Daily Business Report-Nov. 6, 2019
Salk Institute courtyard. (Photo courtesy of Salk Institute for Biological Studies)
Salk Institute’s donors give record-breaking
$89 million to fuel scientific discoveries
The Salk Institute announced that it received more than $89 million from 1,204 individual donors and private grant makers in fiscal year 2019 to support the institute’s world-renowned science. The amount is the most raised from private donors in the past decade and accounts for 49 percent of Salk’s FY19 revenue.
In addition, government partners (such as the National Institutes of Health) provided 41 percent of the institute’s revenue through 39 new federal grants totaling more than $75 million to Salk researchers working in the areas of cancer, plant science, neuroscience, metabolism and others.
“The financial support we received this past year from donors and public agency partners has been impressive and critical for our mission,” said Salk President and Professor Rusty Gage. “Their investment in Salk research will assist the overall effort to advance important discoveries on some of the most challenging scientific issues of our time.”
This financial support helped propel dozens of significant scientific discoveries made in Salk’s labs in the fiscal year, including developing a new gene therapy to decelerate the aging process; finding a cellular process that could help stop cancer before it begins; and uncovering why screen time can disrupt sleep.
Highlighting the Institute’s strong philanthropic support was an announcement that Salk would receive $35 million through The Audacious Project, a highly competitive program housed at the nonprofit TED, to fund Salk’s Harnessing Plants Initiative (HPI), led by Professor Joanne Chory. HPI is an innovative, scalable approach to fight climate change by optimizing a plant’s natural ability to capture carbon and adapt to diverse climate conditions.
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California attorney general reports
sharp jump in illegal marijuana seizures
Dan Morain | CalMatters
Authorities have seized more than 950,000 illegal marijuana plants from nearly 350 growing operations this year, up from the 614,000 plants uprooted from 254 sites in 2018, California Attorney General Xavier Becerra reports.
Voters approved Proposition 64 in 2016 legalizing commercial marijuana sales, in large part based on the promise that it would end the black market. It hasn’t.
The L.A. Times’ Patrick McGreevy: “California is the largest supplier of marijuana to the rest of the country, yet it is illegal to sell cannabis outside the state from licensed California farms. A new study by the research group New Frontier Data estimates that California produces 58% of the cannabis grown in the United States.”
Meanwhile: The Bakersfield Californian reported that law enforcement officials bulldozed hemp fields near Arvin in Kern County after tests showed the roughly 10 million plants were actually marijuana.
Hemp has industrial uses and produces CBD but doesn’t have the intoxicating level of mind-altering chemical THC found in marijuana. However, the supposed hemp plants turned out to have concentrations of THC far beyond the limit allowed for hemp.
With more than 7,000 registered acres in cultivation, Kern County has emerged as a leading producer of hemp.
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Cortica opens new center for autism in Carlsbad
Cortica Inc., a provider of advanced neurological therapies for children with autism, speech and language delays, sensory processing disorder and other conditions that impact brain development, held its official grand opening and ribbon-cutting ceremony on Monday. The center, located at 5870 El Camino Real in Carlsbad, opened its doors in September.
The new facility is more than 9,000 square feet and includes more than 20 rooms for medical evaluations, individual and family counseling, social groups, and therapies including behavior, speech-language, physical, occupational and music. The center also has a gym and access to outdoor space for sensorimotor therapies and other activities to enhance children’s functional skills and social-emotional development.
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University of San Diego
MBA program continues to rise
The University of San Diego School of Business MBA program rose another two spots and now ranks 58th in the nation, according to the Bloomberg Businessweek Best B-School Ranking. The USD MBA program continues to rank #1 in San Diego and 7th in California.
Offering small class sizes, consulting projects with leading organizations around the world, a myriad of skill-building entrepreneurship competitions and a cohort format to help students make lifelong professional connections, the USD MBA program also ranks 14th in the U.S. for learning, 16th for entrepreneurship and in the top 50 for networking.
This ranking is based on data compiled from more than 9,000 students, 14,920 alumni, 900 corporate recruiters, and compensation and job-placement data from each school considered.
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Council puts hotel tax hike for convention
center expansion on March ballot
The San Diego City Council voted Monday to place two ballot measures on the March 2020 ballot, including a hotel tax hike that would fund a convention center expansion, homeless services and infrastructure improvements.
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Rady School of Management ranked
10th in U.S. for entrepreneurship
The Rady School of Management at UC San Diego has been nationally recognized for its full-time MBA program in the 2019-20 Bloomberg Businessweek “Best Business Schools.” The program ranked in the top 10 for entrepreneurship and 60th overall in the U.S. Among public institutions, the Rady School ranked 7th in entrepreneurship and 29th overall.
