California lawmakers included an initiative to help startups at UC campuses throughout California in a $122.5 billion budget passed by the legislature June 15.
Assemblywoman Jacqui Irwin, D-Thousand Oaks, proposed the initiative, which will give $2 million every year to each UC campus and the Lawrence Berkeley National Laboratory to start or expand business incubators. The funding will be used to improve equipment and industry mentorship services and offset legal fees on UC campuses. The budget will now be sent to Gov. Jerry Brown, who is expected to sign the budget into law next week.
In a news release, Irwin’s office said UC startups employed 19,000 people and brought in $14 billion in revenue in 2014. Since 1980, 843 companies have started using UC technology.
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