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Beating the Market at Modbap Modular

Working out of his home, Corry Banks has built up Modbap Modular as a boutique synth designer as an award-winning business since 2020. (Photo by David Sprague)

Corry Banks was always a creator.

As an emcee in a hip-hop group, he created rhymes. As a beatmaker, he created the sounds to go with the rhymes. And now, as the founder of and visionary behind Modbap Modular, Banks is creating the various tools that serve as instruments for the world’s beatmakers.

“I’ve always made beats on MPCs (music production centers) and obviously collect them” – Banks says as he gestures to the plethora of rare and classic synthesizers and MPCs in his home studio – “and what I started getting into was sampling. That’s the name of the game in hip-hop. Because I have a tech background and that I’ve always done hip-hop, it just felt like, ‘Oh, that’s my two worlds coming together.’”

Banks’ business, which he runs out of his Santa Clarita home, has gotten attention. Modbap products are sold in more than 40 electronic instrument stores in North America, Europe and Asia. Late last year, Modbap was one of three winners in the Famous Amos Ingredients for Success Entrepreneurs Initiative, which came with a $50,000 grant.

Entering his sixth year with the business, Banks says he has new products in the pipeline for his aficionado customer base. Longer term, he says he would like to establish a formal headquarters to accommodate continued growth.

Finding his voice

After moving to Los Angeles in 2006, Banks familiarized himself with the music scene through his rap group.

As a songwriter and performer, he was used to the showmanship aspect of the business. He even tried his hand at making a beat once but stuck with the vocal side.

However, the seed was planted. He thought about the classic hip-hop production – a drumkit, plus the records you wanted to sample – that was behind the boom bap style, so-named for the drum pattern that punctuated the audio. But then he also thought about European dance and techno music, which used Euroracks – a collection of modular synthesizers – to create more melodic experiences. Think J Dilla – the legendary Detroit producer who once worked with South Los Angeles alternative darlings The Pharcyde and whose beats you might have heard as Adult Swim interludes. Or maybe of RZA’s soul samples for Wu-Tang Clan and Pete Rock’s jazz-infused beats. It’s what Banks did.

“Eurorack is very experimental. I want to make tools that not only help you experiment but be melodic. There was a point where a lot of this stuff was obviously not the kind of music that I make, but it’s music that I respect,” Banks explains. “I really wanted to make something that lives in the context of the type of music that’s boom bap and that sort of thing. As time goes on, I’ve gotten a lot of people who are beatmakers who are jumping into more modular stuff and want to incorporate this stuff into what they’re doing.”

This set Banks on the path to blending the two together, down even to the name of his company being a portmanteau of “modular” and “boom bap.”

One of Modbap Modular’s eurorack modules. (Photo by David Sprague)

In the customary approach of the time, he began to blog about his thoughts on the music and his reviews of certain pieces of equipment. On top of his flair for music, Banks also holds an academic background as a technologist.

“Because I’m kind of a techie and kind of gadget guy like that, I was always looking at, what are the latest things that are out there, and so I started blogging about the things, because I just didn’t hear my perspective and my voice, like from a hip-hop perspective,” he says. “I think now that it’s 2025 that’s changed drastically. We’re talking about 10 years ago now.”

In reviewing or beta testing products, the name of the game is that those companies will incorporate that feedback. Banks started seeing his influence manifest on those products.

“Some of those ideas live with those products, and it started making me think, ‘I could do this,’” he recalls.

Building a business

Banks has the acumen to design the modules – which, visually, are essentially metal blocks with dials, switches, buttons and line jacks. The sounds and effects can vary greatly between models, hence the development of the modular Eurorack system; creators can assemble a unit based on their preferred modules.

Once he’s designed them, Banks works with a manufacturer in San Clemente to produce them. He handles distribution himself.

Since coming online in 2020, Modbap products have gone from being available in a handful of stores to now more than 40 across three continents. Though declining to cite specific sales figures or revenue, Banks says last year his distribution footprint grew between 15 and 20%.

Modbap got another boost last year as well. The company was among three winners of the annual Ingredients for Success Entrepreneurs Initiative by Famous Amos.

The initiative, which is done in partnership with U.S. Black Chambers Inc., invites Black entrepreneurs to pitch their businesses to judges. More than 2,800 applied, and those like Banks were keyed onto the contest through newsletters from U.S. Black Chambers.

“Because I was getting ready for a new product and an event, I saw it and was like, I got a million things to do,” Banks admits. “I just kind of thought to myself, ‘I’ll apply for that,’ but I kind of blew it off, because I was really getting stuff together. I was in the midst of a development cycle, in the midst of getting stuff for my booth and making sure everything was right.”

Banks eventually buckled down and recorded the video pitch one Saturday morning, with just days to spare. He would eventually become one of the 10 finalists and then one of the three winners.

“That grant money, it’s going to help in a lot of ways,” he says. “I need to keep my inventory up. I need to be able to invest in development, to kind of finish products that have come out. I have goals to expand the product line.”

Eyes on the future

Banks’ home studio looks the part. On top of his various Modbap products, a plethora of classic and vintage MPCs and synthesizers decorate the space tastefully, including an Akai MPC3000 that was J Dilla’s beloved choice of instrument.

“I’m kind of a collector and gear hoarder,” Banks quips.

Corry Banks describes himself as a hoarder of classic synthesizers and MPCs. (Photo by David Sprague)

Nevertheless, the goal one day is to have a formal business location, and not one tucked into a Santa Clarita cul-de-sac.

