New Orleans is set to gain another startup incubator with Southern University at New Orleans (SUNO) securing financing to launch their own on-campus incubator. SUNO’s incubator will join the ranks of the other New Orleans business accelerators including the Idea Village, Launch Pad Ignition, and the Bio Innovation Center.
CityBusiness reports that SUNO has received approval from the state to build a $3 million business incubator on its campus. More than $2 million will come from the U.S. Department of Education’s Title III-College Cost Reduction and Access Act program.
The facility will be located near the school’s College of Business and Public Administration building and is expected to be operating in two years. It will also serve as office space for entrepreneurs and will contain faculty and staff offices.
“We’ve all seen that New Orleans is serving as a model for entrepreneurship for the nation,” Chancellor Victor Ukpolo said in a press release. “This provides entrepreneurs with another prime opportunity to grow their businesses and achieve the American dream in their respective lives.”