Today, we explore how Louisiana Economic Development (LED) is paving the way for aspiring business owners in Louisiana. Entrepreneurship, a catalyst for economic growth and innovation, plays a pivotal role in shaping vibrant communities and fostering social and economic development. Let’s explore the support and resources LED provides to entrepreneurs and how it champions diversity and inclusion in the entrepreneurial landscape.

Keep reading for an insightful Q&A session with Stephanie Hartman, Director Small Business Services at Louisiana Economic Development (LED).

2. What motivated LED to support the BizTech Challenge, specifically targeting HBCU students? How does LED see the BizTech Challenge aligning with its broader mission and economic development goals for Louisiana?

The missions of LED and Nexus Louisiana are parallel in that the growth and success of Louisiana Entrepreneurs is of the highest priority. For Nexus LA, the mentorship, programming and connections to capital investors gives entrepreneurs opportunities to succeed in technology fields. For LED, capital and equity programs, along with CEO Roundtables and a large slate of other programs, promote growth and job opportunities.

2. How does LED envision the long-term impact of the BizTech Challenge on the state’s economic landscape and innovation ecosystem?

LED’s continued involvement in the BizTech Challenge, working side-by-side with Nexus, LA, will help ensure the continued growth of STEM and technology companies doing business in Louisiana, fostering a collaborative environment among Louisiana HBCU’s and increasing the curiosity of STEM entrepreneurship among students.  

3. In your opinion, why should individuals consider entrepreneurship as a career pathway, and how does LED encourage this choice?

Entrepreneurship is frequently credited as a major driver of economic growth, spurring transformation, the creation of new markets, innovation, job creation, and building wealth. Entrepreneurship encourages innovation by bringing new ideas, products, and services to the market. It addresses social and economic problems by creating solutions that meet the needs of society. Many entrepreneurs also make a positive impact on their communities and improve their well-being by catering to underserved areas and developing environment-friendly products. Their work can help build stronger, more vibrant communities and promote social and economic development.

4. What resources and support does LED offer to entrepreneurs, especially those looking to start or grow their businesses in Louisiana?

LED encourages the formation and growth of small businesses through its vast suite of programs, including Small and Emerging Business and Development Program, Veteran Initiative, Access to capital Programs, Bonding Assistance, programs to gain access to procurement opportunities, managerial and technical assistance training, and much more.  A complete list of programs can be found on LED’s website, www.opportunitylouisiana.com.

5. Could you elaborate on the importance of diversity and inclusion in entrepreneurship and how LED addresses this in its programs?

The entrepreneurial community should represent individuals across all spectrums, especially those who have been underrepresented in the small business communities across the country, especially in Louisiana. All of LED’s small business program efforts were developed to address the need to increase business opportunities for underserved communities statewide. Specifically, LED’s Diversity in Entrepreneurship Initiative, which is delivered in partnership with the Edward Lowe Foundation, aims to accelerate business growth for minority and woman owned companies in Louisiana. Program participants are able to identify what scaling means for both their companies and their communities. They then move on to develop and refine their business strategy and are connected to the right tools and expertise to execute the strategy. 

6. How can individuals and organizations get involved or collaborate with LED to further support the entrepreneurial ecosystem in the state?

Sign up to receive updates at www.opportunitylouisiana.com.

7. Can you provide an overview of the Louisiana Business Hub and its role in supporting entrepreneurs and businesses in the state?

The Louisiana Business Hub is an interactive online platform that provides a comprehensive list of resources available statewide, ranging from business formation, capital resources, etc. The hub connects entrepreneurs and small business owners with organizations dedicated to start-up preparation and second stage growth opportunities, accelerators, incubators, Chambers of Commerce, Small Business Development Centers (statewide), Business and Technology Centers, the Small Business Administration, and others. 

For more information call (833) 678-0022 or visit LouisianaBizHub@LA.Gov.

8.  What advice do you have for HBCU students interested in pursuing careers in STEM and entrepreneurship?

HBCU students should connect with organizations like Nexus Louisiana and the research departments of their respective campuses. Their partnership and association with the National Science Foundation (NSF) may facilitate access to funds that provide educational opportunities via STEM scholarships for qualified students.

Thank you to Ms. Hartman for sharing valuable insights into LED’s commitment to fostering entrepreneurship in Louisiana. We encourage individuals and organizations to explore the multitude of programs LED offers to support the growth of businesses in the state. Whether you’re a budding entrepreneur or an established business owner, the Louisiana Business Hub stands ready to connect you with essential resources. And to HBCU students, especially those interested in STEM and entrepreneurship, Stephanie leaves us with a powerful message: connect, explore, and seize the opportunities that lie ahead. For more updates and information, visit www.opportunitylouisiana.com and join LED in building a prosperous and innovative future for Louisiana.