In an attempt to boost entrepreneurship and venture capital investment in the region, Mayor Antonio Villaraigosa on Wednesday announced the creation of a new council.
The Los Angeles Mayor's Council on Innovation and Industry is backed by a broad range of businesses and will involve neighboring cities.
The council will focus on slowing the brain drain of local college graduates leaving Los Angeles for technology development centers in other parts of the country and focus attention on the area's innovation economy, officials said.
"Los Angeles is an incredibly creative, diverse city, offering a phenomenal life-style and anchored by academia and cutting edge research from leading universities in our backyard," Villaraigosa said in a statement.

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