Daily Business Report: July 11, 2023
Student-run CocoLoco business turns
coconut shells into an award-winning
Junior Achievement success
CocoLoco, a business launched by students at Canyon Crest School in San Diego, gathers coconut shells from Vietnam and the Phillippines to create soy candles and succulent arrangements for sale, donating 10 percent of the profits to Cancer for College, a nonprofit that provides scholarships to cancer survivors.
A FedEx jury was so impressed with CocoLoco that it was awarded the 2023 Global Possibilities Award at the Junior Achievement National Student Leadership Summit in Washington, D.C. The award, presented by FedEx, recognized the student-run business that best exhibits the principles of global connectivity, which includes innovation, sustainability and social responsibility.
“We take pride in supporting local economies by sourcing both our succulents and soil from a local nursery in San Diego,” said Daniella Addeo-Cortes, 17, CEO at CocoLoco in a news release. “Our dedication to global connectivity, ecological awareness, community development, sustainability, and social responsibility has allowed our business to thrive. We are honored to receive the FedEx Global Possibilities Award which recognizes and celebrates the positive impact our business has made in these areas.”
Besides Daniella, the other members of the CocoLoco team are Shaan Garg,16, chief operating officer, left, and Noah Benhaim, 16,chief marketing officer.
CocoLoco emerged as a result of the students’ participation in the JA Company Program, which empowers high school students to establish and operate authentic business enterprises under the guidance of dedicated mentors from the local business community.
The teen entrepreneurs identified an unmet consumer need, successfully recruited investors for their company, and skillfully produced and marketed their innovative products.
Photo: Top: Daniella Addeo-Cortes, student at Canyon Crest School, is the CEO of CocoLoco.
CocoLoco’s coconut products
The San Diego Union-Tribune sold
to hedge fund Alden Capital
Los Angeles billionaire Patrick Soon-Shiong has sold The San Diego Union-Tribune to an affiliate of the MediaNews Group for an undisclosed amount, it was announced on Monday.
MediaNews Group is owned by Alden Global Capital, a New York hedge fund that owns roughly 200 publications, including the Chicago Tribune.
The News Group is the parent company of the Southern California News Group papers, among them the Orange County Register, Los Angeles Daily News, Riverside Press-Enterprise, Daily Breeze, Long Beach Press-Telegram, San Gabriel Valley Tribune, Pasadena Star-News, Whittier Daily News, San Bernardino Sun, Inland Valley Daily Bulletin and Redlands Daily Facts.
Should universities share athletic revenue
with players? California bill sparks backlash
By Ryan Loyola | CalMatters
For four years, Stanford student Liam Anderson has gone to what he calls his “full-time job.” He puts on his uniform, laces up his shoes and just runs. As captain of the Stanford track and field team, the public policy major has put in 20 to 40 hours of running, conditioning and physical therapy each week — a pace he’ll continue when he returns to campus this fall to pursue his master’s degree.
It’s a lot of time away from academics, with little financial reward, which is partly why Anderson has been supporting and advising California lawmakers on new legislation that could dramatically alter college athletes’ compensation.
“This is the only labor market where the primary labor input — the players — receive essentially zero compensation from their employers,” Anderson said. “It is very difficult on a philosophical level to argue that these players do not deserve some form of compensation. To say a scholarship is enough is laughable.”
Assembly Bill 252, or the College Athlete Protection Act, would require California colleges to put some of their sports revenue into a fund that would pay student athletes when they complete their degrees. Athletes could earn as much as $25,000 for each year they participate in their sport.
Award-winning Mexican transgender
designer and model lives her dream
By Diana Cavagnaro | sdnews.com
Viva Alfaro is a multitalented designer and a transgender model in the fashion industry. Although she enjoys fashion designing, modeling is her first love. She will always give that 1,000 percebt in prioritizing her goals and aspirations.
Originally from Playas de Rosarito, Mexico, Viva always had plans to move to California. She came to San Diego and enrolled in the fashion design program at Mesa College. Half of her education was during the pandemic and it was a bit disheartening to have to be on Zoom for a major that requires hands-on work.