“That’s a dream of mine, is to be able to have a Modbap office,” he says. “Right now, I’m doing the American dream, distributing out of a garage, heavily utilizing Zoom calls with developers, but it will be nice to have everything in a ‘proper place.’”

One advantage to having more space and more people, he says, is that it would allow him more leeway to jump into different platforms: desktop units, which are simpler condensed modules meant to be more accessible to those of casual interest, as well as other accessories like instrument pedals.

When the time comes for an office, Banks says he wants to stay in the Valley area.

“I don’t want a long commute,” he says, with a laugh. “I love the idea of being offset, away from the hustle and bustle a little bit. I envision a warehouse, and there’s a lot of business parks up here.”

As more artists add the brand to their repertoire – Modbap counts Ski Beatz, who has produced for key names like Jay-Z, Lil’ Kim and Mos Def, as perhaps its most well-known endorser – Banks says he is open to bringing in more minds and artists to work with him on products.

“I’ve had conversations with a couple of creatives. We’ve talked about doing collaborative projects and I’m totally open to that,” he says. “I think there’s something special about that. I feel like it’s almost like an experience. I’m a huge sneaker fanatic and I love the idea of ‘brand gets with designer, creates thing.’ For people who know the brand and the designer, the thing becomes something to experience.”

Local Credit Union Grows

California Credit Union's chief operating officer Robert O’Grady and chief marketing officer Jill Vasant in their office in Glendale. (Photo by David Sprague)

More than 90 years ago a group of Los Angeles area schoolteachers started a small credit union. But Glendale-based California Credit Union has since grown from its humble beginnings to serve more than just teachers, spreading into additional markets amid initiatives to evolve. Recently, a new target clientele for the credit union has emerged: Gen Z and millennials.

Operational changes for the financial institution began in 2017 when CCU merged with North Island Credit Union in San Diego, which opened CCU to a wider pool of clients, not just those involved in education. Then in 2023, the credit union officially expanded into a community charter to serve members across Los Angeles, Ventura, Orange, Riverside, San Diego and San Bernardino counties. This shift also diversified membership eligibility to anyone who lives, works, worships, attends school or owns a business in its service areas, plus all school employees across California.

CCU’s expanded pool of members both geographically and occupationally has proved advantageous for growth. Currently the second largest Valley-based credit union by assets, sitting at more than $5 billion as of June, CCU has increased its assets by about 32% from 2020.

Attracting the next generation of clients, though, has been crucial for CCU’s sustainability.

When it comes to signing on Gen Z and millennial clients, Robert O’Grady, the company’s chief operating officer, says the credit union “was really struggling five years ago.”

And it’s not just CCU that has grappled with this. Recent data shows that 79% of Gen Z and 69% of millennials identify larger banks as their primary financial institution with just 11% and 15%, respectively, saying the same for credit unions, according to an Apiture report backed by data from a 2024 Harris Poll.

“We really had to retool ourselves to be a choice for them,” O’Grady says.

This retooling approach is two-fold with significant pushes toward marketing and tailoring products and services to the younger generations’ needs and preferences, says Jill Vasant, chief marketing officer at CCU.

Over the last five years, these efforts have resulted in a 40% increase in Gen Z and millennial members for the CCU and a 116% increase in online applications from this group.

Specialized solutions and tech-based platform

In finding ways to appeal to younger audiences, the credit union places huge emphasis on its mobile app.

“We know that these generations are all digital natives,” Vasant says. “They’re accustomed to getting information instantly at their fingertips and seamlessly across applications. We’re constantly working to add enhancements to our mobile app.”

This includes features to check credit scores, tools to create budgets for certain goals – such as saving up for a wedding or vacation – financial literacy modules, videos and blog posts, and the ability to send and receive funds through Zelle. 

In line with this strategy, the Harris survey found that 80% of Gen Z and 81% of millennials hold digital banking paramount in their banking preferences and favor digital features, such as Zelle, budget tracking, ability to transfer funds between accounts and monitoring credit, at higher rates than Gen X and baby boomers.

O’Grady finds that with the younger generations, there’s a perception that the larger, household name banks offer better access to financial tools on the digital side of things. Thus, having CCU’s app accompanied by a 4.9/5 star rating in the Apple app store – on par with the ratings for Wells Fargo and Citi – is crucial.

While the majority of this demographic is choosing larger banks, Apiture asserts that “banks and credit unions that cater to the specific preferences of younger consumers can win a greater share of this strategically important group” in its report.

In addition to placing emphasis on its mobile app, CCU has been ramping up its use of data and AI, including forming its own in-house data team.

“That was a shift for the credit union to really focus energy and resources on building out this (data insights) team and making this a priority, because we know how much better and more strategic decisions can be when they’re data driven,” Vasant says.

For the younger generations, this means looking at what types of accounts they are opening, what their needs are and what life cycle they are in, mining that data and then creating offerings and services that are in alignment.

“It’s using our data, and then also using some predictive models (through AI) to suggest what that next product might be for them,” Vasant says.

For example, this could mean targeted advertising for first-time homebuyer programs, which seems to be working as 81% of the credit union’s first-time homebuyers last year were Gen Z or millennial, compared to 65% in 2019.

Additionally, the underwriting for opening accounts is being done by AI, O’Grady says. During this, AI can also generate savings for members by calculating how much they could save per month on certain payments by cross-referencing another institution’s APR with CCU’s.

