Talino Venture Labs, a venture studio for inclusive fintech headquartered in Los Angeles, joins the Los Angeles County Economic Development Board (LAEDC), a non-profit, public-benefit organization that harnesses the power of the private sector to guide economic development and create more widely shared prosperity in the Los Angeles County region. Talino will be represented by its CEO, Winston Damarillo, in the Board of Governors that includes executives from powerhouses like Boeing, Microsoft, Paramount Pictures, United Airlines, Verizon, and Warner Bros Entertainment.
According to Damarillo, Talino’s membership in the LAEDC is part of the venture studio’s mission to bridge financial inclusion in one of the world’s largest economies.
“Los Angeles has a GDP of over $700 billion—larger than the GDPs of countries like Sweden, Belgium, or even Saudi Arabia—and yet there is still stark inequality and financial exclusion in LA County,” Damarillo points out. “On one hand, you have Hollywood studios, multinationals, and big tech companies who are dominating their industries; on the other hand, you have small business owners who can’t get a bank loan for their bakery or laundromat. Talino is on a mission to ensure that small players get access to a more level playing field through access to capital and financial resources.”
Leveling the playing field through inclusive fintech and equity crowdfunding
In Damarillo’s book, this can be done through innovations in financial services and fintech, such as social lending circles, as well as equity crowdfunding platforms.
These are the topics that Damarillo will cover when he speaks at the Select LA Investment Summit on October 20-21, 2021. This year’s summit will focus on sports and entertainment, as Los Angeles is hosting several major sports events leading up to the 2028 Olympic Games.
Talino’s CEO will speak during the afternoon plenary session entitled, Post-Game Analysis: The Legacy of Mega Events on October 21 at the JW Marriott Los Angeles L.A. LIVE. The session will discuss ideas on how the region can create contracting systems for small and medium enterprises (SMEs) that last long after sports events have ended. Damarillo will present equity crowdfunding and community development financial institution (CDFI) loans as ways to give small businesses access to capital that will enable them to compete for business opportunities arising from these mega sporting events.
Joining him in this session are Andrew Choi, Project Manager, City of Los Angeles’ Chief Procurement Officer; Mary Leslie, President, Los Angeles Business Council; and Jeri Oka, Senior Design Principal, JERDE. It will be moderated by Stephen Cheung, President and COO, World Trade Center Los Angeles and the Los Angeles Economic Development Corporation (LAEDC).
“When we talk about sports and mega events, we’re talking about millions of fans converging to cheer for their favorite sports teams. It’s a great metaphor for equity crowdfunding, when loyal fans and customers of small businesses converge to support their favorite local brands. These innovations in fintech level the playing field for smaller players to compete in the same arena as larger players,” Damarillo shares about their upcoming session.
Now in its 6th year, Select LA provides companies with a comprehensive understanding of the region’s investment ecosystem and actionable insights that can guide key business decisions. Through matchmaking technology and over four hours of networking, Select LA offers the perfect environment to create and foster new relationships with individuals who are responsible for turning a conversation into an investment opportunity.