Release: Life Sciences Talent Demand Report and Preferred Provider Application

Advancing San Diego has released its sixth Talent Demand Report, this time focusing on the Life Sciences industry. Advancing San Diego joined forces with Los Angeles Economic Development Corporation (LAEDC) to collaborate on a first-of-its-kind cross-regional workforce development study between two California metros using the U.S. Chamber of Commerce Foundation’s Talent Pipeline Management framework. The two organizations worked together to identify:

  • A high-demand occupation in need of a strengthened and diversified talent pipeline
  • The skills needed to fill that occupation in an industry that fuels the economies of both regions.

By engaging employers from both San Diego and Los Angeles, some of which have locations in both regions, Advancing San Diego and LAEDC are working to create a common language and understanding of employer need throughout Southern California.

VIEW THE FULL REPORT

APPLY TO BE A PREFERRED PROVIDER OF LIFE SCIENCES TALENT

 

Resources

  • Watch the Talent Demand Webinar where we release the report and walk through the application process HERE.
  • View and download the full list of skills criteria HERE.
  • Download a Google Doc version of the Preferred Provider application to prepare responses HERE.

About Advancing San Diego:

Advancing San Diego is a collaborative effort to better prepare San Diegans for quality jobs via locally-serving education institutions and expand access to diverse, qualified talent for San Diego companies. The program works to help the region meet its inclusive growth goals by strengthening relationships between local industry and education systems. Better alignment between these systems will mean that the region can collectively prepare San Diegans for high-demand jobs, and local employers – many of which are small companies – can establish or expand recruitment relationships with locally-serving institutions. Learn more about the program here.

How we do it:

  • Gather job skills requirements through employer working groups
  • Share insights with education partners and publicly recognize programs as industry-approved Preferred Providers of talent
  • Build a network of locally-serving Preferred Provider programs and connect companies to students of those programs, including fully-subsidized internships for small companies

 

The collaboration between Advancing San Diego and LAEDC was made possible by:

Advancing San Diego is made possible by JP Morgan Chase, and is a collaborative effort by the following organizations:

Other resources you may be interested in:

Questions? Contact us:

Taylor Dunne
Taylor Dunne

Director, Talent Initiatives

Meet our Board: Dr. Steven Jones

What do leaders at Qualcomm, SDG&E, and the NBA have in common? They’ve all made a commitment to have difficult conversations about how patterns of racial, gender, and other forms of biases are hijacking the potential of their workforce. That’s where JONES steps in. San Diego-based consulting firm JONES has helped create work environments for these companies, and many others, that bring out the best in people through leveraging trust, inclusion, and diversity for the past 25 years. Check out this spotlight with new EDC board member and JONES CEO Dr. Steven Jones to learn more about the firm’s leadership.

Describe your “day job”?

They say when you love what you do you never have to work a day in your life! Career counselors often advise others to identify their passion and turn it into a career. I have had the opportunity to live my passion every day and do what I love in my role as the CEO of JONES. JONES has recently been named one of the Top 10 Diversity and Inclusion Companies in the United States by Manage HR Magazine. For the past 25 years, I have been blessed to lead, learn from, and work with a phenomenal group of team members at JONES. Every day we help committed leaders at companies such as Toyota, Honda, Qualcomm, the NBA, SDG&E, Sony Music, Viacom CBS, SoCal Edison, Rady Children’s Hospital, the Getty, and many more, create work environments that bring out the best in people through leveraging trust, inclusion, and diversity for business success. Guiding culture change, providing executive coaching, conducting unconscious bias training, facilitating bilingual meetings, and supporting clients in having difficult conversations about how patterns of racial, gender, and other forms of biases are hijacking the potential of their workforce are daily menu items in life at JONES. As a CEO who is also a DEI Global Thought Leader and Organizational Psychologist, my ‘day job’ means guiding a team that helps companies unlock the people potential in their organizations.

What is your life-changing moment—something that changed the trajectory of your life for the better?