“The AI is pulling from a bunch of different data sources too,” O’Grady says. “It could possibly know that you have a credit card somewhere else that possibly is at 19% and our credit card is at 7%.”

With these tools, O’Grady finds members are often quite enthusiastic about potential savings through refinancing and consolidating debt – options that many folks may not know they have.

Robert O’Grady and Jill Vasant. (Photo by David Sprague)

Marketing and social responsibility

Even with updates to digital services and product offerings, awareness continues to be a roadblock for credit unions.

“A sizable portion of consumers – including 30% of Gen Z and 21% of millennials – do not have credit union accounts because they simply aren’t aware that membership is an option for them,” according to Apiture’s report. “Credit unions must focus on building awareness with this segment.”

O’Grady finds this to be very true, adding that even when younger generations do know about credit unions, they don’t think they fit membership criteria. This is an especially important thing for CCU to dismantle because it was in fact a teachers’ credit union for many, many years.

The key to teaching the community about CCU is outreach.

“The marketing is really making sure that we’re reaching them on the channels that they like to be communicated on or with,” Vasant says, using Google, YouTube, Facebook and Instagram as examples. “We make sure that we’ve carved out a significant portion of our marketing budget – and that that increases every year – to reach them on social channels through paid advertising.”

Aside from online, the CCU promotes its platform through community partnerships.

“One of the great things that we do is going into communities, especially underserved or underbanked communities, and so that helps spread awareness for ourselves, but also really goes to who we are in terms of helping our community and all of those grassroots efforts that contribute to our membership and the organization,” Vasant says.

This can be in the form of promoting financial literacy through seminars/webinars on topics such as establishing credit and paying off debt. Local partnerships include the Los Angeles Unified School District, the L.A. County Office of Education and the Los Angeles Boys & Girls Club.

Last year in particular was substantial for the CCU in terms of community initiatives with the launch of the California Credit Union Foundation, which focuses on investing in organizations surrounding education, service members, community and youth. Of the $2.5 million the credit union has invested in community programs in the last five years, more than $700,000 was deployed in 2024.

Younger generations notice these efforts. In fact, the Harris survey found that “28% of Gen Z would consider switching away from a large bank to a community bank or credit union due to ethical or moral alignment with the smaller institution’s practices.”

In analyzing marketing impacts, Vasant finds that social media posts showcasing CCU’s community involvement and philanthropy get “a lot of engagement, especially from the younger generation.”

“Those efforts speak to them,” Vasant says. “They want to see who we are, aside from just a credit union that offers a checking account or their first car loan, but really who we are beyond those walls. We’re able to really paint that picture for them and our social responsibility online.”

Aero Technologies Is Cleared For Takeoff

Ben Klein, chief executive of Aero, in the cockpit of one of the luxury airline’s planes. The company is based out of Van Nuys Airport. (Photo by David Sprague)

Van Nuys-based scheduled and chartered private jet service operator Aero Technologies Inc. is making a big bet on a small niche market: high-end travelers who are willing to pay more to fly to avoid the hassles of commercial airports for their vacation destinations but don’t want to pony up the really big bucks to charter their own plane.

Aero Technologies, which does business as just Aero, was founded in 2019 by Uber Technologies co-founder Garrett Camp initially as an “Uber for jets,” a platform matching up customers with private jets. But during and after the pandemic, it has morphed into a two-tier operation: one a semi-private jet service offering premium seats on private aircraft making scheduled flights and the other a more traditional charter jet service.

“The aim was to fill the gap between first class on commercial jets and private charter service,” says Aero Chief Executive Ben Klein. “We offer all the conveniences of private charter service at the price of a first-class ticket.”

It can cost $20,000 to $30,000 to charter a private plane for regional flights, while a first-class ticket aboard a commercial airline typically runs anywhere between $1,000 and $3,000. Also, Aero steers clear of major commercial airports, Klein says, so that customers can avoid spending lots of time dealing with hassles those airports entail.

Getting its start

In 2021, Aero established its flagship terminal at Van Nuys Airport and launched nonstop scheduled flights year-round to Aspen, Colorado, and Los Cabos, Mexico, with seasonal flights to Sun Valley in Idaho.

In the second half of last year, Aero added services to Napa, Las Vegas and Thermal Airport in the eastern Coachella Valley.

In January, Aero launched services three times per week between Van Nuys Airport and Salt Lake City, just ahead of this year’s Sundance Film Festival in Park City, Utah, 30 miles to the east.

This month, Aero is starting flights between Teterboro Airport (a general aviation airport in New Jersey, 12 miles from Manhattan) and Aspen, Colorado.

Klein says scheduled flights to more destinations are under consideration for launching in the next couple of years. He notes that customer demand has been most intense for service between Los Angeles and New York, even as that route is now heavily served by commercial airlines.

As of now, he says, Aero derives about 55% of its revenue from selling seats aboard these scheduled private jet flights. (He declined to give a revenue figure.) The remaining 45% of revenue comes from traditional charter service, often for the same customers.

All the flights use ER-J135 jets manufactured by Brazilian company Embraer, the third largest civilian aircraft maker behind Boeing and Airbus. This aircraft typically seats about 30, but Aero has reconfigured the interiors to seat 16 passengers, meaning there’s considerably more legroom and space for more luxury amenities.

“We offer more space and privacy,” Klein says.

