Silicon Beach Report March 26: Study Says SoCal Tech Scene Leaving $100B on Table

By staff-author

March 26, 2018

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Study says SoCal tech scene leaving $100 billion on table; 2018 to bring more deals than 2017; and Chrissy Teigen latest celebrity to abandon Snapchat.

Study Says SoCal Tech Scene Leaving $100 Billion on Table

A study released by the Alliance for Southern California Innovation was critical of the geographic fragmentation of the Southern California tech scene, Techcrunch reports. The report said the tech community could be one-third the size of Silicon Valley and could add 200,000 new jobs and $100 billion to the economic region by creating a geographic hub.

2018 to Bring More Deals than 2017

According to Ernst & Young’s quarterly Global IPO trends report, Q1 2018 has already surpassed Q1 2017 in deals and overall funding, the Business Journal reports. Partner Scott Porter said to expect several Los Angeles IPO’s in 2018, especially in the tech, software and healthcare sectors.

Chrissy Teigen Latest Celebrity to Abandon Snapchat

Chrissy Teigen tweeted on March 25 that she’s dropping Snapchat, following the social messaging and media app’s recent ad featuring Rihanna that made light of domestic violence as well as Snap’s recent redesign, Variety reports. On March 23, Snap shares opened at $16.44 per share before falling as much as 1.5 percent. Snap was trending down 0.5 percent in morning trading, amid an uptick in broader markets. “It’s a sign that the user backlash against Snapchat has not yet been fully ‘baked in’ to the stock price by investors,” the Variety story reports.

Technology reporter Eli Horowitz can be reached at ehorowitz@labusinessjournal.com. Follow him on Twitter @coachhorowitz13 for the latest in L.A. tech news.

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