Software-as-a-Service HR platform Cornerstone OnDemand, has become very influential of late in the LA tech scene. Making an announcement, at the Los Angeles tech summit which included speakers such as Upfront Venture’s Mark Suster and Cornerstone’s CEO and founder Adam Miller, Cornerstone OnDemand revealed a strategic initiative specifically created to invest in, mentor and collaborate with up-and-coming cloud startups. The Cornerstone’s vision is to foster the development of a comprehensive ecosystem of cutting-edge solutions for organizations seeking to differentiate and continuously evolve their talent management strategies.
In addition, the fund gives Cornerstone an opportunity to support the burgeoning Los Angeles tech community, as well as other technology communities throughout the world. Cornerstone hopes to make several strategic investments per year. All investments will have to be approved by Cornerstone’s board of directors and the decisions would be made alongside selected venture capital firms.
Lucky cloud startups will be offered the use of dedicated creative workspaces within its headquarters, which gives the startups the added benefit of being able to leverage and draw upon the expertise of the Cornerstone OnDemand team. Cornerstone also plans to use this space to rotate small, cross-functional teams of its own employees to create new applications or feature sets built on the Cornerstone platform. On a rotational basis, cross-functional teams will make novel applications using the Cornerstone platform. They will also create new initiatives, similar to the company’s Cornerstone for Salesforce application.
— Cornerstone OnDemand (@CornerstoneInc) November 15, 2013
Commenting on the announcement CEO Adam Miller said “The Cornerstone Innovation Fund is an important strategic initiative to help further our leadership position in the talent management software space.” “Our approach with the fund is to foster the development of great ideas and companies, even at the earliest of stages. The fund is also a way to keep our entrepreneurial spirit alive and well at Cornerstone, even as we continue to grow and expand our business globally.”
The announcement came as Cornerstone OnDemand has ramped up its local efforts to boost the technology industry, with its LA Tech Summit event, which was held on Thursday in Santa Monica. One particular trend of the LA tech summit, was the many advantages that Los Angeles offers for example its ability to attract and spawn media companies and the cheap software development market. Los Angeles recognizes that it suffers a brain drain, and is fighting back by offering more attractive summer internships and similar initiatives like Cornerstone OnDemand.
Image credit via Digital LA