He also notes that this seating configuration is particularly advantageous for touring music bands and their equipment – at a much cheaper price than a band would spend on a charter flight.

The lounge area of the Aero airline at Van Nuys Airport. (Photo by David Sprague)

One of trio of major players

Aero is not the only company offering scheduled private jet service-by-the-seat.

According to Doug Gollan, president and editor of Private Jet Card Comparisons, which offers a buyers’ guide to program offering cards, memberships and fractional ownership of aircraft, there are two other significant players in the market: Dallas-based JetSuiteX Inc., or JSX as it’s better known, and XO, a subsidiary of United Arab Emirates-based Vista Global Holding. Both are significantly larger operations, with JSX having at least 47 aircraft serving 22 destinations across North America.

Gollan says this is a particularly difficult market to make money in.

“Anything that’s a good experience for consumers in aviation and is affordable is usually very hard to make it work economically, and this market is no exception,” he says.

Also, Gollan says, the biggest drawback is the lack of frequency on these scheduled flights.

“Commercial airports offer several flights per day to many of these destinations, so if you miss one or want to time your arrival, it’s relatively easy to do so,” he says. “And as for charter flights: you go when you want to. Aero flights are at most once per day to a specific destination, which offers very little scheduling flexibility.”

Gollan says that companies like Aero need to have robust higher-margin charter flight operations to balance out the limitations of scheduled flight service.

Kein says that for its charter flights, Aero uses the same Embraer planes, which can be easily adapted to provide high-end charter service.

On the ground, Klein says that a major focus has been on building partnerships with high-end hotels such as the Waldorf Astoria and Four Seasons chains in the luxury destinations Aero serves. One example is a recently announced partnership with the Four Seasons Resort and Residences in Los Cabos.

“With these partnerships, our guests can get preferred pricing, both at the hotels and aboard our airline,” he says.

Ascent Ascends

Robert Wasmund, center, is chief executive of Ascent Developer Solutions. Here he is flanked by team members at the company's Encino headquarters. (Photo by Thomas Wasper)

This article has been revised and corrected from its original version.

Not even one year into its formation, private lending and institutional debt platform Ascent Developer Solutions is rapidly growing.

The Encino-based company launched in July, with equity help thanks to Florida-based Elliott Investment Management, one of the world’s largest multi-strategy funds, and offers customized financing solutions to single-family, homebuilder and multifamily developers, ranging from short-term, secured loans for the purchase, renovation and construction of projects to more complicated, post-completion bridge financing as well.

“We’re supporting everything you see around from the tear-down, build-new construction on single-family and multifamily,” Robert Wasmund, founder and chief executive of AscentDS, says. “Those are the business lines that are extensive around the country that I provide debt to.”

Although the company is focused exclusively on the housing sector, as opposed to lending on other types of commercial assets such as office and industrial, Wasmund says its diversification comes from its geographical range. AscentDS mainly focuses on California but does deals all over – with a particular emphasis on the southern Sun Belt states.

“I think multifamily is set in solid for the long run, simply because of the fundamentals,” John Boyett, a senior vice president at CBRE Group Inc. specializing in multifamily investment sales, says. “Everyone needs a place to live.”

In the first five months since its founding, the company originated over $300 million worth of transactions and plans to more than quadruple that amount to $1.2 billion by the end of this year.

Residential landscape

Although AscentDS narrows in on one lending vertical – housing – Wasmund is interested in the whole gamut of residential living, from single-family to multifamily properties – each of which vary in loan conditions and risk metrics, according to experts.

“The best thing about single-family residences (is that) you’re not constrained by interest rates or a high-interest rate environment – you’re constrained by loan-to-value ratios and how seasoned the builder (or) developer is,” says Max Mellman, founder and managing partner of Beverly Hills-based Max Benjamin Partners Inc., which also specializes single-family and multifamily construction financing. “With respect to multifamily construction financing, in general, it’s just tougher to get deals done. Lending institutions are forecasting rates to remain higher for longer and they’re a lot more conservative than the conventional debt funds. There’s also just so much more red tape to traditional banks.”

Properties with one to four units fall under residential lending criteria while properties with five-plus units are considered commercial. Boyett says the difference is that lenders directly underwrite commercial assets and use them as collateral whereas, with residential properties, lenders will underwrite the borrower instead.

Within multifamily lending, Wasmund says AscentDS is specifically interested in the affordable housing landscape, namely accessory dwelling units and projects utilizing increased density incentives, as well as repositioned assets.

“Just given tax abatement purposes, in higher density and affordable deals, depending on if you can get vouchers or work with a certain housing authority, it’s a meaningful difference than market rate multifamily,” Mellman says. “There’s a whole slew of positives and I’d almost argue that the majority of deals that make sense, specifically in Los Angeles, are affordable.”

“The ADU opportunity is very unique to Los Angeles,” adds Shlomi Ronen, founder and managing principal at Dekel Capital Inc., a Century City-based real estate merchant bank. “It becomes highly accretive to the overall value of the whole property … Because it’s accretive, your loan to value ends up going down as a lender so it’s attractive from that standpoint and attractive in the sense that just a lot of lenders haven’t really focused on that niche and so it creates an opportunity for them to lend.”

Third-time founder

Despite AscentDS being a brand-new entity, it’s not the first of its kind for Wasmund, who has a history of growing companies from the ground-up.

