Business Accelerator Octane is collaborating with global data and tech company Experian to launch a new initiative this summer to position Orange County as a hub for artificial intelligence innovation.
Octane Chief Executive Bill Corpoo told the Business Journal on June 12 that the Newport Beach nonprofit is aiming to raise up to $5 million to build a more sustainable model by kickstarting the initiative.
“We've seen that a lot of organizations are talking about AI, but there's no AI strategy,” Carpou added.
Initially, the hub will be housed in Octane's Newport Beach office. The long-term vision includes dedicated facilities with labs, meeting rooms, and spaces where entrepreneurs can develop AI companies and tools, connect with investors, and host education programs.
Best known for its Global Credit Reporting Services, Ireland-based Experian contributes data and AI expertise to help develop the hub.
The initial support for the hub, which will be launched this summer, comes from the in-kind contributions by founders Octane and Experian. The initial capital of the OC Hub comes from local and state grants. The organization also welcomes grants from local municipalities.
High-tech company UC Irvine
Octane says Orange County will become a major player in the AI revolution and own the core assets to create a global hub for AI innovation. This includes the presence of world-class universities such as the University of California and Irvine, as well as powerful high-tech companies such as Google and Amazon, such as Costa Mesa defense company Andrill Industries.
Long-term funds include tiered sponsorships providing recognition and engagement, as well as charitable contributions through the Innovation Foundation's 501(c)(3) Octane Impact Fund, which directs the designated fund to the hub.
“We are also exploring federal grant opportunities that are consistent with our mission to promote innovation, workforce development and economic resilience through AI,” said Janelle Brunette, Chief Operating Officer.
“We are actively working to develop stronger relationships with local, state and federal representatives and raise awareness of the AI Innovation Hub and the transformation work in Southern California.”
The brunette said Octane is focused on ensuring a multi-year commitment to fostering the long-term success of the hub and local impact.
AI Innovation Hub also offers free, low-cost educational programming and access to key resources.
“The lesson-based component is designed to provide access to world-class AI education and training to individuals, businesses and cross-sector groups. It is a central pillar of our mission to build talent, promote responsible adoption and position Orange County and Greater California as leaders in applied AI,” according to the brunette.
The AI Innovation Hub plans were announced at OC Innovation Week in May.
Increased use of AI
The use of AI has grown dramatically from school to space, and there are many in between. For example, Facebook Parent Meta said on June 12 that it had invested $14.3 billion in Scale AI, a company that provides platforms and training data to develop AI models.
AI technology allows computers and machines to simulate human learning, understanding, problem solving, decision-making, creativity and autonomy according to one explanation.