In the summer of 1987, I packed my Toyota Corolla with all my belongings, which included a suitcase, TV, and a boom box, and headed on a road trip from Louisiana to my new home in San Diego, CA. The destination was my first professional job as a Resident Director at Olmeca Hall on SDSU’s campus. I was to become the first African American/Black person to run a residence hall in the history of the university (a trail I would repeat blazing at the University of San Diego in 1990). In my second year at SDSU, my boss “voluntold” me that he and I were going to conduct a diversity training for 150 student leaders. I was pursuing a master’s degree in Computer Science at the time and had never conducted diversity training before, so I was confused by his request. Two weeks before the training, I learned he was leaving the university and insisted that I still conduct the training, but solo. I continue to be grateful for Dr. Jesus Nieto and Kasimu Harley, two social justice warriors on SDSU’s campus who helped me organize the agenda for the training. The experience was amazing. There were lots of insights gained, lessons learned, and skills practiced by student leaders. At that moment, I knew my life would never be the same.

Of all the boards in San Diego, why EDC?

I have been impressed by the authentic leadership of Mark Cafferty and Janice Brown, along with San Diego Regional EDC’s commitment to economic inclusion. I was moved to join the EDC’s Board because of its work with the Brookings Institute, which identifies economic inclusion as “crucial” to San Diego’s success. The need for San Diego employers to act in a way that closes the minority-achievement gap, equips small businesses to compete, and to recruit/retain diverse talent in our community are personal passions of mine. JONES supports organizations large and small to become employers of choice—ones that recruit, select, develop, promote, and retain a diverse workforce who thrive. We are excited to join the impressive group of business and community leaders on EDC’s Board of Directors who are also committed to work environments where that diversity drives innovation through high levels of trust, psychological safety, equity, and belonging. With all of us working together, we can do this!

What EDC program or initiative interests you most, and why?

The need to enhance the San Diego community so it leads the world in creating an equitable and inclusive ecosystem that exists across our impressive corporate, small business, educational, military, tech, life sciences, hospitality, and other industries is very interesting to me. We have work to do to make “America’s Finest City” great for all its constituencies.

Over the last year, our country and communities have simultaneously endured a pandemic, a social justice movement, and a time of hostile and divisive politics. What is your biggest lesson learned in the last year?

One thing has been made abundantly clear to me: it is essential that each of us take collective action to keep one another safe. Each of us was challenged to reevaluate our individual and collective versions of normal. Every aspect of our lives shifted—how we worked, how classes were taught, whether we traveled, socialized, and the amount of time we spent with nuclear and extended family, etc. We understood that we needed collective action on a global scale to defeat COVID-19, a battle we are still fighting.

Simultaneously, the world moved into action to defeat our second global pandemic, Systemic Racism, which also continues today. Protests and marches were held around the globe to demand that we increase the lengths we are willing to go to keep each other, especially members of our BIPOC communities, safe and alive. We battled over “all lives matter” vs. “blue lives matter” vs. “black lives matter.” Many people realized how interconnected these three statements are while others refused to reexamine the history that impacts the deeply rooted inequities sustained in our present-day systems. Unless we find a way to come together, we will lose the fight against COVID-19, Systemic Racism, and all their variants… it is essential that each of us take collective action to keep one another safe.

Favorite quote:

“Life’s most persistent and urgent question is, ‘What are you doing for others?’” —Dr. Martin Luther King, Jr.

Follow along with Dr. Jones on LinkedIn.

Meet the rest of EDC’s board of directors

Meet our Advancing San Diego Preferred Providers of Healthcare Talent

Meet the Preferred Providers of Healthcare Talent.

Fueled by Tech, Defense, and Life Science industries, San Diego’s innovation economy relies on a pipeline of diverse talent. However, local companies continue to cite access to quality talent as a persistent challenge–98 percent of firms in San Diego are small companies (<100 employees) that often lack time and resources to effectively compete for talent with their larger counterparts. Meanwhile, many San Diegans are disconnected from high-demand job opportunities in Healthcare, largely due to education requirements.