Prior to launching AscentDS, Wasmund was the founder and chief executive of Sherman Oaks-based Genesis Capital LLC, a mortgage lender company he led for over 10 years and, before that, was cofounder of Anchor Loans, another private lender, based in Thousand Oaks.

It was his experience at Anchor Loans, during which he navigated the effects of the Great Financial Crisis, where he learned the importance of data analytics and the need for institutional equity. Wasmund claims he recognized there was an opportunity to nationalize and professionalize the private lending landscape, which ultimately set the foundation for him to split off and start Genesis and, eventually, AscentDS.

“We were the first private lender to gain private equity entrance into the private lending (sector),” Wasmund recalls on the formation of Genesis. “Oaktree Capital did my deal (in 2014). They gave me a $250 million check to build a national company in private lending.”

And after four years being backed by downtown-based Oaktree Capital Management LP, Goldman Sachs scooped Genesis up for an undisclosed sum in 2017 and then sold it again to private mortgage REIT New Residential Investment Corp., now known as New York-based Rithm Capital Corp., in 2021.

“I thought there was an opportunity to reset (and) restart,” Wasmund says on the decision to branch off. “With 25 years of lessons learned, there was an opportunity to create Ascent DS with a new start.”

While Wasmund is building a company from scratch, he says his experience going through two successful sale processes sets AscentDS apart and has also given him an easier footing when it comes to industry connections, as well as getting deals done.

“If he’s got a good brand in the market and they’ve got a pipeline, I think the easiest path would’ve been to add to the existing firm,” Ronen says. “Starting a new firm is not the easy path.”

Ascent Developer Solutions is located in the 15821 Ventura Blvd. office building in Encino. (Photo by Thomas Wasper)

Steady growth

But Wasmund, who has already gotten off to a quick start and has high expectations for the year ahead, is hoping the third time is the charm.

Beyond growth in originations, the company is increasing its headcount too. AscentDS currently has 55 full-time employees – about 40 of whom Wasmund has previously worked with – and that number is expected to jump to 100 by the end of this year.

The firm recently welcomed as chief credit officer Kerri Brouilette, who has more than two decades of real estate and private funding experience. Mike Corominas also recently joined the team as head of valuations.

And while Wasmund says AscentDS is investing in loans every day, its transaction volume has been slow due to overall market stagnation. So, as he finds down time in between deal closings, Wasmund says he’s most focused on investing in company infrastructure, technology and talent so that, when the deals do pick up, he’s ready to roll.

“I think part of that plan is continuing to make sure we grow the culture, both internally and externally at the same time,” Wasmund says. “Focus points of being relentless and thoughtful around how we continue to grow the culture which is why frankly I’ve had followership over the last 10-15 years in my different companies and why those folks all decided to believe in not just me, but in our balance sheet which is backed by Elliott, because we think we can build something special over the next five years as the long-term goal.”

Positive outlook

Although many think 2025 will still be a year of distress – particularly due to the new political office and rate curve environment – most experts are optimistic in the long haul, anticipating deals to ramp up within the next year or two, which will create a very attractive lending market.

“It’s like the Golden Age of the debt fund,” Mellman says. “Even in this high-interest rate environment, there’s an appetite for debt.”

And although Wasmund plans to stay in the residential sphere, experts agree there’s plenty of deals to come forth within that realm alone.

“The unique thing about multifamily, and the reason why it’s attractive to us and a number of other investors, (is that) even through the worst recessions, there’s always been capital available for the asset class, which ultimately translates into price stability, much more so than commercial assets,” Ronen says. “And then as well, we’re undersupplied, not only in Los Angeles, but nationally in general, in housing. There’s been ongoing demand for it, which ultimately results in higher rents so long as supply doesn’t get in control.”

“For me, the journey is everything,” Wasmund says. “At the end of the day, building a team, building the culture, creating connectivity internally and then externally, creating connectivity with our borrowers and sponsors, I think for me that’s what’s most gratifying of building these businesses – creating something that’s different from the competitors, creating something that’s repeatable, that has value … I’m really having fun, and I hope and think that translates through not just myself, but my executive team and to the staff and to, frankly, all of our borrowers as well.”

5 Things With Paula Bahamon

Paula Bahamon is senior vice president of Mission Valley Bank. (Photo by David Sprague)

Paula Bahamon is a senior vice president and community development manager at Mission Valley Bank in Sun Valley. In her role she helps assists small- to mid-sized companies grow their businesses.

  1. She was born and raised in Colombia. Bahamon, who is one of eight children, came to the United States 26 years ago to get her master’s degree. She jokes that having so many siblings taught her how to share.
  2. Bahamon loves to travel. “My favorite destinations are the national parks,” she says, adding that Yellowstone, which she visited in 2023, “has my heart.” She adds that she would love to go back but Niagara Falls is next on her travel bucket list.
  3. She also enjoys going to museums and “discovering local gastronomy of the places that I visit. It’s a great way to learn about the people and the culture.” Her favorite foods are Mediterranean and Mexican. Locally, she says she loves visiting the Getty museum and the Petersen Automotive Museum.
  4. Bahamon is interested in aviation and aerospace. She says she always like learning about new aspects of the industry and enjoys attending air shows and looking at airplanes.
  5. She says her biggest accomplishment is a partnership with the Enrich Financial Literacy Program which launched last year. “This is my way to help my community,” she says. “I love elevating the community and connecting with the community.” Through the program, Mission Valley Bank customers can access interactive workshops, seminars and more.

