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The Greater Riverside Chambers of Commerce will be hosting a Web Tools Seminar on April 26, 2013 as part of its Business Seminar Series. Open to both members and non-members, this seminar will cover a variety of online, free web-based applications that are very helpful for business owners, managers, employees and even students to help increase productivity without breaking the bank.
Register for the seminar at www.Riverside-Chamber.com, or click here.
(Includes excerpts from Press-Enterprise article written by Jack Katzanek posted on April 1, 2013)
Inland Southern California’s manufacturers shifted into a faster gear in March, and many say that the pace will continue to accelerate over the next few months, a report released Monday, April 1 found.
The Purchasing Managers Index for San Bernardino and Riverside counties, one of the more reliable gauges of economic activity for the area, rose to 59.7 last month from 53.7 in February, the Institute of Applied Research at Cal State San Bernardino reported. It is the third consecutive month this index has been above 50, the level that indicates growth in the sector.
The Inland Empire’s index has been above 60 only once in the last three years, in early 2012.
The report was not nearly as strong for the country as a whole. Tempe, Ariz.-based Institute for Supply Management reported its index declined to 51.3 in March from 54.2 the previous month, which had been a two-year high. Analysts attributed the decline to the government’s failure to reach a compromise on its debt by March 1, which triggered $85 billion in federal spending cuts.
The effects of the sequestration cuts were countered by a strong month for manufacturers in housing-related and automotive industries.
Factory executives in the Inland area said that they are receiving more new orders and have been speeding their production. The percentage of managers who believe the local economy will improve in the next few months almost doubled from February to March.
And, while Inland factories have generally been active since the start of the year, most have been getting work done without adding new employees. But the March report suggests more manufacturing sites will be hiring in the short-term future. The Cal State survey was based on responses from 36 Inland companies.
The Inland report ties in with research released last week by economists at Cal State Fullerton that suggests moderate growth in Southern California for the next three to six months, with higher confidence levels, more jobs and more disposable income. Those factors tend to buoy manufacturers who make products that end up in consumer marketplaces, said Adrian Fleissig, a CSUF economist.
Raymond Sfeir, an economist with Chapman University, said he was surprised that the national PMI declined in March because there was almost no trickle-down effect from the sequestration process that would slow business growth and cause the order books for manufacturers to dry up.
Sfeir said he was encouraged that the Inland report was solid last month. He said Chapman University is getting ready to release a statewide study on manufacturing, and he speculated that the Cal State San Bernardino numbers could be a harbinger of good news across California.
“If the Inland Empire is doing well, maybe we’ll find that California is doing better than the rest of the nation,” Sfeir said.
To read the full article on PE.com, click here.
In March Monster.com, a global online employment solution for people seeking jobs and the employers recruiting to fill positions, published a report citing the top cities in the nation with the highest salary increases. Riverside came in tied with Boston for a lofty third place finish with an increase of 4.5% from Q4 2011 to Q4 2012.
The ranking was determined by employment-data provider PayScale who tracks wages for the most heavily populated U.S. metropolitan areas. Other cities in the top 5 included Dallas (#5, 4.3%), Seattle (#1 – tie, 4.8%) and Houston (#1 – tie, 4.8%). Other California cities in the top 20 include San Francisco (3.9%), Los Angeles (3.3%) and San Diego (2.7%).
To see the full list of the top 20 cities with the highest year-over-year salary increases, click here.
Richard Loewe makes a device that automatically regulates tire pressure. Gareth Pronovost has an appliance to chill beer as it pours. Franck Boistel is making sandals based on original Aztec designs. Nicholas Hu has a wireless brain pressure monitor.
Photo by Cindy Yamanaka, OC Register
They are just four of the approximately 200 entrepreneurs who answered a call seeking the best business idea in Southern California. TriTech Small Business Development Center, which specializes in helping high-tech, rapid-growth companies, sought them out for its fourth annual “Funding the Big Idea” Conference held March 28, 2013 in Riverside.
The innovators and inventors came in search of funding, exposure, advice and practice at pitching their fledgling firms to investors and potential partners.
“It’s about gaining visibility,” said TriTech Director Mark Mitchell. “Our purpose is to build and serve the entrepreneurial ecosystem of Southern California.”
