The state of Louisiana took a significant step toward fostering innovation and technological advancement with the recent launch of Louisiana Innovation (LA.IO), a new division within Louisiana Economic Development (LED). This initiative aimed to position Louisiana as a hub for high-growth, technology-driven startup companies. The announcement, made by LED, highlighted the creation of the Louisiana Growth Fund, which initially secured $50 million in federal funding to support entrepreneurs in establishing and scaling their ventures across the state.
A key component of LA.IO’s early initiatives was the establishment of the Louisiana Institute for Artificial Intelligence, a 501c3 organization designed to spearhead the state’s AI strategy. This strategy focused on applied research, commercialization, workforce development, and policy formulation. One of the Institute’s inaugural projects involved equipping 5,000 small businesses across Louisiana with AI tools to enhance their scalability and competitiveness in the marketplace.
Louisiana Economic Development Secretary Susan B. Bourgeois emphasized the importance of cultivating homegrown businesses in addition to attracting external investments. She highlighted that Louisiana Innovation would work closely with both startups and existing companies to nurture the state’s innovation economy. Bourgeois cited Meta’s $10 billion data center project in Richland Parish as evidence of the state’s commitment to innovation, noting that such investments underscored the effectiveness of this forward-thinking strategy.
Beyond the Growth Fund, LA.IO brought together various partners already dedicated to supporting innovators. LED had already engaged in seven seed capital funds across Louisiana, with plans to expand in 2025. Key partners included Ochsner Louisiana’s Innovation Fund, Tulane University’s Innovation Institute, the New Orleans Startup Fund, Innovation Catalyst, Boot64 Ventures, The Idea Village, and Propeller. These entities leveraged funding streams like the State Small Business Credit Initiative (SSBCI) to provide additional capital, thereby boosting the total funding pool for startups to over $100 million.
Josh Fleig, LED’s Chief Innovation Officer, highlighted the critical role of connections and mentorship in the success of startups. He stressed that linking entrepreneurs to customers, resources, and expert guidance was as crucial as providing financial support. Fleig announced that LA.IO would organize new events to foster these vital connections within the startup ecosystem. His remarks were delivered to an audience of business leaders, higher education representatives, economic development officials, and government figures during the Super Bowl LIX Louisiana Now Pavilion event.
Several regional partners, such as The Idea Village in New Orleans, Opportunity Machine in Lafayette, and EAP and Startup Prize in Shreveport, were set to lead these innovation-focused events. LA.IO planned to expand its network by adding more university partnerships, creating a collaborative ecosystem that facilitated real-time collaboration and shared resources.
Fleig noted that these partnerships, with their established and impactful startup events, would now operate under the unified umbrella of Louisiana Innovation. This collective effort aimed to build an ecosystem greater than the sum of its parts, providing essential support to entrepreneurs navigating challenges such as business model development and investor readiness.
The Innovation Day program concluded with an announcement from Waymo, a leading autonomous driving technology company. Waymo showcased one of its self-driving cars outside the Louisiana Now Pavilion and revealed that New Orleans had been selected as one of the 10 cities for its 2025 Road Trip tour. This initiative aimed to expose Waymo’s autonomous navigation system to diverse driving conditions across the country, from varied road features to different driving behaviors.
Louisiana Economic Development has consistently aimed to attract capital investment, create jobs, and expand economic opportunities within the state. The launch of Louisiana Innovation reinforced this mission by providing a structured platform for nurturing technological advancement and entrepreneurial growth.
For more Louisiana-related articles, click here.