Greater Irvine Chamber President & CEO Dave Coffaro emphasized the critical role of public-private partnerships (P3) in driving innovative economic development, particularly in supporting small businesses, during a presentation at the June 27 Sunstone Cities P3 Strategy Series event.
The Chamber and the City of Irvine partnered last year to sponsor an in-depth report titled the Irvine Innovation Economy Report, which examines ways to shift the fast-growing city’s economic development emphasis.
“Irvine is at an inflection point,” Coffaro said. “For most of its 54 years, the economy has been driven by real estate development. But we’re running out of greenfield space. So, what’s next?”
While Irvine is well-known for its robust healthcare industry, the bedrock of its economy is small business, as is true in Orange County and most municipalities. Coffaro noted that 72% of Irvine businesses have four or fewer employees. In Orange County as a whole, that number grows to 97%.
“We recognize there are a lot of barriers to business in our state,” Coffaro said during a question-and-answer session with Sunstone CEO John Keisler. “As a Chamber, it’s our role to look at lowering barriers to entry (in the business community).”
In the Irvine Innovation Economy Report (a P3 project in itself, Coffaro said), the top sector for job growth through 2030 is Enabling and Creative Technologies, a definition of the innovation economy, including AI, quantum computing, smart manufacturing, and gaming. The best way to help that sector grow, the report says, is the creation of a Center of Innovation & Entrepreneurship.
Such endeavors require the participation of both the government and the private sector. The Center would be a physical location that would help business owners access services from both the city and the Chamber to foster startup and growth.
Another key focus will be attracting public and private capital to support both new and established Irvine businesses—an area where Sunstone and the Chamber are well-positioned to collaborate, Coffaro and Keisler agreed.
Coffaro emphasized that the Greater Irvine Chamber and the City of Irvine have a true public-private partnership, in part because the mayor and current city council members are all current or past business owners. The Chamber can serve as a bridge between business owners and the government, facilitating improved communication.
For more information about the Greater Irvine Chamber and its programs or to request a copy of the Irvine Innovation Economy Report, go to greaterirvinechamber.com.
Sunstone is a Greater Irvine Chamber Leaders Circle Partner. Leaders Circle partners of the Greater Irvine Chamber represent some of the most influential companies and organizations in Irvine and Orange County. These members take an active leadership role in advancing the region’s business community.
Leaders Circle membership provides expanded engagement opportunities, direct access to C-suite executives, and significant visibility within the business community—all through a single annual investment. Members receive a comprehensive package of advertising and marketing benefits, prominent recognition at all Chamber events, and exclusive invitations with complimentary access to signature programs.
For information on how to become a part of this elite Leaders Circle group, email partnerships@irvinechamber.com.
The next Sunstone Cities P3 P3 Strategy Session is scheduled for Friday, July 18, 1 p.m., at the Sunstone Stage in Irvine. It will feature Arnab Pal, former Senior Advisor and Consultant at the U.S. Department of Energy.
To find out more about Sunstone events, visit their upcoming events calendar.