Such an entrepreneurial environment is important to the economy, said Rachel Baranick, deputy director of the Santa Ana office of the U.S. Small Business Administration. “Small businesses create two-thirds of the new jobs,” she said.
The event sought fun and profitable ways to achieve the goals. Ten entrepreneurs were selected to “fast pitch” their concepts in 90 seconds to the conference and three TriTech counselors who asked questions and provided advice. About 90 entrepreneurs pitched ideas one-on-one to angel investors in a form of “speed dating.” Each entrepreneur met with five investors, an opportunity that money can’t buy.
Then the top four scorers in speed dating got another opportunity to pitch five members of the Tech Coast Angels, a network of professional angel investors, and the entire conference in “Piranha Pool,” a takeoff of the ABC-TV show “Shark Tank.”
“If you’re looking for funding for your business or you’re an aspiring entrepreneur learning how to do that, this is the place for you,” said master of ceremonies Greg Lee, technology ombudsman for Riverside.
Ted Patience, founder of ThermaQuatic Inc. in Laguna Niguel, had a unique perspective on the day’s events. He was the only entrepreneur to participate in all three pitches.
“Fast pitch was my least favorite; getting up in front of an audience isn’t my forte,” he said after completing his speed dating session. At that moment he didn’t know he would be selected for the Piranha Pool. “I’m very comfortable talking one-on-one with investors, but they always want to know the numbers. I’m getting better at that.”
Patience’s company has developed a heating and cooling therapy system for recovery after surgery, sports injuries and patients with chronic ailments such as multiple sclerosis. He got the idea because his mother has multiple sclerosis.
He has been developing the product, now in its fourth design, for more than three years and hopes to be on the market within six months. He is seeking $250,000 investment to get through the tooling stage and U.S. Food and Drug Administration approvals.
While everyone who wanted to talk with investors seemed to have an opportunity sometime during the day, the Piranha Pool ended on a note of unanimity.
The finalists were Patience of ThermaQuatic; Keith Mullin of Gamer Grub of San Diego; Carlos Orellana of Gift Card Sender in Irvine; and Nicholas Hu and BranchPoint Technologies. The company is in Baltimore and Los Angeles but may move to Irvine or San Diego.
Audience members could text their favorite among the four and chose BranchPoint, developer of the wireless brain pressure monitor. The judges also picked BranchPoint for the top prize of $20,000 in business services. While the first product will make brain pressure monitoring safer than hard-wire versions, Hu said the technology can be used for many implant monitoring needs. The company has a contract with the U.S. Defense Advanced Research Projects Agency, he added.
Gamer Grub placed second winning $8,000 in services. The company is developing snacks packed with vitamins and “neurotransmitters” to keep gamers sharp, Mullin said. He’s targeting gamers because computer gaming is a $12 billion industry.
ThermaQuatic was third, winning $5,000 in services. And fourth was Gift Card Sender, an Irvine startup selling gift cards by mobile phone to 75 companies such as Walmart and TGI Fridays, said Carlos Orellana. Since launching a few weeks ago, 700 people have downloaded the app.
To read the full article as published in the OC Register, click here.
What: fourth annual event to connect innovators with capital investors
Host: TriTech Small Business Development Center, business counseling program that specializes in high-tech, fast-growth companies; founded in Orange County, now at Riverside Community College District.
2013 winners: Piranha Pool: 1st place and audience choice: Nicholas Hu, BranchPoint Technologies, Los Angeles and Baltimore; 2ndplace: Keith Mullin, Gamer Grub, San Diego; 3rdplace: Ted Patience, ThermaQuatic Inc., Laguna Niguel; 4th place: Carlos Orellana, Gift Card Sender, Irvine. Fast Pitch: winner Bob Kulakowski, Hybrid Pumps Inc., Escondido; audience choice Greg Call, PatriotMove, Santa Ana.
Startup Weekend is a global grassroots movement of active and empowered entrepreneurs who are learning the basics of founding startups and launching successful ventures. It is the largest community of passionate entrepreneurs with over 400 past events in 100 countries around the world in 2011.
