The Goleta Entrepreneurial Magnet (GEM) is a collaboration between the City of Goleta and the University of California, Santa Barbara. The early stages of GEM were solidified in early 2012 with the Goleta Valley Chamber of Commerce and its formation was announced at the Goleta State of the City event in May 2012. GEM opened its first facility (4,500 square feet of furnished office space and conference rooms) in July 2014 at 600 Pine Avenue in Old Town Goleta. GEM has pivoted its business model to focus more heavily on supporting businesses and no longer has a physical location.