Business accelerator Octane is launching a new initiative this summer to position Orange County as a hub for artificial intelligence innovation, in partnership with global data and tech company Experian.
Octane Chief Executive Bill Carpou told the Business Journal on June 12 that the Newport Beach nonprofit aims to raise up to $5 million to kickstart the initiative and “then build a sustainable model beyond that.
“We have found many organizations talk AI but do not have an AI strategy,” Carpou added.
Initially, the hub will be housed at the Newport Beach office of Octane; the long-term vision includes a dedicated facility equipped with labs, conference rooms – and a space where entrepreneurs can develop AI companies and tools, connect with investors, and host educational programs, the CEO said.
Ireland-based Experian, best known for its global credit reporting services, is contributing its data and AI expertise to help develop the hub.
Initial support for the hub, which will launch this summer, will come from in-kind contributions by founders Octane and Experian. The early capital for the OC hub will come from local and state grants. The organization would welcome local municipal grants also.
Tech Companies, UC Irvine
Octane says Orange County possesses the core assets to become a major player in the AI revolution and to create a global hub of AI innovation. That includes world-class universities such as University of California, Irvine and a strong tech company presence including Google and Amazon as well as defense company Anduril Industries in Costa Mesa.
Long-term funding will also include tiered sponsorships offering recognition and engagement, and philanthropic contributions through the Octane Foundation for Innovation’s 501(c)(3) Octane Impact Fund, with designated funds directed to the hub.
“We are also exploring federal grant opportunities that align with our mission to drive innovation, workforce development, and economic resilience through AI,” Chief Operating Officer Janelle Brunette said.
“We’re actively working to build stronger relationships with our local, state, and federal representatives to elevate awareness of the AI Innovation hub and the transformational work under way in Southern California.”
Brunette said Octane is focused on securing multi-year commitments that will fuel the hub’s long-term success and regional impact.
The AI Innovation Hub will also provide free and low-cost educational programming and access to key resources.
“The tuition-based component is designed to provide individuals, companies, and cross-sector groups with access to world-class AI education and training. This is a core pillar of our mission to develop talent, drive responsible adoption, and position Orange County and greater Southern California as a leader in applied AI,” according to Brunette.
Plans for the AI Innovation Hub were announced at the OC Innovation Week in May.
Growing Use of AI
The use of AI has been growing by leaps and bounds, ranging from schools to outer space and plenty in between. For example, Facebook parent Meta said June 12 it’s investing $14.3 billion in Scale AI, a company that offers a platform and training data for developing AI models.
AI technology enables computers and machines to simulate human learning, comprehension, problem solving, decision making, creativity and autonomy, according to one description.