The non-profit organization is headquartered in Seattle, Washington but Startup Weekend organizers and facilitators can be found in over 200 cities around the world. From Mongolia to South Africa to London to Brazil, people around the globe are coming together for weekend long workshops to pitch ideas, form teams, and start companies. Riverside’s event is being led by local technology professionals Benjamin Mueller, Mike Kennedy and Conley Read.
All Startup Weekend events follow the same basic model: anyone is welcome to pitch their startup idea and receive feedback from their peers. Teams organically form around the top ideas (as determined by popular vote) and then it’s a 54 hour frenzy of business model creation, coding, designing, and market validation. The weekends culminate with presentations in front of local entrepreneurial leaders with another opportunity for critical feedback. For a detailed scheduled of the Riverside Startup Weekend, visit riverside.startupweekend.org.
Whether entrepreneurs found companies, find a cofounder, meet someone new, or learn a skill far outside their usual 9-to-5, everyone is guaranteed to leave the event better prepared to navigate the chaotic but fun world of startups. If you want to put yourself in the shoes of an entrepreneur, register now for the best weekend of your life!
(Sean Nealon, UCR Today)
Students in UCR Business Program will have two new graduate degree programs as option. Source: UCR Today
The University of California, Riverside School of Business Administration is launching two graduate programs this fall: a master of finance and a Flex MBA.
The Flex MBA allows students to tailor the schedule to their needs and complete the program in as little as 20 months or up to several years. The master of finance degree is for full- or part-time students and concentrates specifically on finance.
“The master of finance program is the result of hard work by many at the business school,” said Yunzeng Wang, interim dean of the business school. “Our finance faculty has been instrumental in designing the program, and our dedicated staff members have been diligent in preparing for the program’s launch this fall. Through this new and essential academic offering, we are glad to offer yet another path to excellence for students.”
The school will host information sessions to talk about the new programs, as well as its traditional MBA and masters in professional accountancy degrees. Upcoming sessions are scheduled for: April 10 and 25, May 9 and 22 and June 5. All the sessions will be held at 6 p.m. in Anderson Hall at UC Riverside.
The master of finance can be completed as a full-time student in nine months or as a part-time student in two years. It’s geared toward students with quantitative backgrounds in fields such as business, mathematics, physics, economics, engineering and statistics.
Globalization, rapid advances in computational technology, financial innovation, and shifting regulatory regimes, have all contributed to job opportunities for additional finance professionals with education beyond the bachelor’s degree.
Recognizing the importance of strong quantitative skills, major financial firms and insurance companies have often found that undergraduate education in finance or the broad‐based management education not sufficient.
This was evident during the 2008 financial collapse. The financial engineers who designed the instruments that were problematic in the collapse were narrowly trained and, with hindsight, did not recognize the big‐picture impacts of their actions.
Graduates of the master of finance program will be able to understand and explain the risks and potential returns of sophisticated financial instruments.
Graduates often find work in fields including: commercial banking, investment banking, hedge funds, private equity and venture capital, financial planning and insurance.
The Flex MBA is meant to serve a variety of students including: full-time students who want to earn an MBA on a fast track or who seek to take longer with their studies; international students; working professionals seeking a graduate degree without interrupting their careers; or individuals who need to accommodate responsibilities at home and with family.
After the program launches in the fall quarter, students can enroll in the winter, spring or fall quarter. Evening classes will be offered.
One slower-paced scenario is for a student to take two classes in the fall, spring and winter quarters and take summers off. In that situation, it would take four years to earn the degree.
Application deadlines for both new programs are May 1 for international students and Sept. 1 for domestic students. For more information about the programs call 951-827-6200 or e-mail ucr_agsm@ucr.edu.
Established in 1972, the University of California, Riverside School of Business Administration is the first professional school of its kind in the region, and the only one at a research-based institution. It is home to the largest undergraduate business program in the UC system, as well as the A. Gary Anderson Graduate School of Management, which offers MBA, Flex MBA, Master of Professional Accountancy and Master of Finance programs. Leveraging its location at the nexus of commerce, the UCR business school seeks to develop world-class leaders and scholars who are as diverse as the challenges they face and the enterprises they grow.