Made possible by JPMorgan Chase, Advancing San Diego is a demand-driven strategy to address talent shortages and remove barriers for small companies to access qualified workers. It is a collaborative effort between EDC, San Diego and Imperial Counties Community College Association, San Diego Workforce Partnership, City of San Diego, and United Way of San Diego.

Over the last six months, Advancing San Diego partners worked with a group of seven employers to develop a skills-based criteria for medical assistants. We asked that any education provider meeting that criteria apply for the Preferred Provider designation. An employer-led review panel then evaluated these applicants against the skills criteria to determine which programs should be designated as ‘Preferred Providers,’ recognized as those most effectively preparing individuals for jobs and internships as medical assistants.

EDC is excited to announce Preferred Providers of Healthcare Talent:

How small companies can get involved:

Advancing San Diego will cover the cost of internships for 30 students, sourced from the above Preferred Provider, at small clinics, doctor’s offices, and other medical facilities in the region. Selected interns will be paid and have access to additional funds to support their success in the workplace. All students from Preferred Provider programs will be invited to participate in industry engagement opportunities such as career fairs and networking events. Healthcare internships will begin in early 2022.

How education programs can get involved:

Advancing San Diego will continue to designate Preferred Providers in a variety of high-demand fields. Preferred Provider criteria and applications are updated and reviewed on an annual basis. The Preferred Provider application schedule is as follows:

  • SOFTWARE: Revisited Spring 2021
  • ENGINEERING: Closed Summer 2020
  • BUSINESS: Closed Winter 2020
  • MANUFACTURING: Closed Spring 2021
  • HEALTHCARE: Closed Summer 2021 (announcement above)
  • LIFE SCIENCES: Upcoming Winter 2021

For more information, visit AdvancingSD.org.

EDC appoints Lisette Islas as Vice Chair of Inclusive Growth

New role to align EDC programmatic and governance decisions; ensure progress toward 2030 regional goals

Today, San Diego Regional EDC announces the appointment of its new Vice Chair of Inclusive Growth, Lisette Islas. As San Diego begins to recover from a global pandemic that has disproportionately impacted small businesses and people of color, the region must double down on its inclusive growth goals by creating skilled talent, economically-stabilizing jobs and thriving households.

“Unanimously approved by the board of directors, EDC is proud to welcome Lisette as our first-ever Vice Chair of Inclusive Growth. With a career grounded in inclusion and community, she is the perfect person for the job—prioritizing programs that ensure an economic recovery that affords all San Diegans opportunities,” said Julian Parra, Region Executive at Bank of America and EDC Board Chair.

A board member of EDC since May 2018, Islas is the EVP and Chief Impact Officer at MAAC, a non-profit providing programs and advocacy in the areas of health, education, workforce development, and housing throughout San Diego County. With more than twenty years of experience working in community development and philanthropy at leading, local organizations including the Jacobs Center for Neighborhood Innovation and San Diego Grantmakers (now Catalyst), Islas is passionate about helping underserved communities be more prosperous and civically engaged. In her new role as Vice Chair of Inclusive Growth at EDC, Islas will ensure alignment between EDC programmatic and governance decisions, and track progress toward the Inclusive Growth goals reported annually at a community event.

“Everything we do as an economic development organization ties back to our Inclusive Growth priorities. Our time, resources, and programs are devoted to building a strong local talent pipeline; equipping small businesses to compete; and addressing the affordability crisis. I can think of no one better to guide us on this path than Lisette. We are honored to see her fill the role in this critical time,” said Mark Cafferty, President & CEO, San Diego Regional EDC.

INCLUSION AS A BUSINESS IMPERATIVE

Launched in 2018 and informed by a partnership with the Brookings Institution, EDC’s Inclusive Growth Initiative outlines the region’s economic priorities and makes the business case for economic inclusion—putting the onus not on the philanthropy or government but instead on the region’s major corporations, employers, and anchors.

The innovation economy has made San Diego more prosperous than many of its peers—leading the region out the COVID-spurred economic recession as it has in downturn’s past—but it is not accessible by the fastest-growing segment of the region’s population.

