Louisiana Economic Development announced on Thursday 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. LA.IO also looks to develop the Louisiana Institute for Artificial Intelligence.
The new 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 is to upgrade 5,000 small businesses across Louisiana with AI tools that will enable them to scale their business and improve their competitiveness.
In addition to the new Louisiana Growth Fund, Louisiana Innovation is looking to further unite partners. LED is currently participating in seven seed capital funds across Louisiana with plans to add more in 2025.
“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,” says LED Chief Innovation Officer Josh Fleig. “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.”
