Announces Creation of $50 Million Growth Fund and Artificial Intelligence Research Institute
- Public-private collaboration: Equity and incubator partners will also contribute matching dollars to the Louisiana Growth Fund, bringing total available funds to $100 million.
- Innovation R&D: First initiative will be the Louisiana Institute for Artificial Intelligence, focused on AI applied research and development, commercialization, workforce development and policy.
- Louisiana Now: LED Secretary Susan B. Bourgeois and Chief Innovation Officer Josh Fleig made the announcement at the Super Bowl LIX Innovation Day event in the Louisiana Now Pavilion.
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.”
Among the partners that will spearhead Louisiana Innovation events are Idea Village in New Orleans; Opportunity Machine in Lafayette; EAP and Startup Prize in Shreveport with the goal of adding more university partnerships soon.
“All of these partners have built respected, high-impact startup events in their regions. Now united under the Louisiana Innovation initiative, these partners will work together with dedicated staff, shared tools and real-time collaboration to create an innovation ecosystem that is greater than the sum of its parts,” Fleig said. “These and future partners from other regions are critical to LA.IO’s success, because they provide the expertise needed to coach entrepreneurs through complex challenges, from creating business models to preparing for investor pitches.”
To cap off the Innovation Day program, the autonomous driving technology company Waymo parked one of its autonomously driven cars outside the Louisiana Now Pavilion and announced New Orleans has been selected as one of 10 cities on the 2025 Waymo Road Trip tour. The cross-country learning program is designed to help Waymo expose its autonomous navigation system to a wide range of unique driving environments, from distinct driving styles to varied road features.
About LED
Louisiana Economic Development is responsible for driving capital investment, job creation and economic opportunity for the people of Louisiana and employers of all sizes. Explore how LED is positioning Louisiana to win at OpportunityLouisiana.com.
Media Contacts:
Kevin Litten
LED Strategic Communications Editor
Kevin.Litten2@la.gov
225.342.4321
Sandy Karp
Waymo Communications Manager
press@waymo.com
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