“Every crisis and recovery that the U.S. economy has endured has increased systemic poverty and widened inequalities in Black and Brown communities. As I take on this new role with EDC, I’m committed to working together with the region’s leading employers to get this recovery right. San Diego’s economic competitiveness depends on it,” said Lisette Islas, Vice Chair of Inclusive Growth, San Diego Regional EDC.

To fuel San Diego’s recovery and growth, it’s pertinent that a regional coalition of diverse stakeholders committed to programs that are demand-driven, employer-led, and outcomes-based commit to the following goals:

  1. Build a strong local talent pipeline: To meet the demands of San Diego’s future economy, the region must double the local production of skilled workers to 20,000 annual degree or credential completions by 2030. This means ensuring Black and Latino young people have the opportunity to achieve at the same rate as their white peers. talent.inclusiveSD.org
  2. Equip small businesses to compete: Small businesses make up the majority of firms and employment in San Diego. To ensure opportunity exists for a skilled workforce, the region must create 50,000 quality jobs* within small business by 2030. This means better connecting small businesses to big customers to drive resiliency. smallbiz.inclusiveSD.org
  3. Address the affordability crisis: Ensuring San Diego is an attractive and affordable place for talent and business is critical to maintaining its regional competitiveness. For the region to recover and thrive, 75,000 new thriving households** must be created by 2030. This means prioritizing access to and affordability of the essential infrastructure that working families rely upon—like housing, childcare, and broadband—so that 55 percent of households meet San Diego’s true cost of living. affordability.inclusiveSD.org

Islas is supported by five officers as part of EDC’s Governance Committee: Chair, Julian Parra, Region Executive, Bank of America; Vice Chair, Rob Douglas, President and COO, ResMed; Vice Chair, Jennie Brooks, Senior Vice President, Booz Allen Hamilton; Treasurer, Phil Blair, President and CEO at Manpower San Diego; and Secretary, Tom Seidler, SVP Community and Military Affairs, San Diego Padres.

inclusiveSD.org

Hear more from Lisette here

A note from Mark…

Over the last several months, our work at EDC has had to move and change in some significant ways to respond to the economic conditions around us. And while this is always a part of our work and planning, it is safe to say that 2020—and the early stages of 2021—challenged us greatly and taught us a lot about our work and our economy, as it did all of you.

Investors and community partners often ask me what a day or a week at EDC looks like—some are just curious what the actual work feels like on a day-to-day basis; others are interested in knowing what we are seeing and experiencing through the businesses we work with to better understand if their needs and priorities may signal bigger or broader economic trends, challenges, or opportunities for the region.

As we kick off the third quarter of the year and begin developing new and improved programs, strategies, and focus areas to keep stride with our fast moving and re-opening economy, here’s a quick glance at EDC’s Q2 2021:

As always, we do all that we do with an eye on building a stronger, more inclusive economy, producing more skilled workers, creating more quality jobs within our small businesses, and establishing more thriving households and a better quality of life for businesses and residents in all corners of the San Diego region. We truly could not do any of it without you, and we thank you for your continued investment, leadership, and support.

With respect and gratitude,

Mark Cafferty

Mark Cafferty
Mark Cafferty

President & CEO

A note from Mark…

As I write this, it is hard for me to believe that we are over halfway through June and summer is just around the corner.

Despite the State of California “reopening” last week, I think I have accepted the fact that things will not truly be back to normal for a very long time; yet at the same time, we see signs all around us that the way of life we all knew before the pandemic is starting to resume. In the months ahead, Team EDC will begin returning to the office much more regularly. We are starting to attend more and more in-person meetings, although the outdoor variety remains the standard. We have even put a date on the calendar for our 2022 Annual Dinner—hopeful that the year ahead continues to bring us all closer to where we once were.

While numerous things have changed about our work at EDC, the goals that we set for 2030 remain unwavering. The need to develop more quality jobs within our small businesses, more skilled workers, and more thriving households across San Diego has only become more prominent. Now more than ever, these goals must be our guideposts in re-establishing San Diego’s economic resiliency, growth, and well-being.

Committed to getting this recovery right, we have recently teamed up with local tech startup GoSite to offer up to 100 small businesses with the digital tools needed to weather future economic shocks—at no cost to them.