Graduating this summer, I asked her about the experience and she said: “I am happy and proud of myself and every single person who went through that very difficult time and managed to stay afloat. All in all, my academic experience had its highs and lows, wins, and lots of losses but even with that, I would do it all over again.”
A liquid biopsy study offers
new hope for lung cancer patients
In collaboration with San Diego-based Illumina and 13 other organizations, the All Wales Medical Genomic Service (AWMGS), the single provider of genetic services in NHS Wales, will make liquid biopsies available to 1260 lung cancer patients consecutively across the country’s seven health boards, under a partnership named QuicDNA.
Rather than excising tissue from a patient, a liquid biopsy uses a simple blood draw, since fragments of tumor DNA shed into the bloodstream. The blood samples with circulating tumor DNA are sequenced on a 500-gene panel. The approach is known as comprehensive genomic profiling and it can assess multiple biomarkers in numerous tumor types in a single NGS assay.
Northrop Grumman provides sustainment
on the James Webb Space Telescope
As NASA’s James Webb Space Telescope nears its one-year anniversary of providing incredible imagery showcasing the origins of our universe, pioneering and sustaining a new era in astronomy is no small task.
Engineers at Northrop Grumman – in partnership with NASA and the Space Telescope Science Institute – perform maintenance support for Webb using testbeds that simulate the observatory on the ground. These testbeds are used to develop and test products (such as flight software updates) that will be used on the observatory or to help investigate different behaviors. This ensures the observatory continues to operate optimally throughout its lifespan.
“Today, the team is powering Webb’s discoveries and expanding humankind’s understanding of the universe, by keeping the observatory safe and healthy,” said Robby Swoish, program manager, James Webb Space Telescope operations and maintenance, Northrop Grumman. “Our top priority is Webb’s continued mission success as it scans the cosmos with optimal precision.”
Doug Watson named interim senior
VP and CFO of SharpHealthCare
Sharp HealthCare has named Doug Watson as interim senior vice president and system chief financial officer, succeeding Staci Dickerson, who was recently named executive vice president and chief financial officer for Banner Health, headquartered in Phoenix, Ariz.
Watson is a Certified Public Accountant (CPA) and previously served as the senior vice president and system chief financial officer of Unitypoint Health.
Prior to his service with Unitpoint, Watson served as the chief financial officer of the southwest division of CommonSpirit Health and the chief financial officer for Peace Health’s Ambulatory Division. His experience also includes serving as a strategy and finance partner with international health care management consulting firms.
PB to get metered parking district
and all-electric shuttle program
SAN DIEGO —Two new programs – a pilot metered parking district on Garnet Avenue and an all-electric shuttle connecting to Balboa Transit Station – are coming to Pacific Beach in July. Beachgoers are getting ready to catch “The Beach Bug,” PB’s new EV shuttle traveling up to 25 mph, which riders will be able to hail from a four-car fleet via an app or phone call.
Also beginning sometime this month will be a metered, year-long parking pilot placing 321 high-tech metered, two-hour-or-less-time-limited parking spaces on Garnet Avenue.
Aethlon Medical appoints Nicolas
Gikakis to its board of directors
SAN DIEGO — Aethlon Medical Inc., a medical therapeutic company focused on developing products to treat cancer and life threatening infectious diseases, announced the appointment of Nicolas Gikakis to its Board of Directors. Gikakis will also serve as a member of the Nominating and Corporate Governance Committee of the board. In connection with the appointment of Gikakis as a director, the authorized size of Aethlon Medicals Board was increased to six members.
KARMANT Learning founder honored
with JA Student Entrepreneur Award
LA JOLLA — KARMANT Learning, a nonprofit organization advocating for youth wellness, announced that its founder Rishabh Bhavani was recognized with the 2023 EY and Junior Achievement Student Entrepreneur Award at the recent EY Entrepreneur of the Year Pacific Southwest region awards ceremony at Hilton Torrey Pines in La Jolla. KARMANT Learning provides free learning opportunities and wellness support to all youth to encourage balanced development. It provides educational content and a curriculum that promotes five pillars of health: physical, mental, emotional, social, and intellectual.
