Daily Business Report — Aug. 8, 2014
The new program will provide SDSU’s music students with a strong foundation that will allow them to thrive as entrepreneurs.
Starving Artists No More
SDSU to Launch Unique
Music Entrepreneurship and Business Program
This fall, San Diego State University is launching a Music Entrepreneurship and Business Program that is believed to be the first of its kind in the country.
Open to students in all music disciplines, from classical voice to jazz and composition, the Music Entrepreneurship and Business Program is a professional bachelor of music degree with a specialization in entrepreneurship.
Developed as a partnership between SDSU’s College of Professional Studies and Fine Arts and the College of Business Administration, the program embeds 15 units of entrepreneurship classes ranging from the Fundamentals of Entrepreneurship to Creativity and Innovation, Social Entrepreneurship and Entrepreneurial Finance, in addition to business course electives.
“Most students come into the music program wanting to be a performer, but the reality is that it’s a highly competitive field that may not fully support their ambitions from a career standpoint,” said Donna Conaty, associate dean of SDSU’s College of Professional Studies and Fine Arts.
“This program will empower these music majors to be leaders and have the confidence — and practical skills — to be successful entrepreneurs, opening more doors to them as they pursue their love of music.”
Several universities across the country offer programs combining music entrepreneurship and business, but they are geared for musicians in more specialized areas such as commercial music. SDSU’s Music Entrepreneurship Program is the only one available to any artistically qualified student, said Conaty, allowing students to meld their passion and purpose with significant experiences that enable their future development into cultural entrepreneurs and leaders.
The entrepreneurship track will be an addition to the 72 units of music coursework required for a music degree and will be tailored to meet the individual needs of each student.
Poll Shows Broad Support for Minimum Wage Hike
A new poll commissioned by the Raise Up San Diego coalition and released Thursday found that 63 percent of registered San Diego voters support the minimum-wage increase approved the by City Council last month. The ordinance calls for the local minimum wage to increase to $9.75 on Jan. 1, $10.50 on Jan. 1, 2016, and $11.50 on Jan. 1, 2017. After that, it would be indexed to inflation.
Mayor Kevin Faulconer has promised to veto the ordinance, and has until Monday to do so, though the council could vote to override a veto. The poll was conducted July 31 to Aug. 4, by Greenburg Quinlan Rosner Research.
• 63 percent of likely San Diego voters support the council-approved ordinance.
• 59 percent reported that they would vote against repealing the ordinance.
• 41 percent say that they would be less likely to support Faulconer if he proceeds with a veto of the ordinance.
• The poll surveyed 500 registered voters and has a margin of error of 4.4 percentage points.
Home Sales Dip in July
Home sales fell in July while the median sale price of single-family homes in San Diego County continued to stabilize above $500,000, according to new housing statistics from the Greater San Diego Association of Realtors. Single-family resale homes sold in July decreased by about 13 percent compared to June, while sales of previously owned condominiums/townhomes fell about 2 percent.
The median price of single-family homes sold in July was $517,000, down slightly from June, but still 7 percent higher than July 2013. Condos and townhomes sold at a median price of $325,000, down by about 3 percent from June, and about the same as a year ago.
Meanwhile, the number of active listings in San Diego County is approaching 8,500 on the Multiple Listing Service (MLS). That is the highest it’s been in 2 1/2 years, yet it represents only about three months of inventory. Six months of housing stock is generally considered a healthy inventory level, a point the San Diego market hasn’t seen since 2011.
On average, homes continue to stay on the market less than 40 days and are selling 19 percent faster than a year ago and nearly 50 percent faster than 2012.
“Our real estate market has been seeking a sustainable equilibrium for some months now,” said Leslie Kilpatrick, SDAR president. “Our local economy remains in a fragile healing stage, yet properly priced homes continue to sell quickly and inventory levels are still relatively low. Long-term, the San Diego region will need to see quality job growth and more first-time homebuyers to fuel greater sales volume and further price gains.”
In July, the ZIP codes in San Diego County with the most single-family home sales were: 92028 (Fallbrook) with 49; 92071 (Santee) with 46; 92115 (College Grove) with 44; 92009 (Carlsbad) with 43; and 92128 (Rancho Bernardo), also with 43.
