Blackstone's $3.5 million grant will go towards promoting new technology ventures and entrepreneurship. (Photo/Anaka Morris)

Last Friday, Blackstone Charitable Foundation announced the expansion of its campus entrepreneurship program, Blackstone LaunchPad, at the Los Angeles Theatre Center with a $3.5 million grant, awarded in partnership to USC Annenberg, UCLA, UC Irvine, and the Los Angeles Economic Development Corporation.

The grant is intended to introduce entrepreneurship as a viable career option and provide over 110,000 university students, regardless of major, with a network of venture coaches and an entrepreneurial support system.

Present at the announcement event, Los Angeles Mayor Eric Garcetti said, “On behalf of the City of Los Angeles, I'd like to commend Stephen Schwarzman and the Blackstone Charitable Foundation for making this significant investment in our city's future. I'm focused on improving Los Angeles' economy and helping our graduates start companies here, and I'm excited this program can give young Angelenos the skills they need to achieve their dreams in L.A.”

Other public figures present at the event included Lieutenant Governor Gavin Newsom, Representative Xavier Becerra, USC Provost & Senior Vice President for Academic Affairs Elizabeth Garrett, UCLA Chancellor Gene Block, UCI President Michael V. Drake, University of Miami President Donna E. Shalala, LAEDC President & CEO Bill Allen, and Harvey Weinstein.

With a physical presence on each university campus, Blackstone LaunchPad will foster connectivity between universities, the business community, and local entrepreneurs, to create an environment that nurtures students and provides them the necessary skills to succeed as entrepreneurs.

The Annenberg Innovation Lab, led by Directors Jonathan Taplin & Erin Reilly, will oversee the implementation of the LaunchPad program at USC.

“With this grant, our students will be further enabled, giving them the resources to launch cutting-edge projects with immense potential," said Taplin, “I want to express my appreciation to Stephen Schwarzman and the Blackstone Charitable Foundation, who are at the forefront of innovation and outreach. I’m thrilled to be working with them as we strive to encourage invention and creativity, while fostering entrepreneurship.”

Creative Director & Research Fellow Erin Reilly added, “When we began the Annenberg Innovation Lab, we took our initial money and invested it in our students by developing the CRUNCH Student Design Competition which has expanded its reach across campus each year. Now with the support from the Blackstone Foundation, we can transform this program into the Blackstone Launchpad @ USC. This grant expands the opportunities for USC students to 'learn by doing' both by providing a maker space for projects to become a reality, concretizing their ideas into actionable social and profitable ventures as well as fostering community throughout the LA region."

Blackstone LaunchPad is modeled after a similar program developed at the University of Miami in 2008, which has generated 1,703 business proposals, 559 new jobs and drawn over 3,600 participants since its establishment.

Funding for this program is made possible through The Blackstone Charitable Foundation’s $50 million, five-year Entrepreneurship Initiative, which targets support services regionally with the goal creating high-growth ventures known to contribute to economic growth.

Reach Staff Reporter Alex Gold here, or follow him on Twitter.