My Biggest Mistake: Ken Craft

Ken Craft is founder and chief executive of Hope the Mission. (Photo by David Sprague)

Ken Craft is the chief executive of Hope the Mission, a North Hills-based nonprofit provider of housing and homeless services. Today, the organization has 750 employees and 40 locations across the Los Angeles region, 24 of which are interim housing sites. Here, Craft discusses the importance of being open to working with others and not blindly accepting assumptions.

When I founded Hope the Mission 15 years ago, we started with nothing. Our humble beginnings were in a run-down Lutheran church in Sun Valley, where we served meals to the homeless. It was a labor of love, born from a deep desire to make a difference, but we faced significant challenges from the start.

Our first major breakthrough came when we had the opportunity to take over the payments for a 10-bedroom house in Pacoima. This property, formerly owned by the Catholic Church, had once housed nuns. After a successful renovation, we opened our doors to 10 homeless families. It was a proud moment, but also a daunting one. Providing for those families stretched our limited resources, and no matter how hard we worked to raise funds, we were losing ground.

Financial ruin loomed, and I wasn’t sure how we could sustain our mission. One day, someone suggested partnering with the Los Angeles Homeless Services Authority (LAHSA), a government agency. At the time, my instincts resisted the idea. My background – and many voices in my ear – had ingrained in me a distrust of government partnerships. I was warned that the government would impose restrictive conditions and compromise the authenticity of our work.

‘Forcing clarity’

But desperation has a way of forcing clarity. Facing the reality of our financial struggles, I decided to meet with a representative from LAHSA. I needed to hear directly what a partnership would entail.

When I asked about the restrictions tied to government funding, the representative calmly explained:

• We could not mandate that someone participate in a program or service, like religious activities, to receive food or shelter.

• We could not discriminate against anyone for any reason.

• Any religious services we offered had to be opt-in, ensuring freedom of choice for our clients.

I remember sitting there, stunned. “Is that it?” I asked incredulously. Everything I had been told about government restrictions was either exaggerated or completely untrue.

That moment was a turning point for me – not just for Hope the Mission, but for my personal growth as a leader. I realized the danger of blindly accepting others’ opinions and assumptions. It taught me an invaluable lesson: Do your own research. Trust, but verify.

Increasing in size

By overcoming my skepticism and embracing collaboration, Hope the Mission forged a partnership that changed the course of our organization. Today, because of our work with LAHSA and other government agencies, we are the largest rescue mission in the country, operating 24 shelters with 2,700 beds and 11 new projects in development.

The experience taught me that isolation is not the solution to society’s greatest challenges. Real progress requires collaboration, compromise and the courage to question preconceived notions.

My worst mistake wasn’t just about a missed opportunity – it was about the fear and distrust that held me back from stepping into something greater. I am grateful every day that I chose to step beyond that fear. Together, we have built something extraordinary, proving that when we work collectively, we can achieve the impossible.

Yo Egg Grows Distribution Points

Food: Yo Egg makes plant-based egg replacements.

Have we cracked the code on plant-based eggs?

Yo Egg thinks it has. In less than a year, as egg prices skyrocketed and avian flu-related shortages ensued, the North Hollywood-based food tech company has managed to get its plant-based egg replacements into 600 distribution points like grocery stores and foodservice locations, up from just 10.

The plant-based egg industry is rather nascent. There’s Eat Just Inc., which packages a mung bean protein batter that can be scrambled for a plausible egg experience. There’s also Neggst, which also makes plant-based egg substitutes like hardboiled eggs or poached eggs. But funding for the sector is rather thin, and Pitchbook says Yo Egg is the fifth largest startup in its category in terms of most capital raised with $5 million.

Yo Egg makes several products, such as a poached egg substitute the company often features atop eggs benedict, and a sunny-side up egg with a yolk that runs when squished in a burger. Its egg products are made with chickpea and soy proteins, algae extract, beta-carotene (a naturally occurring pigment) and paprika extract. The “whites” are whipped up from a runny batter and baked, along with the “yolk”, on a conveyor oven.

“We don’t only solve for plant-based; we also solve for convenience,” Eran Groner, the chief executive of Yo Egg, said. “How would the everyday consumer go about preparing an indulgent breakfast dish such as eggs benedict? Most people can’t.”

Leader: Yo Egg’s Eran Groner.

The state of plant-based meat

Yo Egg is a relatively new entrant in the same space El Segundo-based Beyond Meat Inc. and Impossible Foods dominated 10 years ago: making a convincing replica of animal products – sans the animal, of course.

It was out of the success of Impossible and Beyond Meat that the idea for Yo Egg was hatched.

Groner spent his life developing factory farms throughout Southeast Asia, eastern Europe and Africa where he saw firsthand how animal proteins were manufactured. He later joined a team of biochemists and engineers at what is now called Believer Meats, developing a business model and supply chain strategy for bringing plant-based proteins to the market. In 2021, he cofounded Yo Egg.

Plant products not in favor

In recent years, the plant-based meat category has lost favor with consumers – though they were able to visually replicate juicy burgers that “bled,” plant-based meat is generally more expensive and less nutritious than their animal counterparts.

“I think we see a lot of consumers moving towards cleaner products, so shorter ingredient lists, recognizable ingredients,” said Johnny Ream, a partner at Stray Dog Capital and investor in Yo Egg. “There’s been a lot of consolidation in the space. There were a lot of brands that came to market over the past three or four or five years and – I would actually attribute it more to performance of the consumer – they just didn’t meet a high enough bar. So a lot of those brands went away.”

