Chairman Fletcher Convenes Second Meeting of Select Committee on Job Creation for the New Economy

Chairman Nathan Fletcher and members of the Select Committee on Job Creation for the New Economy today were joined by experts and entrepreneurs as they probed the barriers to job creation in the new economy. Members heard testimony from representatives of UCSD, CONNECT, BIOCOM, Terra Verde Solar, investors and others who provided their first-hand experience creating jobs and insight to some of the barriers they faced.

“The new economy is critical to California’s long-term success. Studies consistently show technology sector growth and entrepreneurial industries are outpacing the other sectors,” said Chairman Nathan Fletcher. “California is a hot bed for technology. We have long been the home of innovators, entrepreneurs, and risk-takers who have created good-paying and local jobs that helped revolutionize our world. Job creation and embracing the new economy should be our highest priority. We want to make sure we are doing everything we can to create a competitive environment to help our local companies succeed.”

Panelists frequently cited legislative uncertainty, complex regulatory structures and a lack of capital as the primary barriers to job creation. While panelists made it clear there are barriers to job creation in California, they also spoke to some of the positives happening throughout the state. Panelists cited the groundbreaking work by organizations like CONNECT and BIOCOM who are connecting entrepreneurs with capital, academic research and other support.

“Today’s hearing was an important step toward ensuring California is the best place in the world to growing the innovative economy,” said Catherine Mackey, Chairman, CONNECT Board of Directors. “I commend Chairman Fletcher and the Select Committee on Job Creation for the New Economy for their diligence and willingness to do everything in their power to help emerging innovative businesses.”

This is the second hearing held by the Select Committee on Job Creation for the New Economy. A previous hearing probed the innovative economy in Los Angeles and future hearings will:

Investigate steps needed to ensure California is a competitive place to create good paying local jobs in the new economy.

Highlight individuals and companies within and outside of California who are succeeding and creating cutting-edge products and jobs and identify things the state can do to help attract and retain them.

Explore ways to attract private investment, including public-private partnerships, creative districts, industry clusters, and incubation strategies.
Identify roadblocks for job creators and make recommendations to eliminate them.

Probe the role of workforce readiness in primary, secondary, and post-secondary public education. Given the changing demands of the new economy, ensuring California students are prepared to compete is vital.