We know the pandemic spurred the closure of nearly 40 percent of San Diego’s small businesses—which can largely be attributed to businesses’ inability to quickly pivot online, depriving them of access to customers and key markets. We also know those hardest hit by the pandemic have been communities of color who are being left further behind. The San Diego Business Hub is one step toward ensuring San Diego businesses most impacted* by COVID-19 have the tools necessary to recover, grow, and thrive.

We feel certain that if we can support 100 more small businesses in developing the online presence they need for resiliency and growth, it will support our broader effort of increasing the number of quality jobs and thriving households within the region. And everything we do in the months ahead must ensure we are continuously taking steps in this direction. Learn more about the program at SDbizhub.com, made possible by grants from The San Diego Foundation and Union Bank.

With respect and gratitude,
Mark Cafferty

Mark Cafferty
Mark Cafferty

President & CEO

*Priority applicants include women, minorities, veterans, and other economically under-resourced groups.

NEW: San Diego Business Hub takes small businesses online, boosts resilience

Public-private partnership offering subsidized digital tools for small, diverse businesses

Today, in partnership with local tech company GoSite, EDC launched the San Diego Business Hub, which in its first phase will offer up to 100 small, service-based businesses a full suite of digital tools at no cost. Made possible by grants from The San Diego Foundation and Union Bank, SDbizhub.com is accepting applications from businesses most impacted by the COVID-19 pandemic—women, minorities, veterans and other economically under-resourced groups.

The pandemic accelerated the digital transformation of companies of all sizes and industries by as much as five years in a 12-month period, with many struggling to keep up. Since the start of 2020, the region has seen nearly 40 percent of its small businesses close. Many of these closures can be attributed to businesses’ inability to quickly pivot online, depriving them of access to customers and key markets.

We also know those hardest hit by the pandemic have been communities of color who are being left further behind in San Diego’s economic recovery.

The proof is in the numbers:

  • Despite making up just 30 percent of the local population, Hispanic and Latinx communities accounted for well over half of all regional COVID-19 cases and two in five related deaths.
  • Additionally, people of color are overrepresented in local industries that were hardest hit during the pandemic (e.g. Hispanics make up 39.8 percent of Hospitality staff and 41.8 percent of Retail staff). As a result, unemployment and loss of income have been concentrated within Black and Brown communities.

The cohort of 100 service-based businesses (e.g. personal care services, transportation, food service, home repair, small contractors, etc.) will receive GoSite’s web-based tools—which payment and invoicing, bookings, review management, customer communications, template websites and more—free of charge for one year.

Thoughts from local leaders:

“Small businesses employ the majority of San Diegans, and it’s essential we invest in their growth, recovery and resiliency if we are going to get this recovery right. This partnership with GoSite allows us to do just that: Provide the digital tools small businesses need to weather future economic downturns,” said Nikia Clarke, Vice President of Economic Development, EDC.

“This partnership is a prime example of how San Diego public, private and civic sectors rally together to solve hard problems. Access to these digital tools will help our region achieve a more equitable recovery and help small businesses struggling today be more resilient as San Diego gets back on track and back to work,” said San Diego Mayor Todd Gloria.

“Small businesses face great challenges, made worse by the COVID-19 pandemic. GoSite’s mission is to help small businesses adapt and succeed, with technology in hand for them to easily communicate with customers, manage online bookings, accept online payments, generate invoices and drive reviews—all in one place,” said Alex Goode, CEO of GoSite. “GoSite is proud to partner with EDC to create the SD Biz Hub and deliver innovative technology resources to San Diego, the place we call headquarters and home.”

“To build long-term economic resilience, San Diego’s small businesses must have resources to sustain their connections to customers and markets,”  shared Mark Stuart, President & CEO of The San Diego Foundation. “This is an inspiring example of government, philanthropy and nonprofit sectors coming together to help the small businesses in our neighborhoods survive, recover and grow.”

FAQ and applications are now live, and will remain open until the cohort is full.