On Friday, March 15th, the City of Riverside Office of Economic Development took home several awards from the 2013 American Advertising Federation-Inland Empire ADDY Gala for several of its marketing efforts.
Competing in the ‘Public Service’ category, Riverside’s national-award-winning Retail Map took home a Silver, and Bronze-level recognition was given to its Riverside End Homelessness Campaign, Explore Riverside Newsletter and Neighborhood Conference Brochure. In the ‘Elements of Advertising’ category, the City took home a bronze for its Opportunities with Education (O.W.E.) logo design.
Assistant City Manager Deanna Lorson congratulated the team for its accomplishments and stated, “The recognition by the American Advertising Federation – Inland Empire is a testament to the creative and talented staff of the City, as well as the commitment of the leadership to quality, cutting-edge promotion and design.”
The American Advertising Federation – Inland Empire, a non-profit chapter of the American Advertising Federation, is comprised of professionals in San Bernardino and parts of Riverside and Los Angeles counties from all industry segments: advertising and media agency owners, marketing directors, sales and media managers, suppliers, radio stations, graphic designers, photographers, webmasters, copywriters, academics, and more.
To see the full list of 2013 ADDY recipients and pictures from the event, click here.
Riverside City Manager Scott Barber announced on March 18, 2013, the appointment of Lea Deesing as the City’s Chief Innovation Officer. Ms. Deesing has worked in information technology for 24 years, most recently as Associate Vice Chancellor of Information Services for the Riverside Community College District. As Chief Innovation Officer, Ms. Deesing will be directly responsible for the City’s strategic use of technology, manage the Innovation and Technology Department, and work closely with City departments to improve processes and enhance citizen services.
Ms. Deesing was chosen following a highly competitive national recruitment. City Manager Scott Barber said “I am very excited to welcome Lea to the City’s team. Lea has a demonstrated record of success and is a nationally recognized leader in information technology. I am particularly excited about her desire to create an environment whereby ideas and creativity are used to solve technical problems and create innovative solutions.”
Ms. Deesing holds a Master’s in Public Administration from California State University, Dominguez Hills and a Bachelor’s of Science in Information Systems from the University of Redlands. Her professional experience includes 16 years in local government as Director of Information Technology, Information Systems Division Manager, Enterprise Systems Administrator and Network Administrator for the cities of San Bernardino, Fontana and Moreno Valley. Prior to working in local government she spent eight years at Esri in Redlands, a world leader in geographic information systems. Lea belongs to a number of professional organizations and received national recognition for the article she wrote in 2012 regarding social media in government.
Ms. Deesing fills the position previously held by Steve Reneker, who retired in late 2012. Ms. Deesing will begin her new position in Riverside on April 8.
Photo: Left to right- Brian Hawley (Chair of the Board for Greater Riverside Chamber of Commerce); Jose Torres (Director of Engineering of Riverside Community Hospital); Councilmen Mike Gardner; Pastor Harry Cole (Calvary Presbyterian Church); Patrick Brilliant (President & CEO of Riverside Community Hospital); Senator Richard Roth; Dr. Herbert Metsch (Chairman of the Board of Director); Riverside Mayor Rusty Bailey; Dr. Lawrence Clark (Chief of Medical Staff)
The ground breaking ceremony took place at the site of the future parking garage to formally kick off a significant expansion of the facility. State Senator Richard Roth, District 31, and Riverside Mayor Rusty Bailey were among officials who took part in the ceremonial start of the expansion project. After completion, expected by 2017, Riverside Community Hospital will feature a new 5-story parking garage with 1,061 parking spaces, a 3-story medical office building, and a new 7-story, 292,000 square-foot patient tower with 72 private patient rooms, bringing the 373-bed hospital to a 445-bed hospital.
The addition of the new patient tower will provide more space to accommodate families and expand services to more critically ill patients. Several floors of the patient tower will be shelled space available for future growth and expansion.
