A new seed-stage funding “incubator” has formed to help entrepreneurs build more successful companies in Southern California — Launchpad LA. At first glance this firm seems to be modeled in a similar fashion to Y Combinator, Seedcamp and the many other incubators that exist around the world. Incubators provide seed money, advice, and connections through a structured program (usually 2-3 months).

An incubator like Launchpad LA is important for tech startups in the Southland. There hasn’t been as much access to capital in LA as in Silicon Valley, which means that SoCal startups often need to be boot strapped with a strong focus on generating revenue early on. An incubator can change this by enabling entrepreneurs to build disruptive companies that don’t necessarily have have immediate revenue potential. In the long run, this will bring more industry diversity and talent to Southern California.

Launchpad LA is founded by Marc Suster, a former entrepreneur with two successful exits under his belt and a resume that spans two continents. Also joining Suster are Michael Schneider from MobileRoadie, Ryan Born from AudioMicro, and Abdul Khan from iBeatYou.

According to Launchpad LA’s website they intend to:

“…help young talented startup entrepreneurs get funded and grow while remaining in Southern California. The idea came from Mark’s frustration of seeing too many companies receive funding by Northern California VCs and then relocate their teams. Mark was further inspired by the aims and initiatives of John Morris, the former head of the Tech Coast Angels. The Launchpad LA initiative is a true collaboration amongst Los Angeles’ best VCs who have a shared interest in seeing a robust tech community continue to thrive in Los Angeles. Launchpad LA runs a series of educational meetings and discussions designed to share experiences between serial entrepreneurs and newer CEOs.”

The initial roster of CEOs is impressive:
* Alec Andronikov of Movoxx
* Rob Angarita of Cramster
* Clark Benson of Ranker
* Ryan Born of AudioMicro
* Michael Broukhim of Totspot
* James Citron of MoGreet
* Michael Fisher of ElephantDrive
* Abdul Khani of BeatYou
* Ari Mir of GumGum
* Michael Schneider of MobileRoadie
* Ian Swanson of Sometrics
* Kerry Trainor of FlipGloss
* Jade Van Doren of TechForward

Here’s a panel that Mark Suster participated in at Twiistup 6 in July. Its a discussion about the LA-startup ecosystem with panelists Mark Suster, David O. Sacks, Mike Jones and James Montgomery.

Update: Allen Hurff, former SVP of Technology at MySpace, is rumored to be launching an incubator as well.