Hispanic-owned CHUZA named a finalist
in Greenhouse Accelerator Program
SAN DIEGO — CHUZA Inc., an emerging business in San Diego, was one of 10 finalists chosen to participate in the Greenhouse Accelerator Program, Juntos Crecemos (Together We Grow) Edition. The program is focused on supporting emerging Hispanic businesses.
CHUZA spices up the snacking game with its range of spicy fruits and vegetable snacks made with no added colors or artificial flavors. It was founded th share authentic Mexican culture, flavors, and flair with the world.
Evofem Biosciences to participate in the
Virtual Investor Summer Spotlight series
SAN DIEGO — Evofem Biosciences Inc. announced that CEO Saundra Pelletier and Senior Vice President Amy Raskopf will participate in the Virtual Investor Summer Spotlight on Wednesday, July 12, at 1 p.m. The virtual event will include a brief overview of the company’s business, a moderated roundtable discussion and an interactive Q&A session.
A webcast replay will be available two hours following the live presentation and will be accessible for 90 days. A live video webcast of the event will be available on the Events and Presentations page of the company’s website (evofem.com).
CUSO Financial Services in new
partnership with Capital Credit Union
SAN DIEGO — CUSO Financial Services (CFS), a subsidiary of Atria Wealth Solutions Inc., announce a multi-year partnership with Capital Credit Union, marking another significant step in CFS’s ongoing growth. Capital Credit Union, established in 1927 and serving over 120,000 members with $2.3 billion in total credit union deposits across Wisconsin through its 24 branches, has decided to join CFS, transitioning from its previous affiliation with LPL Financial.
Sony Electronics announces
new portable theater system
SAN DIEGO — Sony Electronics Inc. announced the HT-AX7, a portable theater system with 360 Spatial Sound Mapping that offers a new way to enjoy entertainment through spatial and room-filling sound throughout the home. By simply placing the speakers around a room, the HT-AX7 delivers a captivating audio experience to fill any space. 360 Spatial Sound Mapping technology creates multiple phantom speakers at the front, rear, and overhead, enveloping a spatial sound in a bubble-like sphere.
Wrike announces ownership
and leadership transition
SAN DIEGO — Wrike, a leader in collaborative work management, announced the completion of its recapitalization and ownership transition to Symphony Technology Group (STG), a private equity firm specializing in software, data, and analytics. Under terms of the deal, Vista Equity Parnters and Elliott Investment Management LP will transfer full ownership of Wrike to STG, marking the final chapter in Wrike’s reestablishment as a private company. Wrike Founder and CEO Andrew Filev will transition into the role of board adviser. Thomas Scott will become interim CEO.
C3 Risk & Insurance Services promotes
two internal employees to partner
SAN DIEGO — San Diego-based insurance brokerage C3 Risk & Insurance Services has expanded its ownership team to include two new partners, Tracey Best and Rich Hallett, who were promoted from within the organization. Best and Hallett were tapped because of their exceptional leadership, creativity, work ethic and dedication to the company and its clients. Tracey Best, vice president of employee benefits, and now partner, joined C3 Risk & Insurance Services in 2020 and is the first female partner in the company. Rich Hallett joined C3 Risk & Insurance Services in 2021 as the company’s director of surety.
Kyocera is a validated Android
Enterprise Gold Partner
SAN DIEGO — Kyocera, a global leader in mobile rugged devices, announced that it was validated by Google as an Android Enterprise Gold Partner. Kyocera reached Gold status by achieving or exceeding advanced requirements in Partner Expertise, Product Excellence and Performance. Android Enterprise Gold status is Kyocera’s latest qualification, in addition to its Play Protect certification (formerly GMS or Google Mobile Services) for Android malware protection. Kyocera has been creating rugged devices as part of its mobile technology solutions for more than a decade.
