Ken Siegnman discussed why Southern California is a large center of business and commerce.
Private equity firms in Los Angeles have homes on streets like Century Park East, Constellation Boulevard and Avenue of the Stars. There are five dozen listed by the Los Angeles Economic Development Council in their downloadable document Access to Capital, Private Equity Firms in So Cal. The right private equity firm can infuse a growing business with capital, help improve operations, and package deals to acquire companies.
Another area powering economic growth in the region is the life sciences industry. In 2013, life sciences companies employed more than 270,000 Californians and the average annual wage was greater than $100,000.
Last year, academic researchers in California were projected to receive 7,400 NIH grants totaling $3.3 billion. The stats come from the 2015 California Biomedical Industry Report that also revealed California companies were projected to receive more than $ 3.8 billion in venture capital funding once final figures for 2014 are available.
The revenue flow is one reason Ken Siegman of the consulting firm West Monroe Partners is positive about the region. "Southern California as a large center of business and commerce," he said. "There's growth in technology and start-ups and financial institutions."
He mentioned the strength is spread in diverse neighborhoods. While private equity firms have West LA digs, there's a concentration of pharma and life sciences firms in Orange County. West Monroe sees an opportunity for using technology to help companies improve the workplace experiences for employees and the customer experiences.
The Chicago-based consulting firm offers an "outside in" perspective for firms that need to build a target operating model. "It involves change around people, process, and technology," said Siegman, senior director in West Monroe Partners’ banking practice and head of the firm's LA office.
West Monroe is new to the area, but the size of the Los Angeles office has doubled in just over a year. The company has brought on veteran consultants, and three new college grads have joined the firm.
"We take a lot of pride in coaching, mentoring, and growing talent," he said. "There should be a balance of both. There's an energy in the company by having young people in and it's a bigger responsibility to keep them busy, to train them and get a view of different industries."
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