Societal Impact

During the academic year, the iiED had between 5-10 student interns and recent graduates from across the campus. These interns contributed over 2,200 hours to iiED programs and events. 

Notably, the iiED collaborated with the CSUMB Undocu-Success Center for the first time, conducting two Undocu-Entrepreneurship workshops for over 42 participants at the 6th Annual Undocu-Success Conference on April 13, 2024. 

Students participated in iiED events as extra-curricular and co-curricular activities, with BUS 410 Designing New Ventures incorporating Startup Factory and Startup Challenge as core elements. 

Additionally, iiED co-hosted the first Winter Night Market with CSUMB’s Associated Students on December 7, 2023, bringing together over 21 students, alumni, and community entrepreneurs who sold their products to more than 500 attendees. 

Throughout the academic year 2023-2024, over 100 CSUMB students participated in iiED events and programs.

On October 11-13, 2023, the Institute for Innovation and Economic Development (iiED) cohosted the “2023 DART Symposium: Innovation Workforce: Mobility, Security, Environment” with Monterey Bay DART at CSUMB. This three-day event focused on the economic and workforce development opportunities and challenges of drone and automation technology. 

On September 21, 2023, the iiED hosted the first Women in Venture Capital & Entrepreneurship panel at CSUMB, which saw 38 participants and panelists in attendance. 

In March, the Corporate Global Venture Investing group visited CSUMB to explore innovation and investment opportunities in the Monterey Bay region. They interviewed several individuals, including Brad Barbeau, and produced a video for their investor website. 

Furthermore, the iiED's first joint event with the Monterey Bay Stanford Alumni Club featured Professor Rob Fairlie, who discussed his new book, The Promise and Perils of Entrepreneurship.

From the outset, the Institute for Innovation and Economic Development (iiED) has been charged with supporting both University (student, faculty, and staff) and regional entrepreneurship. The Institute supports the University Vision by enhancing students' educational and developmental opportunities, focusing on defining and achieving personal and community goals through entrepreneurship. All Institute programming is open to University students, faculty, and staff. For students, the Institute programs are co- and extracurricular activities that can greatly enhance their university experience, regardless of their college. 

The Startup Factory and Startup Challenge programs are integrated into BUS 410 New Venture Design as important curricular elements of the course. College of Business teams have chosen companies participating in the Startup Challenge as clients for their Capstone projects each semester. During AY 23-24, College of Business students chose three startups as clients. Since 2014, thirty-nine capstone projects have focused on startups that connected with iiED through these events. This collaboration is mutually beneficial for both the students and the startup business. The startup business gains free, helpful, strategic business advice and the students gain real-world business experience.

The iiED also uses faculty and staff as coaches and judges in its programs. It links community members and organizations with University faculty, which results in outside presenters for courses, applied and academic research opportunities, and other benefits to the faculty and students.

The iiED is a major bridge connecting the university to the community. This is achieved by focusing campus resources on the challenges of the central California coast. Additionally, this outreach provides a nurturing environment for students to apply classroom learning to real-world problems. 

The iiED partnered with the Monterey Bay DART organization to secure a renewal grant of $1.95 million and a program evaluation grant of $50K from The James Irvine Foundation to catalyze efforts to create new pathways to quality jobs and economic mobility in Monterey County. With this grant, iiED co-hosted the 2023 DART Symposium at CSUMB and the 2024 DRONE Camp. This renewal grant will continue to support an Advanced Manufacturing Apprenticeship program to train locals to work in the new aerospace industry jobs created by Joby Aviation. 

In addition, iiED and Monterey Bay DART have co-hosted several Startup Monterey Bay Connect events focusing on important topics such as Hydrogen Power, Artificial Intelligence, and Entrepreneurship Opportunities with the Department of Defense. These Connect events bring industry experts, business leaders, entrepreneurs, and students together to network and discuss economic development issues. 

In April 2024, iiED co-hosted the Dia del Empresario Latino event at CSUMB Salinas City Center. This event was held in Spanish for local entrepreneurs. 

CSUMB’s iiED is one of the six regional hubs for the BlueTech Valley Innovation Cluster. This initiative was funded by the California Energy Commission to help advance California’s energy innovation industry.

The iiED has referred several of its Startup Challenge clients, infiniRel, AgXactly, Eivie, and HoweNeat, Inc. (a student-founded company) to this accelerator program to help them access resources to commercialize their new technology. 

The iiED was heavily involved in regional economic development activities over the past year. These activities include supporting the development of the Monterey Bay Tech Hub, a coalition of regional stakeholders who recognize the need for collective action to strengthen the opportunity for Advanced Air Mobility-based economic growth and job creation in the Tri-County region. The iiED staff continues its partnership with Santa Cruz Works and Western Growers Center for Innovation and Technology to further the innovation ecosystem in the region.