In 2020, the COVID-19 pandemic stalled the LBA’s momentum along with most of the rest of the economy. It might have been a blessing in disguise. By the time they were ready to recruit the first cohort of startup entrepreneurs, the training program had been completed, mentors brought on board and a package of direct and in-kind support completed. 

That training was packed into a 12-week schedule. The first three months involved workshops and mentoring to determine market fit, business strategy and development, and sales and marketing. The program’s last month focused on developing an exit strategy and preparing for a demonstration day designed to attract additional seed funding.5 

On Feb. 15, 2021, the first cohort of startup entrepreneurs walked through the LBA doors. There were seven businesses, with most led by a team of founders. There were several sectors represented. Three of the seven – Evolectric, Ocra (originally ParkPlace) and Ownors AI – have grown over the last four years and have continued to raise money. A fourth, Storybolt, remains active as well. 

Dr. Martin, an economics professor as well as director of the Institute for Innovation & Entrepreneurship, was the first board chair for LBA. He has followed the cohort members – there have been 46 cohort companies before the LBA paused training in late 2023 – to see how they fare in the real world. He offered this: 

“The primary factors that I think contribute to their success are: 1) they understand their customer and what they want; 2) they are willing and able to pivot when the market changes; and 3) they are ‘coachable’ – they work well with mentors and they network with other industry experts that lead to additional perspectives on their market challenges.  Essentially, these founders are out there and engaged, therefore, they are always learning.” 

John Shen’s involvement through Sunstone provided initial investments to cohort members. And Sunstone has continued to help those businesses still in their portfolios with everything from networking to connections for technical assistance. 

“LBA companies are early-stage technology companies with seed investment from our investment partner, Sunstone Management,” said Vivian Simoyama, current Long Beach Accelerator CEO, in an email. “For most of our companies, the Sunstone investment is the first investor. 

“We credit their success to several factors – participation in the LBA Business and Management Education program with follow up advisory services and founder participation in other technical accelerators… Experienced founders and executive teams with industry connections and depth of technical expertise to develop their services and platforms.”