturing industry.  If you know a manufacturer in our region, encourage them to participate! Participants currently confirmed to host tours include: 3D Robotics, D&K Engineering and more. MFgday.com has the complete list.

Med-Device-mFGs

The tours will be preceded by a breakfast panel and discussion with leaders in the manufacturing industry at San Diego Central Public Library including California Manufacturers and Technology Association, 3D Robotics, CareFusion, General Dynamics NASSCO, Sector 9, and ViaSat. To register to attend, visit https://sandiegomfgday2014.eventbrite.com.

We hope to see you at Manufacturing Day, but if we don’t catch you there, you can still follow the conversation on twitter using the hashtag #MadeinSD. 

Manufacturing day is presented by San Diego City College CACT Program with additional sponsorship provided by D&K Engineering, Chase, Manpower, National University

Thank you to our media partner, San Diego Business Journal. 

#MadeinSD

Subscribe to our blog 

TAGS
April 11, 2014
Every quarter, San Diego Regional EDC analyzes key economic metrics that are important to understanding the regional economy and San Diego’s standing relative to other major metropolitan areas in the U.S. This issue covers data from the October 2013 to January 2014 quarter. 
 
In this issue, EDC presents updates on trends in employment, real estate and venture capital, with a special spotlight on the cybersecurity industry in San Diego. The spotlight revealed details of a recent San Diego industry study on the subject, including employment trends and company reactions. 
 
Industry Highlights
 
  • San Diego County’s January 2014 unemployment rate was down 1.6 percentage points from January 2013. 
  • The San Diego region added 25,900 jobs from January 2013 to January 2014. 
  • San Diego had the third lowest foreclosure rate among recorded major U.S. metropolitan areas in January 2014. 
  • Led by the manufacturing industry, industrial tenants absorbed 2.3 million square feet in 2013. 
  • San Diego firms were involved in 23 venture capital deals in Q4 2013 and received more than $145 million in venture capital funding. 
 
Download the complete snapshot
 
 
Brought to you by: Chase Logo
 

Visit our Research Dashboard

April 10, 2014

Brookings Panel in Seattle

 

San Diego is one of only six cities selected to participate in a new pilot program to attract foreign direct investment (FDI) to the region as part of the Global Cities Initiative, a joint project of the renowned Brookings Institution and JPMorgan Chase.

San Diego joined Columbus, Minneapolis, Portland, San Antonio and Seattle in Seattle today to participate in the first working session, where leadership will collaborate with other regions to address the region’s foreign direct investment plan. San Diego’s team is made up of representatives from the City of San Diego, UC San Diego, JPMorgan Chase, Biocom, Qualcomm, GO-Biz and San Diego Regional EDC.

Foreign direct investment has long supported regional economies, not only by infusing capital, but also by investing in workers, strengthening global connections and sharing best business practices. As the world’s largest economy with a stable investment environment, the United States has been a top destination for foreign direct investment and San Diego is looking to ensure it pulls in a significant portion of this FDI.

In San Diego, many small and medium-sized enterprises have pushed their attention towards the issue of capital. As venture capitalists around the U.S. become more selective about companies they invest in, we must look for alternative solutions. FDI is one answer. Although FDI sounds like an elusive term, this means more capital flow to the region as well as more international attention paid to San Diego which has a strong economic payoff.   

Sean Barr, vice president of economic development at EDC, sat on panel today moderated by Amy Liu, senior fellow at the Brookings Metropolitan Policy Program, which discussed establishing a region’s global identity. According to Brookings, “the most globally fluent metro areas demonstrate a combination of an appealing identity, high standards and reputation, and global relevance in specific markets.”

San Diego has many strengths, and one of our admitted struggles is that it’s difficult to form a distinct global identity when we have so many industries of which to be proud. We are home to a thriving biotech sector where companies like Illumina - dubbed the “World’s Smartest Company” - are based. We have a strong defense sector that is second to none. From our telecom industry to our sports innovation and algae biofuels cluster, the region is an innovation hub. One thing that Sean stressed during the panel is that although San Diego loves its sun, we need to be comfortable shedding our strict tourism message and moving beyond “sun and Shamu.” Working with the Brookings Institute to increase San Diego’s share of FDI is one way to do this.

As part of the pilot, San Diego will develop a foreign direct investment market assessment and plan, along with an implementation plan and a policy memo. This work, added to the region’s existing export plan, forms the second core component of a global engagement strategy that will strengthen the region's global economic connections and competitiveness.

San Diego is the only city in California selected for this pilot program and is one of only two cities in the program for which Brookings will be developing and publishing the complete FDI plan.

Here’s what some people are saying about the announcement:

  • City of San Diego Mayor Kevin Faulconer said: “San Diego’s strong ties to international markets, high-growth industries and culture of innovation mean we have the necessary ingredients to attract foreign direct investment to the region. I am honored Brookings selected San Diego for this pilot program and I look forward to working with the core team  to show that San Diego is open for business.”
     
  • Councilman Mark Kersey, fifth district, City of San Diego said: “San Diego is becoming start-up central and small-medium enterprises will benefit from a regional strategy for attracting foreign direct investment. I’d like to see more companies born global, attracting international investment and competing in worldwide markets.”
     
  • William Bold, senior vice president of government affairs of Qualcomm said:  “The highly educated work force, technology clusters, and location of San Diego already make it a thriving hub of the globalized economy. The Global Cities Initiative will only strengthen San Diego’s attractiveness to foreign investors looking for a solid innovation and high-technology track record. We’re delighted to help with an effort to share with the rest of the world the trade, talent and financial potential to be found here.”
     
  • Brennon Crist, JPMorgan Chase market manager for Middle Market/Commercial Banking in San Diego said: “We’re delighted that  San Diego will be a part of this new pilot – it’s exactly the kind of innovative planning that will ensure our community’s long-term economic success. We have a history of helping businesses connect to global markets and the Global Cities Initiative’s foreign direct investment work brings another level of depth to our region’s efforts to further create jobs, attract capital and grow our economy.”
     
  • Brad McDearman, Brookings fellow and director of metro trade and investment said: “For this pilot, we selected metro areas that are committed to attracting and leveraging foreign direct investment as part of a comprehensive global trade and investment strategy. The six metro areas selected for this round will be strong role models for other regions and represent a growing group of leaders who understand the need to embrace the global market to remain competitive in the 21st century economy.”
     
  •  Joe Panetta, president and CEO of Biocom said: “The region’s global mindset is apparent when you look at the thriving life sciences industry. Companies have long looked to San Diego for its world-class talent pool and abundant research opportunities. San Diego’s new collaboration with Brookings not only means that the region has opportunities to create more jobs, but also that we will be looked at as a role model for other areas looking to embrace the global economy.”

 

 

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.


Like what you're reading? Subscribe to our blog and you'll get the post emailed to you

 

 

 
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.