The Port of San Diego has released a third edition of its Blue Economy Incubator Highlights Report. The report outlines the performance of each project based on key measurable performance indicators linked to environmental, social and financial benefits and delivered by the portfolio’s companies from pilot project to commercial success.
Established in 2016, the Blue Economy Program seeks new ocean-related solutions to address port environmental and coastal resiliency challenges. The program’s goal is to accelerate innovation that can help the Port of San Diego to bridge sustainability and coastal development. Through the incubator, the port can leverage the expertise of its staff as well as its land use authority to facilitate the implementation of pilot projects for early-stage companies with the goal of developing them into sustainable enterprises.
To date, the port has approved nine agreements to launch innovative pilot projects leading to a number of key environmental benefits, such as the removal of 110,000 pounds (49,895 kilograms) of marine debris, including 33,000 lbs. (14,968 kg) from San Diego Bay.
In exchange for the funding or in-kind support provided to launch the nine pilot projects, the port receives a royalty from the operations or technology of each new enterprise. The port has committed $1.6 million in funding so far and has attracted an additional $1.2 million in outside funding for blue economy initiatives. As part of the program, the port has also provided access and use of port-owned property, assisted with obtaining necessary regulatory and operational permits, coordinated the installation of pilot projects, and collaborated on marketing and communications.
To learn more about the portfolio and to see its positive impact in numbers, download the 3rd Highlights Report.