NEW ORLEANS, La. – Louisiana Economic Development today announced the launch of Louisiana Innovation (LA.IO), a new division of LED dedicated to making Louisiana a leader in the development of more high-growth, technology-enabled startup companies. The first LA.IO initiative is the creation of the Louisiana Growth Fund, with initial federal funding of $50 million that innovators can utilize in establishing and scaling startups across Louisiana.
Among LA.IO’s first initiatives will be development of the Louisiana Institute for Artificial Intelligence. This 501c3 will serve as the state’s lead anchor for our statewide AI strategy, which is focused on applied research and development, commercialization, workforce development and policy. The Institute’s first project will be to upgrade 5,000 small businesses across Louisiana with AI tools that will enable them to scale their business and improve their competitiveness.
“Successfully positioning Louisiana to win demands that we not only attract new businesses, but grow new businesses from the ground up,” Louisiana Economic Development Secretary Susan B. Bourgeois said. “Louisiana Innovation is dedicated to working with startups as well as existing companies to grow Louisiana’s innovation economy. Meta’s $10 billion Richland Parish data center project is proof positive that a focus on innovation is the right strategy for our state. We are redefining the Louisiana opportunity by investing in the next industrial revolution.”
In addition to the new Louisiana Growth Fund, Louisiana Innovation unites partners that are already doing the hard work of supporting innovators. LED is currently participating in seven seed capital funds across Louisiana with plans to add more in 2025. Currently, partners include Ochsner Louisiana’s Innovation Fund; Tulane University’s Innovation Institute; the New Orleans Startup Fund; Innovation Catalyst; Boot64 Ventures; The Idea Village and Propeller. Using previously established funding streams such as the State Small Business Credit Initiative (SSBCI), these partners will provide additional capital to promising startups, boosting the total available funding to over $100 million.
“Facilitating the right connections and offering coaching to innovators and startups are just as vital as the funding that’s being made available through Louisiana Innovation,” said LED Chief Innovation Officer Josh Fleig, who joined Bourgeois for the announcement to a crowd of several hundred business, higher education, economic development and government leaders at the Super Bowl LIX Louisiana Now Pavilion Thursday. “Whether it’s linking startups to customers, resources or guidance, these relationships can make or break a company’s journey. That is why Louisiana Innovation will lead on creating new events to spark connections in the startup community.”
Read the rest of the article originally published by Louisiana Economic Development here.