SDbizhub.com

A note from our COO

Throughout the country, May is recognized as Small Business Month. More than ever before, we are all-in for celebrating the passion and resilience of San Diego’s small businesses, the backbone of our local economy. Over the last 14 months, the COVID-19 pandemic turned our economy upside down, impacting small businesses in ways we could never have imagined. And yet against all odds, many are surviving.

Those with less than 100 employees make up 98 percent of firms in the region, employing the majority of San Diegans—nearly twice the national average. They are the folks who design, build, and decorate our offices, the PR firms that amplify our brands and messages, the manufacturers who make parts and products—all who have spent years building their dreams.

Federal, state, and local officials have made a significant effort to help businesses stay afloat. Just last month California Governor Gavin Newsom signed legislation taking action toward a $6.2 billion tax cut for small businesses over the next six years. The state of California is on its sixth round of California Relief Grants, allocating $2.5 billion across the state. As of May 2, through two rounds of the Paycheck Protection Program (PPP), the federal government granted more than $780 billion in loans to small businesses across America.

There is work to do

While these resources are effective and important—and EDC has helped connect more than 1,400 businesses to such aid programs—there is more work to be done. According to a recent KBPS article referencing research from Reveal Reporting Networks, “Lenders [in San Diego County] gave 61 percent of loans to businesses in majority-white census tracts and just under 12 percent to businesses in majority-Latinx census tracts.” This disparity can be attributed to the lasting effects of segregation and discrimination—here’s what we mean.

Our commitment

EDC is committed to addressing the systemic inequities that exist in this region and across the country. EDC continues to work toward building a more resilient economy through programs like MetroConnect and the Export Specialty Center; eliminating barriers to opportunity through programs like Advancing San Diego and the Anchor Collaborative; and creating pathways to growth and greater customer access, especially for economically disadvantaged business owners, through San Diego Business Hub in partnership with GoSite.

EDC could not do this work without the ongoing support of our nearly 200 investors, organizations that have also faced a tumultuous year. Together we can ensure San Diego’s economic recovery reaches all who call this place home. We cannot thank you enough.

This month and beyond, shop small and procure local to support San Diego’s resilient recovery. Learn more about how we’ll get this recovery right.

To receive updates on each of EDC’s programs for small businesses, sign up to receive our emails.

Lauree Sahba
COO, San Diego Regional EDC

Lauree Sahba
Lauree Sahba

Chief Operating Officer

Employee ownership and why it might be a good fit for your business

On April 20, San Diego Regional EDC hosted the second in our Right Recovery Town Hall series underwritten by San Diego Gas & Electric. With a focus on employee ownership as a means of business resilience, EDC partnered with San Diego Workforce Partnership and invited experts and employee-owned companies to offer their perspectives.

Why employee ownership?

As San Diego recovers from the COVID-19 pandemic and subsequent economic downturn, EDC is hosting a series of events that highlight employer-driven, market-based strategies for creating a more resilient economy, deeply rooted in the region’s inclusive growth agenda.

Employee ownership is a business model that takes many forms and can support San Diego firms in getting this recovery right. The transition to employee ownership offers an effective and meaningful way for businesses to retain a dedicated workforce, take advantage of a significant tax benefit, and ensure wealth-building that will lead to more thriving households across the region.

Together with partners, we aim to raise awareness about this option for a wide range of businesses (from restaurants to major corporations, and everything in between). This is especially important as baby boomers own about half of all privately-held businesses in the United States; and as this population reaches retirement age, we will see a massive ownership changeover of locally-held businesses, whether through sale, M&A, IPO, family transition or worse, closure.

Employee ownership benefits all who are involved:

  1. Owners receive a competitive sale price and can exit the company knowing that their legacy and values will live on through their employees.
  1. Workers receive better compensation and benefits, and feel the success of the company directly contributes to their own financial success, which oftentimes results in more engaged and harder working employees.
  1. The business sees higher productivity, largely due to the new sense of responsibility held by the employees.
  1. The community sees wealth building, reinvestment, and a sense of dependability as businesses remain anchored to the area.