The most expensive listing sold last month in the county: a seven-bedroom, eight-bath, 8,700-square-foot home in La Jolla that sold for $8.25 million.
San Diego Council Takes Few Actions
Before Going on its August Recess
Before the San Diego City Council adjourned for its August recess, members sat down for what was shaping up to be a busy special meeting, but it seems like they went on vacation early.
The council took no action on a proposed settlement with an unidentified woman who sued over the actions of ex-police officer Anthony Arevalos. He was conviced in 2011 for sexually assaulting women while he was on duty.
The council also did not decide whether to appeal last week’s court ruling that the city’s plan to fund the San Diego Convention Center expansion was illegal. Members also postponed voting on an item that would urge Mayor Kevin Faulconer to finalize the proposed Climate Action Plan for the city.
Although the nine-member City Council was down two members — Mark Kersey and Marti Emerald were absent — the council did ratify labor agreements for the “San Diego Works” program. That’s the mayor’s plan to award public employees who bring forth money-saving ideas.
The council also passed a resolution to support hosting the 2017 America’s Cup in San Diego and gave final approval on a tax incentive for Illumina, a medical device company. In exchange for the rebate, the company agreed to stay in the city for the next decade.
The council is back in session on Monday, Sept. 8.
S.D. Employers Association Leadership Series
San Diego Employers Association’s Summer Strategic Leadership Series on Aug. 13 will feature San Diego District Attorney Bonnie Dumanis, Sheriff Bill Gore and Police Chief Shelley Zimmerman and will be moderated by Jerry Sanders, president and CEO of the San Diego Regional Chamber of Commerce. The speakers will share their personal anecdotes about climbing the leadership ladder, tackling workplace challenges, enacting their plans for departmental success, and working together on some of the nation’s most productive inter-agency collaborations.
The program will be held from 11:30 a.m. to 1:30 p.m. at the Crowne Plaza Mission Valley, 2270 Hotel Circle North, San Diego. SDEA Members are $49, nonmembers $59.
Jeffrey Lyons to host S.D. Film Festival
Film critic Jeffrey Lyons will return as host of the 13th annual San Diego Film Festival, joined by son Ben Lyons in a supporting role. Jeffrey Lyons will not only host the festival but will help program individual screening titles and honorees at the awards tribute. The festival will run from Sept. 24-28 in San Diego and La Jolla.
Jeffrey Lyons has reviewed more than 15,000 movies, 900 Broadway and off-Broadway plays, interviewed nearly 500 actors, written or co-authored six books, co-hosted three national movie review shows on PBS, MSNBC and the NBC stations, and received two honorary degrees.
This year, the 2014 San Diego Film Festival will feature award-winning independent films, filmmakers, actors, panels and parties. It will be held at the Reading Theater in Downtown San Diego’s Gaslamp Quarter and ArcLight Cinemas in La Jolla. It is produced by the nonprofit San Diego Film Foundation.
The San Diego Film Festival will begin announcing the film lineup on Monday, Sept. 1.
Torrey Pines Bank Hires Senior Loan Officer
Torrey Pines Bank has hired Ciro Villa as vice president, senior loan officer at the Downtown San Diego branch. Villa will help local business owners with their business banking needs including accessing equipment financing, commercial real estate, business loans and lines of credit as well as deposit and treasury management services.
Villa has more than 25 years of industry experience and has held senior level positions with many financial institutions located in the San Diego, Chula Vista and San Ysidro areas. He was the recipient of numerous industry awards including the Circle of Excellence Award in 2012.
Procopio Partner Elected to Association Board
Dennis Doucette, partner in the Procopio law firm, has been elected president of the board of directors of the Association for Corporate Growth San Diego. Doucette is the leader of Procopio’s corporate and securities practice group and has been on the ACG board for five years.
Doucette practices in mergers and acquisitions, corporate, securities and venture financing. His mergers and acquisitions experience includes representation of buyers and sellers in mergers, stock and asset purchases, management buyouts and related transactions.