“This is truly an exciting time for Riverside Community Hospital, the community of Riverside and the entire Inland Empire region we serve” stated Patrick Brilliant, Riverside Community Hospital President and CEO. “We’ve been working for the better part of seven years to reach this point and begin construction on this campus expansion project. Many people in this community deserve to share this momentous event which their hard work and support helped create. We are honored to have community leaders including Senator Roth, Mayor Rusty Bailey, Cindy Roth and Brian Hawley from the Greater Riverside Chamber of Commerce, our City Council officials, Pastor Harry Cole of Calvary Presbyterian Church and my hospital staff officials and board members join us in celebration of this occasion and the first steps toward the completion of our future hospital.”
“This project truly represents Riverside Community Hospital’s commitment to patient care for our residents,” Chief of Medical Staff, Dr. Lawrence Clark said. “With the expansion, we will be able to meet the needs of a growing community for generations to come. Over the last 110 years, this hospital has established a reputation and trust within our community, and I’m excited that together we will have the opportunity to watch this vision of the new hospital tower become a reality.”
The construction project will result in 400 jobs over the duration of the project in various construction trades and nearly 300 full-time hospital positions when completed.
Visit www.riversidecommunityhospital.com for routine updates about the expansion project and other healthcare news.
About Riverside Community Hospital:
Founded in 1901, Riverside Community Hospital (RCH) is a 373 licensed bed, full-service acute care hospital in the heart of the Inland Empire. With over 500 physicians on staff, representing over 200 specialties and over 1,700 employees, RCH is an Inland Empire leader in providing advanced, comprehensive health care to the Inland region. RCH houses the largest Emergency Room and Trauma Center in the Inland Empire at 50 beds. RCH is one of Riverside County’s only STEMI (heart attack) receiving centers and is a fully accredited Chest Pain Center. Centers of Excellence include the HeartCare Institute, offering invasive and non-invasive cardiac procedures, the Transplant Program and a Level II Neonatal Intensive Care Unit.
Source: Small Business Administration
Borrowers and lenders of loans backed by the U.S. Small Business Administration will have greater access to capital and less paperwork as a result of a proposed regulation aimed at streamlining the SBA application process, while also strengthening oversight and the integrity of the agency’s loan programs.
“Streamlining and simplifying has been a key focus of our agency over the last few years. The changes are the latest steps to reduce paperwork burden, with our eye on the larger goal of expanding access to capital and giving entrepreneurs and small business owners the financial resources to grow and create jobs,” said SBA Administrator Karen Mills. “Specifically, these proposed regulations will provide greater access to capital through our two largest loan programs, while also reducing risk to taxpayer dollars.”
The SBA proposes the new measures after extensive consultations with lenders and borrowers to identify the greatest challenges they face and find ways to reduce barriers to making and accessing loans, while still maintaining strict oversight.
Among the proposed changes are:
Eliminating the Personal Resource Test: A borrower will no longer be required to obtain a maximum level of personal finance resources for a 7(a) or 504 loan. This will streamline the loan process by eliminating complicated regulations used to determine the amount of collateral required.
Revising the Rule on Affiliation: Revising this rule will open access to SBA loans to businesses that, under current rules, would not qualify as a small business under SBA’s size standards by virtue of their association with other companies. It also would streamline 504 loan applications and reduce paperwork requirements for 504 and 7(a) loan applications.
Eliminating the Nine-Month Rule for the 504 Loan Program: Eliminating the Nine-Month rule removes a restriction that limits a business to include in its 504 project only expenses incurred nine months prior to submitting the loan application. The new rule would allow inclusion of expenses incurred at any time (e.g., projects put on hold for more than nine months due to a natural disaster).
Increasing Accountability of the Certified Development Companies’ Board of Directors while Eliminating Requirements for Membership: Refocusing CDC corporate governance requirements will reinforce the importance of board accountability for CDC oversight for the 504 loan program and set in place measures to strengthen oversight in order to maintain program integrity.
For comprehensive information on the new rules and their benefits, visit http://www.sba.gov/content/revised-oca-regulations-504-and-7a-loan-program. You can also access the document published in the Federal Register at http://www.gpo.gov/fdsys/pkg/FR-2013-02-25/pdf/2013-04221.pdf for the full text of the proposed rule.
| Office of Economic Development 3900 Main St. 7th Floor - Riverside, CA 92522 (877) RivSide | econdev@riversideca.gov |
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