Growing distaste from consumers shows in the funding. In the year following Impossible’s 2016 debut, plant-based proteins raised a whopping $157 billion, an anomaly the sector hasn’t come close to any year since then. The sector raised $36.6 billion in 2024.

“People who see plant-based meat as tasty are more likely to purchase and eat it, but health, sustainability and a desire to eat less conventional meat also play a role,” The Good Foods Institute said in a consumer insights study. “Many consumers are looking for tastier and cheaper plant-based meat.”

The price factor

Yo Egg certainly isn’t cheaper than a carton of shelled, raw eggs, though prices are expected to soar 41% in 2025, per a U.S. Department of Agriculture report. The company sells each unit at $5.99, which doesn’t include any markup a grocery store may add. But the company said it is priced similarly to other egg products on the shelves, and, with scale, will be able to achieve price parity with hen-laid eggs.

“It’s important to acknowledge that the egg industry had more than a century to perfect supply chain and manufacturing processes and science. Hormones and antibiotics all gear towards how to minimize the cost of manufacturing and increase efficiency,” Groner said. “We only started three and something years ago, right? So give us some credit.”

CSS Uses AI For Collection

Leader: Carl Briganti is president and chief executive of CSS Impact. (Photo by David Sprague)

CSS Impact has spent the last two decades evolving and expanding its operations based on emerging technology with a drive toward efficiency.

The latest move in this push is the launch of its AI-powered debt collectors: Ava and Ivan.

The Woodland Hills-based company covers a lot of ground in the financial services industry as an all-in-one “ecosystem that carries every periphery of technology for engagement and the management of that engagement” spanning originations, loan servicing, accounts receivables management, collections, legal, compliance and portfolio management across industries, Carl Briganti, president and chief executive at CSS, said.

Briganti sees particular traction with Ava and Ivan in the collection and customer service contact center spaces because they are available 24/7, allowing consumers to handle these tasks on their own time frame, and they can communicate in over 40 languages. Additionally, Briganti suggested people may feel less pressure speaking to an AI agent versus a real person, allowing them to ask more questions or ask questions in various forms to dismantle any uncertainties.

The Ava and Ivan duo cover separate areas with Ava’s primary focus being inbound client services. Ava can answer questions, produce documents, send call transcripts and more for collection agencies and their clients, such as hospitals and banks, inquiring about particular accounts.

Meanwhile, Ivan works with debtors both inbound and outbound to resolve debt, provide billing information and negotiate payments.

Sandeep Krishnamurthy, dean of Cal Poly Pomona’s College of Business Administration and Singelyn Graduate School of Business, said the addition of Ava and Ivan represents a larger shift in the world of AI from “productivity to process.”

Before Ava and Ivan, CSS Impact’s AI function in debt collection acted like a co-pilot to human agents, making recommendations and generating information for human collectors, as well as providing sentiment analysis to suggest the most effective ways to communicate with someone based on their apparent mood. To Krishnamurthy, this is productivity, while Ava and Ivan represent process.

“Getting (AI’s) assistance to improve the productivity of human agents was the first emphasis where we saw the business opportunities of generative AI,” Krishnamurthy said. “Now what we are seeing is … AI acting as an agent to get the personalized information of the customer and then take over some parts of the process where the AI will interface with the customer.”

Best practices for effectiveness

Ava and Ivan have been programmed to evaluate someone’s mood and emotional state which informs their responses accordingly during service calls.

“The AI agent is very human-like … and extremely empathetic, but it never breaks role – that’s the wonderful part about it,” Briganti said. “It’s agile enough to concede to an answer that maybe is not part of that conversation or the intent of that service, but it can shepherd the patient or the consumer or the debtor straight into either answering any questions, negotiating some form of payment or assisting them on a resolution.”

Ava, one of the artificial intelligence programs CSS Impact created to help with debt collection services.

When determining best practices for these agents, Krishnamurthy said it boils down to accuracy, timeliness and demeanor.

Those first two points are largely safeguarded by the AI agents’ embedded regulatory compliance and their immediate access to the specific account data and information for whichever account they are working on in that given moment. It’s worth noting that this is the only information they have on hand, as they do not have access to internet searching or other accounts they have worked on previously, Briganti explained.

“Even if a consumer, a debtor, a patient comes in and says, ‘Give me the capital of Colombia,’ it’ll say, ‘…I’m an AI agent just to assist you for these purposes,’” Briganti said.

Additionally, CSS Impact has more than 20 security certifications including from the U.S. government’s Federal Risk and Authorization Management Program.

Moving to demeanor, Krishnamurthy pointed out AI’s “subservient” nature and its ability to be trained to respond with empathy – though specificity is key, especially when dealing with debt collection where the goal is payment. For example, programming the agent to be respectful, friendly and warm but also firm could strike the right balance, he said.

AI’s unwavering obedience to its own programming can also eliminate human error in terms of precision but also emotional variance.

In fact, Krishnamurthy points to research detailing that humans often prefer interacting with technology over humans in general for reasons of accuracy, efficiency and the feeling of a judgment free interaction.

In addition to possible benefits on the debtor side, the AI agents could potentially improve collection employees’ day-to-day experience.

