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Marketplace Morning Report

Science Inc. gives startups their big break

Kai Ryssdal, Mukta Mohan, and Tommy Andres Jul 27, 2015
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Since serving as CEO of the website Myspace, Mike Jones has spent his time as an angel investor. He says, “When I looked at my track record as an angel, I felt that there was this huge discrepancy between the number of investments and the number of successes I had had.”

So naturally, he raised $10 million and started the company Science Inc., which helps startups from the ground up.

We’ll work with you on strategy, product — if you need developers, we’ll provide technology. If you need designers, we’ll provide great design resources. And then when you’re ready, we’ll go bring you up to Silicon Valley. We’ll help you get funded, we’ll join your board and we’ll be with you for the entire length of your company.

What separates Science Inc. from similar companies is its location in L.A., on Silicon Beach: 

My primary network is here in L.A. For me, that means that I have great access to talent. I can find great people to come work at these businesses, and we also have strong ties to Silicon Valley, so when we have a break out company, we can pair them with the best investors in Silicon Valley. 

Though Science Inc. is located in L.A., the reliance on Silicon Valley is strong: 

The weight that Silicon Valley carries in technology, it’s second to none. There’s Silicon Valley and there’s everywhere else. And we might be in the top of the ‘everywhere else’ category, but we’re not even close to the infrastructure that Silicon Valley provides for the technology businesses.

Jones says it’s not about competing with Silicon Valley, but rather making Los Angeles a welcoming place for startups. He thinks that “we need bigger and bigger companies that will create more wealth in Los Angeles, that will provide more returns back to those investors and then create a larger ecosystem of early stage investment.”

 

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