PLATINUM2023

Los Angeles County Economic Development Corporation

Collaboratively Advancing Growth and Prosperity for All

aka LAEDC   |   Los Angeles, CA   |  www.laedc.org

Mission

The Los Angeles Economic Development Corporation is a private, non-profit corporation dedicated to attracting, retaining and growing businesses and jobs throughout the regions of Los Angeles County. To achieve its mission, the LAEDC works in partnership with both the private business community and public agencies to promote economic and business success. The LAEDC sponsors and cooperates in a wide variety of strategic development initiatives for Southern California and delivers a broad range of information, programs and services to support local companies.

Ruling year info

1982

CEO

Mr. Stephen Cheung

Main address

444 South Flower 37th Floor

Los Angeles, CA 90071 USA

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EIN

95-3643339

NTEE code info

Urban, Community (S31)

Management & Technical Assistance (J02)

Management & Technical Assistance (S02)

IRS filing requirement

This organization is required to file an IRS Form 990 or 990-EZ.

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Communication

Programs and results

What we aim to solve

SOURCE: Self-reported by organization

The non-profit Los Angeles County Economic Development Corporation champions equitable economic growth across the LA region. Collaborating with community, government, business and education partners to inform and advance our data-driven and evidence-based approach, we endeavor to achieve a reimagined regional economy – growing, equitable, sustainable, and resilient -that provides a healthy and high standard of living for all. LAEDC staff and members represent the diversity of Los Angeles County and act as trusted conveners, thought partners, valued service providers, regional stewards, and catalysts for transformational change.

Our programs

SOURCE: Self-reported by organization

What are the organization's current programs, how do they measure success, and who do the programs serve?

Economic Development

The LAEDC addresses the needs of the business community through: Timely, relevant economic information and analysis; Direct business assistance to attract, retain and expand business; Networking and assistance to technology-based businesses to help create new industries; Focused economic development strategies supported by timely results-oriented initiatives for the region. The LAEDC is in the business of helping business navigate resources in LA County. Our Business Services Center offers confidential, FREE of charge information, assistance, referrals, and is an excellent source of economic, demographic and industry data for Los Angeles County. As the first-stop resource, we are here to help business identify their specific issues and needs. Our team can assist all businesses FREE of charge with: Referrals to service providers and economic development professionals can offer free- or low-cost information on technical assistance, financing, or workforce preparation. Identifying permit and licensing agencies.

Population(s) Served
Work status and occupations

Where we work

Our results

SOURCE: Self-reported by organization

How does this organization measure their results? It's a hard question but an important one.

Number of participants who gain employment

This metric is no longer tracked.
Totals By Year
Related Program

Economic Development

Type of Metric

Output - describing our activities and reach

Direction of Success

Increasing

Our Sustainable Development Goals

SOURCE: Self-reported by organization

Learn more about Sustainable Development Goals.

Goals & Strategy

SOURCE: Self-reported by organization

Learn about the organization's key goals, strategies, capabilities, and progress.

Charting impact

Four powerful questions that require reflection about what really matters - results.

Over the next three years, the LAEDC is committed
to the following three imperatives:
Objective 1: Invest in LAEDC’s position as a widely
respected and collaborative thought leader using
applied economic analysis and LAEDC’s convening
power to shed light on the paradigmatic shifts
underway in our economy and society, identify the
challenges and opportunities, and influence policy
and investment agendas to achieve a more equitable,
sustainable, resilient and growing economy;
Objective 2: Provide capacity building programs and
technical assistance in collaboration with business,
community, governmental and industry partners to
support individual business and industry growth,
recovery, reinvention, and resilience;
Objective 3: Promote inclusive talent development
systems in collaboration with industry, business
and academic partners that prepare workers for a
changing economy.

In 2020-2021 LAEDC responded to the economic crisis in our small business community and the social crisis of more than 770,000 of our neighbors losing their jobs with unprecedented levels of business assistance, economic research, workforce development, and public policy advocacy, providing regional leadership on economic recovery and reinvention as part of our public benefit mission to advance growth and prosperity for all. LAEDC pivoted at the beginning of the fiscal year to align work with our new internal strategic plan and vision for a reimagined regional economy – growing, equitable, sustainable, and resilient – that provides a healthy and high standard of living for all.

Our Business Assistance Program expanded to meet the extraordinary needs this past year and we reached a milestone of 250,000 direct jobs retained or created by businesses as a result of LAEDC consulting and support over the 25-year life of the program. This was made possible because of the strong partnership from our founding government partner, the County of Los Angeles, which collaborated with LAEDC on several important campaigns and contracts. LAEDC also hosted dozens of small business reinvention webinars, we drove awareness of Safer at Work practices, and our Community Connectory COVID resources webpage served over 100,000 visitors to ensure small and microenterprises could access vital resources to survive the economic crisis. LAEDC’s Institute for Applied Economics published the influential report, Pathways for Economic Resiliency, commissioned by the
County, providing deep analysis of the unequal economic impacts of the pandemic coupled with recommendations to support an equitable recovery. LAEDC also provided monthly economic crisis updates
to highlight the specific industries, workers and types of businesses that were hit hardest by the pandemic, and offered insights and policy ideas to inform our region’s leaders as they developed and executed crisis response plans. Our Workforce Development team engaged over 150 community college faculty directly with industry to ensure our region’s training programs are both data- and demand-driven. The team continues to prioritize access to wellpaying jobs in high-growth industry sectors and brought together over a thousand students with industry leaders this year. The team championed diversity, equity, and inclusion and highlighted pathways for workers displaced by the pandemic. And equity was again the focus as we formed the LA Digital Equity Action League in partnership with UNITE-LA and more than 100 public and private partners. This collaborative, community-driven process is tackling the broadband internet gaps that exist in communities across the LA region – the resolution of which is essential to a more inclusive economic recovery. I would like to thank all LAEDC Members and our partners at the County for collaborating on all this outstanding work; with your support, we made a real impact for thousands of families. With your continuing support, LAEDC’s specialized and uniquely integrated set of programs are able to address complex challenges to deliver progress and a brighter future for our region’s people.

