Santa Monica tech accelerator Launchpad LA has officially ditched its office space at 1520 Second St. as part of its shift to a model emulating the country’s top accelerator, Mountain View’s Y Combinator.
“I have not been using the office for months,” said Sam Teller, co-founder and managing director of the accelerator and seed fund, in an email.
Former neighbors General Assembly have taken over the second-floor space formerly occupied by Launchpad.
In previous conversations, Teller declined to say what Launchpad had been paying in rent. But based on rental rates in the area and the amount of space it takes, Launchpad’s annual bill was likely in the $250,000-$300,000 range. By moving out of its space, the accelerator could free up cash for expanded programming and investments.
That would make it more in the mold of Y Combinator, which places a heavy emphasis on weekly events featuring guest speakers from across the tech spectrum. Y Combinator does expect startups to relocate to Silicon Valley during its three-month program, though it does not offer office space itself.
In the new scheme, Launchpad will no longer offer co-working space to startups, focusing instead on new investments, mentorship and events.
“We may call it an accelerator or mentorship program or investment fund as times change,” Teller wrote. “The point is that it exists to support L.A. startups and, when applicable, return money to investors.”
He did not say where Launchpad is now based.
The shift, now official, was first reported by the Business Journal in May.
In its previous form, Launchpad would invest from $25,000 to $100,000 in companies, offering them office space and access to mentors, investors and advisors. It counts Jukin Media, DanceOn and YouTube talent management company Big Frame among its graduates.
San Francisco’s Uber continues to expand its service offerings in the local market, announcing last week that it had started offering additional menu options for customers using its uberFRESH food delivery service serving the Westside, Beverly Hills and Hollywood.
Diners can now choose from a rotating menu of meals from restaurants such as Canter’s Deli, Pink’s Hot Dogs, Fundamental LA and several others.
Lunch options typically cost between $10 and $12, while some dinner choices can cost a few bucks more. There’s also a flat $3 delivery fee, and Uber advertises that its meals are delivered in less than 10 minutes.
Uber, now fending off a consumer-protection lawsuit filed against the app-based ridesharing service by district attorneys in Los Angeles and San Francisco alleging violations concerning safety and pricing, wasn’t alone in making food news last week.
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