SAN DIEGO, Jan. 5, 2012 /PRNewswire via COMTEX/ -- The San Diego Network of Tech Coast Angels (TCA), the largest angel group in the United States, announced that the organization has established the John G. Watson Foundation to support entrepreneurism in the San Diego region. The 501(c)(3) Foundation is enabled by a $1 million gift to TCA San Diego from the family of John G. Watson.

"John loved investing, innovation, and the entrepreneurial spirit that he discovered when he arrived in San Diego," said Gillian Ison, John's sister. "We believe that a foundation supporting entrepreneurism is the best way to honor his memory and his life."

The Foundation will use investment earnings from the Watson family gift to fund specific TCA-San Diego network activities that promote entrepreneurism, beginning with the provision of cash awards to winners of the annual San Diego Quick Pitch event.

"John had an extraordinary ability to evaluate investment opportunities and enjoyed the Quick Pitch evaluation and selection process," said Stephen Flaim, president, San Diego Tech Coast Angels. "In 2009, he organized one of our most successful TCA San Diego Quick Pitch events ever, so it is fitting that the new Foundation will initially support winners of this annual activity."

John Watson joined the TCA San Diego network in 2008 following a long and distinguished career in pharmaceutical and life sciences. Over the course of 35 years, he served in various marketing, managerial and executive positions at companies including Dow Chemical, Johnson & Johnson, Wyeth Laboratories, and ICN Pharmaceuticals. John served as COO of both Vestar Inc. and Galagen Inc., before becoming CEO and president of Ionian Technologies in San Diego.