“People hate debt collectors because they call at the wrong time and they bring up uncomfortable truths,” Krishnamurthy said. “People find them annoying and irritating and so I think it is good for the sanity of the employees to have AI step in a little bit and at least help with the long-term morale of the employees.”

Even still, Krishnamurthy emphasized keeping the “human in the loop” throughout these processes, opting for human and AI collaboration.

“The idea is that it is not just the escalation of the technical capabilities of AI,” Krishnamurthy said. “It is how we as human beings will work with AI to achieve our goals.”

To that end, Ava and Ivan can automatically move certain situations up the chain of command if they are beyond their range of capabilities. One example Briganti gave was if a caller explained they could not make a payment due to impacts of the recent wildfires.

“(The AI agent could then say), ‘It looks like you’re in an area where you need assistance. We’re going to forward this account to our assistance team, and we’re going to make sure that our next communication is simply to assist you in your situation,’” Briganti said. From there, the agent can transfer the call’s recording, transcript and sentiment analysis through a processed workflow to that assistance team.

Lenses, results and client growth

While more time will be needed to tell the effectiveness of Ava and Ivan, CSS Impact’s previous AI initiatives have proven favorable in both attracting clients and producing results for those clients.

Zooming out from its debt collection-specific services, CSS Impact has implemented AI overlays across its entire platform of financial services for three main functions: compliance, psychology of consumer engagement, and revenue and control cost management.

“We focus on every possible iteration of a cost that is tangible and trackable within an organization,” Briganti said with regard to revenue and control cost management.

This means having AI modules calculate employees’ hourly rates, how much time they spend on various tasks for particular accounts and how much revenue those efforts generate for the company, even taking into consideration how much office space square footage someone is occupying and its cost on the company.

“We balance (the ultimate revenues) against the cost, giving the enterprise the ability to identify their true net gains or their net revenue, and this is all done in real time,” Briganti said. “(From there), management and financial officers can actually have real-time conversations so they can control costs.”

Ivan is another AI program created by CSS Impact.

Through internal case studies of its clients, CSS Impact has found companies who use its platform see a $10 million revenue increase in the first year with sustained annual growth of $125 million to $130 million.

About five years ago, when CSS Impact pivoted from a set of platforms to its an all-in-one ecosystem, Briganti said the company saw large-scale growth with a surge in big name customers, particularly in the government sector. San Francisco, Santa Clara County, the state of Utah, Pittsburgh, Cincinnati and Miami-Dade County are a few examples. San Francisco in particular increased its revenue by $100 million in its first year working with CSS.

“A bunch of municipalities have onboarded with us because we offer the ecosystem,” Briganti said. “Most other technologies are disparate platforms, which are great, but they become brittle when having to integrate with separate payment portals, separate AI solutions, separate digital and voice engagement offerings.”

Thus, an all-in-one platform is easier for companies to manage and faster to deploy, he added, noting that it also mitigates potential conflicts with numerous external vendors.

Krishnamurthy echoed the ability of this model to cut costs for companies.

“A lot of companies are not able to leverage all the information that they have because it is in a format that is not accessible or it might be in multiple systems and databases,” Krishnamurthy said. “Now suddenly you have systems that are allowing you to go through all of this and understand what you’re facing much better.”

eBay Buys Valley-based Auto Firm

Founders: Caramel's Edward Brojerdi, Gloria Ma, Andrew Rohrlich and Craig Nehamen.

San Jose-based eBay Inc. has acquired Caramel, an auto transaction solution provider headquartered in Encino, to take advantage of the company’s “innovative technology and seamless transaction tools,” Chris Prill, general manager of eBay Motors, said. Terms of the deal were not disclosed.

“This acquisition strengthens our ability to innovate in the U.S. vehicles category, offering enthusiasts not just an unmatched selection of maintenance and performance parts, but also a safe, streamlined way to purchase vehicles with confidence,” Prill said.

Caramel was founded in 2021 with the goal of streamlining vehicle purchasing and selling while providing identity and title verification, financing, warranty, insurance and transportation services for online car transactions. According to its site, transactions can be completed in minutes.

Providing services as a selling point

Caramel’s ability to securely provide these services, on par with online dealerships, “while maintaining the competitive pricing of private-party sales,” was a big selling point for eBay, Prill said.

Craig Nehamen and Edward Brojerdi, co-chief executives and co-founders of Caramel, said they admire the trust eBay has built with users over the years, as well as its wide reach.

“We founded Caramel to simplify online vehicle transactions while reducing fraud and risk,” Nehamen said. “By combining forces, we can leverage our expertise to expand access to safe, reliable and hassle-free vehicle purchases.”

Prill said Caramel’s ability to provide an easy transaction experience for a wide range of sellers – “whether someone is selling one car or a thousand” – was also attractive to eBay.

As of now, there are no planned changes to Caramel’s team as a result of the acquisition.

“Both of our brands are committed to pushing the boundaries of automotive e-commerce, and together, we can deliver even more seamless, intuitive and accessible car-buying experiences for enthusiasts and everyday drivers alike,” Brojerdi said.

Leaders to Know: Trusted Advisors 2025 – Matthew Burke

MATTHEW BURKE
Managing Partner
Singer Burke Zimmer & Kogan, LLP

Matthew Burke’s career exemplifies visionary leadership and a profound commitment to his clients and firm. As managing partner of Singer Burke Zimmer & Kogan, LLP, he has shaped the organization into a leader in holistic financial management.

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