Business Assistance Metrics
5,810 Direct jobs retained, attracted, and
expanded. With an additional 4,223 indirect
and induced jobs retained, the program
supported 10,033 jobs in total

Conducted 2,552 one-on-one business
needs assessments with at risk businesses
Developed 1,695 customized strategy
blueprints based on business needs & challenges

Provided 793 customized services based
on business needs & challenges

Averted 5,810 Employee Layoffs in the Region,
through various Layoff Aversion Contracts
Referred 819 at risk businesses to
America’s Job Centers of California (AJCCs)/
BusinessSource Centers for additional services

Conducted 17 business resources webinars
that reached over 250 businesses in LA County.
Attendees of the business resources meetings and
BAP services received over $700,000 in funding
just from the California Relief Grant Program.

How we listen

SOURCE: Self-reported by organization

Seeking feedback from people served makes programs more responsive and effective. Here’s how this organization is listening.

done We shared information about our current feedback practices.
  • How is your organization collecting feedback from the people you serve?

    Electronic surveys (by email, tablet, etc.),

  • How is your organization using feedback from the people you serve?

  • With whom is the organization sharing feedback?

  • Which of the following feedback practices does your organization routinely carry out?

  • What challenges does the organization face when collecting feedback?

Financials

Los Angeles County Economic Development Corporation
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Operations

The people, governance practices, and partners that make the organization tick.

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Connect with nonprofit leaders

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  • Analyze a variety of pre-calculated financial metrics
  • Access beautifully interactive analysis and comparison tools
  • Compare nonprofit financials to similar organizations

Want to see how you can enhance your nonprofit research and unlock more insights? Learn More about GuideStar Pro.

Los Angeles County Economic Development Corporation

Board of directors
as of 01/20/2023
SOURCE: Self-reported by organization
Board co-chair

Steve Olson

O'Melveny


Board co-chair

Hale Behzadi

Citi

Term: 2022 - 2023

David Abel

ABL Inc.

Brett Howroyd

ACT-1 Group

Tom Wingard

Alston & Bird LLP

Mike Berman

Amazon Web Services Educate

Daniel Timmons

Bank of America Merrill Lynch

Board leadership practices

SOURCE: Self-reported by organization

GuideStar worked with BoardSource, the national leader in nonprofit board leadership and governance, to create this section.

  • Board orientation and education
    Does the board conduct a formal orientation for new board members and require all board members to sign a written agreement regarding their roles, responsibilities, and expectations? Yes
  • CEO oversight
    Has the board conducted a formal, written assessment of the chief executive within the past year ? Yes
  • Ethics and transparency
    Have the board and senior staff reviewed the conflict-of-interest policy and completed and signed disclosure statements in the past year? Yes
  • Board composition
    Does the board ensure an inclusive board member recruitment process that results in diversity of thought and leadership? Not applicable
  • Board performance
    Has the board conducted a formal, written self-assessment of its performance within the past three years? Not applicable

Organizational demographics

SOURCE: Self-reported; last updated 1/20/2023

Who works and leads organizations that serve our diverse communities? GuideStar partnered on this section with CHANGE Philanthropy and Equity in the Center.

Leadership

The organization's leader identifies as:

Race & ethnicity
Asian American/Pacific Islanders/Asian
Gender identity
Male

Race & ethnicity

Gender identity

 

Sexual orientation

No data

Disability

No data

Equity strategies

Last updated: 08/09/2021

GuideStar partnered with Equity in the Center - an organization that works to shift mindsets, practices, and systems to increase racial equity - to create this section. Learn more

Data
  • We review compensation data across the organization (and by staff levels) to identify disparities by race.
  • We ask team members to identify racial disparities in their programs and / or portfolios.
  • We employ non-traditional ways of gathering feedback on programs and trainings, which may include interviews, roundtables, and external reviews with/by community stakeholders.
  • We disaggregate data by demographics, including race, in every policy and program measured.
  • We have long-term strategic plans and measurable goals for creating a culture such that one’s race identity has no influence on how they fare within the organization.
Policies and processes
  • We use a vetting process to identify vendors and partners that share our commitment to race equity.
  • We seek individuals from various race backgrounds for board and executive director/CEO positions within our organization.
  • We have community representation at the board level, either on the board itself or through a community advisory board.
  • We engage everyone, from the board to staff levels of the organization, in race equity work and ensure that individuals understand their roles in creating culture such that one’s race identity has no influence on how they fare within the organization.