I/O Labs Foundation

Last updated 7 months ago

I/O Labs Foundation received a $250,000 grant to secure a lease for space in the Crocker National Bank building at 7th and J Streets and cover startup costs.

Key Accomplishments
Performance Metrics
Assessment
  • Executed lease on 12,000 square feet, options on 18,000 square feet, and first-right-of-refusal on 12,000 square feet at 700 J Street.

  • Executed agreements with multiple venture capital funds to fund up to 20 startups per year at $1.7M that will call I/O Labs their home.

  • Completed design phase on floors 4 and 5, acquired permits for floor 5 and began construction.

  • Coordinated investment group for the purchase of the building.

  • Acquired assets of the Sacramento Area Regional Technology Alliance and received designation by the California Governor‚Äôs Office of Business and Innovation as the nine-county region‚Äôs Innovation Hub (iHub), creating a network of the region‚Äôs private, government, and university leaders.

  • Exercised option on floor 3 and executed lease.

  • Continued to work with City of Sacramento to overcome historic issues on floor 4.

  • Designed an Innovation Program (Private, Civic, and Social) that will offer graduate level accreditation through the University of the Pacific.

  • Expanded I/O programming to three campuses, including The Urban Hive at The Cannery, and took over the lease for the previous The Urban Hive location. Serving more than 300 entrepreneurs and 100 companies.

  • Completed construction on floor 5 and hosted more than 250 entrepreneurs, mentors, and investors during the first month of its completion.

  • Continued to work with the City of Sacramento to overcome historic preservation issues on floors 3 and 4.

  • Joined UC Davis Drive network which includes a partnership on a prototyping lab located in the former building of The Urban Hive.

Programming Participants

487

Square Feet Innovation space occupied

12,400

Square Feet Innovation space leased

24,200

Square Feet of Innovation space (total leased, optioned, or occupied)

48,900

I/O Labs Foundation has been working throughout the duration of the grant program to ensure that the floors in the Crocker National Bank building where they are locating their co-working and accelerator space are ready to support the innovation community. Construction on floor 5 is complete and they have already hosted several events, including FourthWave’s investor salon, which have allowed them to showcase their co-working space and garner interest from potential investors and patrons. Issues arising from the incongruence of the necessities of this innovation space and the standards required for historic preservation have hindered the development of floors 3 and 4, but I/O Labs Foundation is working closely with the City to determine solutions. This has not hindered their other efforts within Sacramento. I/O Labs has continued to work to bring together Sacramento’s innovation community through partnerships stemming from their iHub designation and acquisition of SARTA.

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