Los Angeles venture capitalists Dana Settle, co-founder of Greycroft Partners, and Joseph Sanberg, co-founder of Aspiration.com and Pt Capital, are helping to launch a public policy and advocacy think tank named the Economic Innovation Group.

The new think tank will be based in Washington, D.C. and aims to refresh public policy debates with entrepreneurial ideas, as well as ideas from academics. Other EIG founding members include Sean Parker, founding president of Facebook and co-founder of Napster, and Ron Conway, tech investor and founder of SV Angel. EIG has a staff of three and is funded primarily by its founders.

Not exclusively a tech industry advocacy group, EIG will focus on finding ways to use public policy to drive private investment to entrepreneurs, grow new businesses and create jobs.

The group’s first white paper will focus on freeing up capital to revive distressed communities.

“The uneven economic recovery has left many communities behind,” said Settle in a statement. “We need greater engagement from leaders in the private sector – not simply to advance their own interests, but to help address national challenges that go beyond the boundaries of any single industry.”

EIG will be led by a bipartisan team of public policy experts, including former Obama Administration economic advisor Steve Glickman and former Republican Senator Chuck Hagel aide John Lettieri.

“It’s time for a paradigm shift in the way we think about growth, investment, and job creation. Important voices are missing from the policy debate, and Washington is mired in the same, stale conversations,” said Steve Glickman, executive director and co-founder of EIG. “We’re bringing together entrepreneurs and investors who are at the vanguard of our economy to tap into their ideas, resources and creativity to help increase economic opportunity around the country.”