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California

California

As the fifth largest economy in the world, California makes business sense. It has much to offer a British company. It forms a vibrant community and this year, the Harris Poll again reports that California remains the first state in the country where people would like to live. To travel around California is to be struck by an astounding cultural diversity and sense of prosperity and to be awed by its natural beauty, towering forests and incredible mountains that are just hours away from beautiful beaches and deserts, all going towards it being the number one state for attracting foreign direct investment.

Innovation and high-tech

The state is a leader in innovation. New ideas are a natural part of life in the Golden State and California supports creativity with a superior educational system and job training that produces an unrivalled, highly-skilled labour force. With 2.3 million students enrolled in 250 colleges and universities producing over 160,000 college graduates every year, the level of skill available is extreme. You will find yourself in a state with 579 members of the National Academy of Sciences and 95 Nobel laureates.

It is not surprising, therefore, that California continues to be the nation’s leading high-tech state, boasting nearly one million high-tech workers, more than any other state and one-sixth of all US high-tech workers. In 2004, high-tech exports totalled $48.3bn, ranked first nationwide, with high-tech goods representing 44% of the state’s annual exports. California leads in several high-tech industry segments: the state ranks first in employment totals for computer systems design, telecommunications, research and development and testing labs, and engineering services and it leads the nation in R&D and venture capital investment, with venture capital jumping from $8.2bn in 2003 to $9.3bn in 2004.

Business sense

As the fifth-largest economy in the world, California makes business sense. It produces more than $1.35tn in goods and services – about equal to Britain – with its economy representing 13% of the US’s Gross Domestic Product and it provides a large consumer market for high-technology, biotechnology, food and agriculture, apparel, and entertainment. California is a globally connected state with a world-class infrastructure made up of more than 15,000 miles of highways and freeways. It has 12 cargo airports and 11 cargo seaports, 17 foreign trade zones and 39 enterprise zones and over 18 million internet users.


Assistance for business

Assistance for firms in California can come from the California Commission for Jobs and Economic Growth and also from the Commerce & Economic Development Program (CEDP). This programme serves as the state’s principal catalyst for innovation, investment and economic opportunity. Now we have entered the 21st century, businesses are faced with financial challenges from securing small business loans to acquiring venture capital. The CEDP offers financial solutions for all of California’s businesses. The Infrastructure Bank contributes toward California’s economic growth by helping local governments and businesses secure capital to invest in major public, private, and nonprofit ventures.

Additionally, there is state support for small businesses, including financial assistance, training and technical assistance. The programmes represent California’s strong commitment to the future of small business.

The Division of Technology and Community Innovation is dedicated to giving the support needed to get your product to market. As the state’s lead organisation for technology-based development, they can help you with their business services, resources and millions of dollars in grants.

The business regions

California is home to more than 35 million people and has 58 counties and 471 incorporated cities. It is divided into business regions, all with their own economic development agencies. These are:

British American Business council chapters

California is the only state in which three chapters of the BABC operate. They can be found in Los Angeles, San Francisco and Orange County.

For more information, visit:
www.teamcalifornia.org
www.4CAjobs.com

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