Bloomberg Businessweek ranked 94 business schools in the U.S. based on self-reported employment reports and surveys sent to three key stakeholders: graduating students, relatively recent alumni, and employers. The ranking is based on data compiled from more than 9,000 students, 14,920 alumni, 900 corporate recruiters, and compensation and job-placement data from each school. In addition to the overall ranking, schools are separately ranked on four component indexes — compensation, networking, learning, and entrepreneurship.
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Daasity completes first round
of funding with $2.3 million
Daasity, a San Diego-based data analytics solution provider for direct-to-consumer retailers, has successfully raised $2.3 million in its first round of funding. Daasity said it is the first company to design a proprietary platform that addresses the critical steps of data extraction, transformation, and analysis to give end users access to business data and metrics.
The platform gives companies the capability to use data more strategically, make data-informed decisions and ultimately grow their businesses without hiring technical staff, the company said.
Daasity’s debut funding was oversubscribed and led by Okapi Venture Capital. Serra Ventures, Cove Fund II, 1855 Capital, and Mooring Ventures LLC also participated in the round.
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Fairbanks Morse Engines to power Navy’s
newest expeditionary sea base ship
Fairbanks Morse, an EnPro Industries company, has been awarded a contract to build and deliver the four main propulsion diesel engines for the sixth ship in the U.S. Navy’s Expeditionary Transfer Dock/Expeditionary Sea Base (ESB) program. The ESB 6 will be constructed by General Dynamics NASSCO in San Diego, and the diesel engines will be built by Fairbanks Morse at its Beloit, Wisc., manufacturing facility.
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Aspen Institute names Grossmont College
as eligible to compete for 2021 Aspen Prize
The Aspen Institute College Excellence Program has named Grossmont College as one of 150 community colleges eligible to compete for the $1 million Aspen Prize for Community College Excellence, the nation’s signature recognition of high achievement and performance among America’s community colleges. Based on strong and improving student outcomes — including in learning, completion rates, employment rates and earnings, and equity — 15 percent of community colleges nationwide have been invited to apply for the Aspen Prize.
“We are gratified to be recognized for the second time in a row as the only community college in San Diego County for our efforts in improving student outcomes irrespective of college size,” said Grossmont College President Nabil Abu-Ghazaleh. “As the major awards program among two-year colleges, the Aspen Institute recognizes the best of the best. We are honored to be in such an esteemed group, and look forward to one day receiving the Aspen Prize as we continue to improve our support for more equitable and higher rates of student success.”
The 150 community colleges named as eligible to compete for the 2021 Aspen Prize were selected from a pool of nearly 1,000 public two-year colleges nationwide using publicly available data on student outcomes.
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Pro Back Office announces new name:
PBO Advisory Group
The company formerly known as Pro Back Office is now PBO Advisory Group. Based in San Diego, the company provides outsourced accounting, financial and compliance services and strategic business consulting to the west coast region.
“Our new name – PBO Advisory Group – reflects the expansion of our services, with an increased emphasis on advising our clients in multiple aspects of their businesses,” says Mike Ford, managing director/founding member of PBO Advisory Group. “Our main service lines now include consulting, accounting, compliance and human resources, and our group includes many highly trained professionals with specific industry knowledge across multiple sectors.”
Founded in 2012 by Ford, the company focused on outsourced financial and accounting services for small and mid-sized private companies and nonprofits. Today, PBO Advisory Group works with public and private companies – from start-ups to large, international corporations – as well as nonprofits. With a team of more than 55 employees, PBO Advisory Group has industry expertise in construction and related services, craft brewing, life sciences, manufacturing and distribution, non-profit, professional services, real estate and property management, retail and technology.
PBO Advisory Group’s executive team has grown to include Ford; Scott Palka – consulting CFO/member; and consulting CFOs Francesca San Diego, Greg Leiser, Kristy Facchini, and Richard Dahlseid.
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The Old Globe and USD Shiley Graduate Theatre
Program present Shakespeare’s ‘Twelfth Night’
The Old Globe and University of San Diego Shiley Graduate Theatre Program presents William Shakespeare’s “Twelfth Night,” now at the Sheryl and Harvey White Theatre, Conrad Prebys Theatre Center through Nov. 10.
SYNOPSIS: The classical actors of tomorrow will bring to life a world filled with some of his most unforgettable characters and memorable moments. Shipwrecked on the coast of Illyria, the clever and courageous Viola disguises herself as a man for protection in this strange land, and soon finds a job working for Duke Orsino. Orsino loves the noble Olivia, Viola falls for Orsino, and Olivia becomes infatuated with Orsino’s messenger boy… who’s actually Viola in disguise! In Shakespeare’s world where identity is topsy-turvy, true love sees through all disguises.
TICKETS: $19 general public; $16 Old Globe subscribers, students, seniors, active military, USD faculty and staff; $12 groups of 10 or more; $8 USD students w valid ID.
