How was LA Tech Week?
From August 15th to 21st, 2022 the best and brightest players among U.S. technological innovators gathered in Los Angeles to participate in countless networking opportunities.
An unprecedented turnout marked the conference; thousands of people shared similar experiences, all with the end goal of growing their tech businesses. Everyone was enthusiastic and happy to be a part of the diverse list of events.
TenOneTen partner Minnie Ingersoll, who is a member of the group of investors who planned the event, said that the organizers’ priority was to include enough varied events so that every guest could attend something worth their trip, be it a party or celebrities. Startup networking is very in-demand in LA. For example, Ingersoll said that (roughly) for every 1,000 slots available, 14,000 people RSVP’d, and there were over 200 events (Protocol). That’s impressive for a single industry networking event!
But this only comes as a symptom of the larger LA area’s tech scene which has been expanding extensively. For example, Tiktok and Snapchat’s HQs are found there, as are big names in the gaming industry, such as Activision Blizzard. Another startup company in the Los Angeles ecosystem is SpaceX, now valued at $125 billion, making it the most valuable U.S. startup, per Bloomberg.
Big successes like these have drawn more tech startups and investors to the area in recent years. Also, as DotLA points out, “Los Angeles has seen a rise in property technology (proptech) startups emerging over the last few years and the smaller players are beginning to take shape.”
Proptech is gaining traction as an industry; Tech Week’s commencing event was hosted by 3D printing construction company Azure Printed Homes. Various emerging proptech founders shared their successes, obstacles, and advice with people looking to start their own companies. Renee Eng, the anchor of Spectrum News 1 SoCal, moderated the discussion. Zuma co-founder Kendrick Bradley, the BuildClub CEO/founder Stephen Forte, and Azure Printed Homes’ Ross Maguire shared the stage, while they offered great knowledge and perspectives.
Furthermore, LA Tech Week was different in 2022 as compared to other years just because of sheer numbers. It’s understandable given the SoCal tech boom, yet for some veterans of the community, the level of enthusiasm for Tech Week was unexpected. Paul Bricault, co-founder at Amplify.la and venture partner at Greycroft said that in years past, “You’d be lucky to get 100 people to a LA tech-related event.” Bricault’s firms both held parties this year, and he reported that there were 1,000 people on every event waiting list! (Bloomberg)
What sorts of events were there?
This year’s LA Tech Week slogan was “Time to Build,” and although there wasn’t much physical building at that point, there was lots of connection building (everyone’s LinkedIn and Twitter followers have increased). Not to mention the nonstop characterization and creation of the LA startup vibe while people took part in a vast array of events, talks, parties, and more.
Imagine thousands of venture capitalists and founders descending upon the SoCal city for a week of networking events; exciting things such as surf lessons, sound baths, and beach walks in Santa Monica. All the while they enjoyed healthy food and celebrity presence. Many checks were written, partnerships formed, and most everyone went home with hangovers and tans.
For many people, the laid-back Los Angeles vibe characterizes business, and they want it to stay that way. TenOneTen partner Minnie Ingersoll pointed out that a female founders meetup was held at the glamorous Hermes’ Rodeo Drive location. It’s a location that made sense for business because the luxury brand plans to invest in businesses that foster efficiency in manufacturing and the supply chain.
This scene, like most scenes in LA, is competitive and often your connections are key. Likewise, Ingersoll said that in the city, it’s all about “cross-pollination.” You have to get your foot in the door and connect various seemingly unrelated pieces to see achievement and longevity (Protocol).
What was the vibe?
Passerbys probably had no idea that the beautiful people in attractive clothes, sipping Instagrammable cocktails while talking about their vacations, hobbies, and opinions, was all a startup networking event! As Bloomberg said, “The point wasn’t a frenzy of deal-making, but getting to know each other and celebrating SoCal tech culture.”
This personability is so characteristic of the LA vibe, and for some, it’s what doing business in the City of Angels is all about. Many see the value in a life outside of work, and what better place to make that happen than sunny California! Local SoCal attendees at Tech Week events repeatedly pointed out that the LA startup community’s focus is not on working constantly and sleeping at the office. That’s not the idea anymore. People strive for a healthy work-life balance; no more celebrating toxic hustle culture. This was definitely reflected in the relaxed, sun-tanned beach selfies people uploaded throughout the week.
In the City of Angels, the name of the game is collaboration and cross-industry deals while finding more interactive, fun ways to network at any age. Right now, more opportunities for tech companies are abounding than ever before, in several industries. For example, Andreessen Horowitz’s approach to venture is partly based on the full-service talent agency model.
“LA is a sprawling, economically and ideologically diverse city, meaning all sorts of companies can gain a foothold. But some of the city’s unique assets are its thriving entertainment and manufacturing industries, creating special opportunities for tech companies that serve those sectors” (Protocol). Many people find inspiration in these industries to start their companies, preconnect, or find business investors/partners.
Filmmaker Sofia Stefou told Protocol that she was interested in working with Web3 innovators on NFT-based games that could complement and accompany her movies, while Cinapse co-founder Greg Kufera said he drew on his experiences as an actor, producer, and mathematician to come up with the idea for his full-service TV production app. The cross-industry potential is enormous.
What was M Accelerator up to?
M Accelerator was busy at LA Tech Week with an event we hosted alongside Aperture VC and O’Melveny, the Tech Week Mixer. It was held at the LA Athletic Club in Downtown Los Angeles, where investors and founders were invited to meet and strengthen existing relationships within the LA ecosystem.
Many people attended the mixer; there was an extra air of enthusiasm because it was our first in-person event since 2020! We got the chance to network with countless interesting people from all points in the process. It was fun and educational, and we could play a part in other people’s journeys to success.
What was the impact of LA Tech week?
In conclusion, LA Tech Week had an incredibly positive effect on the area’s startup and tech scenes. Thousands of people were able to network, make connections, and evolve the future of their businesses, all while interacting and having a good time. High demand for technology, software, and innovation continues to rise along with the number of emerging startups and venture capitalists, so these types of startups aren’t going anywhere.
Eva Ho, a partner at Fika Ventures, has been in Los Angeles for over five years and said the city’s attractiveness as a tech hub is growing. Engineers who graduate from schools such as UCLA, USC, and Harvey Mudd College, to name a few, are staying in the city now that more tech companies are offering competitive salaries there (Protocol).
Plus, many Los Angeles ventures and startups find inspiration from the entertainment and manufacturing industries, which only continue to grow in size and profitability. It’s a different world than 10 years ago, and technology might seem overwhelming nowadays.
But the startup and venture capital scene in LA will continue to grow for the time being, as the demand for technology increases and profits boom. LA Tech Week was the perfect opportunity for those involved in startups to learn new information, form partnerships and connections, and find success through networking.