What we learned from a brewer, a staffing agency, and a music staple

At the virtual event on April 20, audience members heard from Mitch Miller, a Senior Consultant at The Beyster Institute who shared the Beyster story along with a data-driven case for employee ownership. A 2019 Rutgers study showed that Americans with part ownership in their company approaching retirement age had ten times more wealth than those who did not have part ownership. Additionally, a National Center for Employee Ownership 2017 study showed that companies with an Employee Stock Ownership Plan (ESOP) were associated with 92 percent higher median household net wealth.

Sandie Taylor, director of people operations at Modern Times Beer, spoke on the employee perspective—describing increased employee engagement and a ‘we’re in this together’ culture as the company strategized ways to keep the lights on during the pandemic. An ESOP since July 2017, Modern Times’ management feels like they can speak more openly with their teams. Sandie shared, “this means a kind of trust and transparency” within our staff. Ultimately, the innovation and commitment of team members helped the company remain above water during the worst of the 2020 economic recession.

Seth Stein, CEO of Eastridge Workforce Solutions, explained how his company has developed digital tools to help employees watch their investment grow, so they can better understand and conceptualize the benefits of employee ownership in real-time. He shared that Eastridge’s voluntary turnover rate is down 57 percent, while involuntary turnover is down 40 percent—a striking decline he attributes to the employee ownership model. Seth also shared that the company’s Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) was up seven percent in 2020, even amid an economic recession. “[Employee ownership] has been a game changer for our company, and I am really excited to see what happens next,” he said.

Our third employee-owned company is a household name that made history with this business model, becoming the first (reported) multi-national company to offer ownership to ALL employees, domestic and international. Taylor Guitars made waves when it transitioned to an ESOP in January 2021 after much deliberation to ensure that the move would maintain the familial culture that founders Bob Taylor and Kurt Listug had spent decades instilling. CFO Barbara Wight was honest with the audience about the legal and financial legwork that went into making this happen, largely accomplished due to the help of Chartwell Financial Advisors, who she highly recommends to large companies hoping to transition to an ESOP. She also shared that the significant tax benefits that come with employee ownership helped Taylor Guitars make the transition as lucrative as possible.

Finally, our audience heard from Project Equity and San Diego Workforce Partnership on resources available to San Diego companies. The two organizations are currently working together with Mission Driven Finance, Alliance Healthcare Foundation, and BFed to offer flexible capital for businesses transitioning to employee ownership. San Diego Workforce Partnership will be hosting a workshop on June 17 at 10 a.m. to help businesses identify specific needs and access these funds. You can register for that event here. Other resources for transitioning to employee ownership are listed below.

Resources and contacts for your business

Chartwell Financial Advisors
Greg Fresh, Managing Director, Head of Corporate Finance
Email: greg.fresh@chartwellfa.com
Phone: 612.230.3125

Project Equity
Alison Lingane, Co-founder
Email: alison@project-equity.org

Evan Edwards, Director of Strategic Partnerships and Business Engagement
Email: evan@project-equity.org

San Diego Workforce Partnership
Email: business@workforce.org
Phone: 619.28.2900 (press 4)

You can watch the full event here:

Black History Month: Elevating San Diego’s Black businesses and innovators

Black History Month is one of many opportunities to spotlight the Black founders, innovators, creators, and businesses throughout the San Diego region – and across the country at large.

This particular year feels especially critical, as we’ve watched current and historic racial inequality broadcast in our communities and across our TV screens, and as COVID-19 has disproportionately impacted communities of color here in San Diego.

For these reasons and more, we must do everything in our power to make sure we get this post-pandemic recovery right. We cannot do that without elevating Black and other marginalized voices.

Read ahead to learn more about Black-owned businesses and ongoing inclusion efforts across the San Diego region, published by EDC’s various brands and initiatives:

Through resources, programs, and regional partners, we are committed to helping Black-owned businesses grow and thrive in San Diego. If you are a Black entrepreneur or business owner in San Diego and we can help connect you to resources, programs, or other assistance, please contact us here.

Black lives matter. They matter in this country, they matter in San Diego, and they matter to us.