Funding Aims to drive the economic recovery and create more high paying jobs in the region
BATON ROUGE – Today, Nexus Louisiana received a $500,000 grant from the U.S. Department of Commerce’s Economic Development Administration (EDA) to spur tech-based entrepreneurial growth.
This EDA investment will allow Nexus Louisiana to increase planning, outreach, and training assistance to tech-based startups through its Ignition Accelerator and Venture Capital Assistance Program. The assistance will be provided in partnership with Louisiana State University’s Office of Innovation and Commercialization, the Innovation Catalyst, and Southern University and A&M College. This EDA investment will be matched with $125,000 in local funds.
“The Economic Development Administration plays an important role in helping communities advance their business development and growth strategies,” said Assistant Secretary of Commerce for Economic Development Alejandra Y. Castillo. “Startup businesses are key components to enhancing economic recovery particularly during post disasters. This investment will help revive and nurture tech-based entrepreneurial programs and enable outreach to underserved communities and businesses.”
“The continued expansion of Louisiana’s technology sector is critical to our state’s long-term economic vibrancy and resilience,” said Governor John Bel Edwards. “Supporting tech-based start-ups is one of our most effective tools for stimulating innovation and job growth in the private sector. We appreciate the EDA’s investment in our entrepreneurs, and its partnership with our higher ed institutions and HBCUs, which are key to sustaining the state’s tech talent pipeline.”
Through its collaboration, NexusLA plans to establish a continuum of service that create a pipeline of entrepreneurs who feed into other programs
“The overall goal of this is to help drive the economic recovery and create more high paying jobs in the region,” said NexusLA President & CEO Genevieve Silverman. “The region has not had this kind of continuous technical assistance pathway before. In collaboration with our regional partners, we want to use these funds to strengthen the programs and add additional capacity.”
This project was made possible by the regional planning efforts led by the Capital Region Planning Commission (CRPC). EDA funds CRPC to bring together the public and private sectors to create an economic development roadmap to strengthen the regional economy, support private capital investment and create jobs.
About Nexus Louisiana
Nexus Louisiana is a Baton Rouge based 501(c)3 nonprofit that provides high-potential, technology-enabled companies the coaching, capital, and connections they need to accelerate their growth.
About the U.S. Economic Development Administration
The mission of the U.S. Economic Development Administration (EDA) is to lead the federal economic development agenda by promoting competitiveness and preparing the nation’s regions for growth and success in the worldwide economy. An agency within the U.S. Department of Commerce, EDA invests in communities and supports regional collaboration in order to create jobs for U.S. workers, promote American innovation, and accelerate long-term sustainable economic growth.