Octane Foundation for Innovation

What it reported doing in 2024

The octane foundation for innovation (ofi) was launched as a complement to octane's mission of creating 55,000+ high-paying jobs by 2030. The foundation is targeted to advance equity, diversity, and inclusiveness across all industry sectors alongside octane's ambitious mission of growing & strengthening the southern California innovation ecosystem by creating jobs, scaling startups, and developing businesses. Octane and ofi work with partners to enhance the economic vitality of the region, contribute to a sustainable ecosystem and augment the live/work experience in orange county.octane foundation for innovation's work is achieved through our initiatives, launchpad sbdc, women leaders of octane, non-profit accelerator, steam ahead, and healthsocal.ai. These initiatives cover the spectrum of opportunities for startup entrepreneurs, students, women, and underserved and underrepresented communities. Launchpad sbdc: accelerates entrepreneurs and start-ups through a comprehensive program that quickly identifies and connects great people, capital and technology. Launchpad provides critical, individualized and value-added support to early stage biomedical and information technology companies through mentoring, coaching, and education. The launchpad sbdc is hosted by octane foundation for innovation and is funded in part through a cooperative agreement with the u.s. Small business administration and California state university fullerton and extended to the public on a non-discriminatory basis. Launchpad sbdc is part of the orange county/inland empire regional sbdc network. Orange county technology action network (dba octane) contributes a 100% cash match, along with sbdc/sba, to any expenses incurred through this contract.non-profit accelerator: the non-profit accelerator provides non-profits with the tools they need to expand their impact in the community, specifically those non-profits that serve under-represented people in steam and healthcare. By adapting octane's award-winning launchpad sbdc evaluation process, non-profits receive a similar evaluation of their organization and expert advice. The graduates of the non-profit accelerator emerge more empowered and capable of improving the lives and communities of the people they serve.women leaders of octane: the purpose of women leaders of octane (wlo) is to grow the strength and impact of the oc innovation ecosystem by increasing the ranks of women entrepreneurs and business leaders, access to funding, and more influence on boards, fueled by octane networks and resources.steam ahead: the steam ahead program provides practical, real-world experiences that encourage students to learn and explore jobs, careers, and entrepreneurship opportunities. This experience delivers an interactive program that fosters career and workplace readiness and inspires an inter-generational culture of purposeful leadership. Participation includes access to octane medtech and tech events, subject matter experts, webinars, and invitations to partner events opening the door to orange county's innovation ecosystem.next wave leaders: the next wave initiative is designed to recruit and engage new generations of industry and community leadership in the continuous development and responsible growth of the orange county innovation ecosystem. In addition to contributing to the quality of the live/work experience, this initiative seeks to inspire the next generation of industry leadership to a purpose-driven, intentional leadership culture that will strengthen and distinguish orange county and position it to compete favorably for retaining and attracting talent.healthsocal.aihealthsocal.ai is an end-to-end ecosystem of world-class healthcare and ai experts that collaborate on solving complex healthcare challenges. From personalized health strategies to data-driven care coordination, we aim to transform the way we approach healthcare.

Financial Efficiency

• Mission deployment rate: 100%; rating input score 100
• Program expense ratio: 100%; rating input score 100
• Fundraising efficiency: Limited

Transparency & Controls

• Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
• Pay-setting controls: 0 of 6 controls in place; rating input score 0
  • Compensation committee: Missing
  • Independent consultant: Missing
  • Other Form 990s reviewed: Missing
  • Written employment contract: Missing
  • Compensation survey or study: Missing
  • Board or committee approval: Missing
• Foreign activity oversight: Limited
• Grant itemization coverage: Limited
• Major donor itemization: Yes; rating input score 100
• Related-party transparency: Limited

Accountability

• Independent voting board: 95.7%; rating input score 96; 26th percentile among comparable filings
• Governance controls: 6 of 9 controls in place; rating input score 67
  • Conflict-of-interest policy: Pass
  • Whistleblower policy: Pass
  • Document-retention policy: Pass
  • CEO compensation review process: Pass
  • Other executive compensation review process: Pass
  • Form 990 shared with the board: Fail
  • Board meeting minutes documented: Pass
  • Audit committee oversight: Missing
  • Independent financial-statement audit: Fail

Sustainability

• Operating margin: -6%; rating input score 22; 22nd percentile among comparable filings
• Total-asset coverage ratio: 1.08; rating input score 45; 45th percentile among comparable filings
• Liabilities to assets ratio: 1.44; rating input score 3; 3rd percentile among comparable filings
• Officer compensation ratio: 4.7%; rating input score 54; 54th percentile among comparable filings

Growth

• Program expense growth: 14.9% per year; rating input score 100; 75th percentile among comparable filings
• Revenue growth: 11.1% per year; rating input score 100; 70th percentile among comparable filings
• Asset growth: 13.5% per year; rating input score 100; 69th percentile among comparable filings