The state of the economy may be a big question mark but one thing’s for sure: L.A. tech is hot. Westwood-based Elevator Labs received $20 million in funding this week in another example of investors putting money into innovative Los Angeles-based startups (just last week Santa Monica-based BetterWorks received an $8 million investment).

Elevator Labs plans to use the investment to launch new businesses its currently incubating in addition to its existing portfolio: Hello Music, Wilshire Media Group, and Fat Cloud. Managing partner Zack Zalon discussed how his years as president of Virgin Digital influenced his approach, why Elevator Labs is an “invention company” and why he’s excited about the growth and innovation in L.A.’s tech community.

“It’s about time that people stand up and start taking notice because this is the next generation of entrepreneurial leaders here in Los Angeles that are ready to emerge,” said Zalon.

Originally posted at LAist.