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.”
