Through the United States Economic Development Administration’s Build to Scale Venture Challenge, the New Orleans BioInnovation Center (NOBIC) has been awarded $1.5 million.
The Challenge seeks to support entrepreneurship and accelerate company growth in communities, regions, or combinations of regions.
The New Orleans BioInnovation Center plans to use the funds to strengthen the competitiveness of the bio-industry through new technology development and increase the number of full-time job opportunities in innovation-based ventures in the state.
“This award will provide an exceptional advantage for NOBIC as they continue to establish their position as a leading biotech hub,” said Secretary of Louisiana Economic Development, Don Pierson.
Kris Khalil, interim executive director of NOBIC, said they are thrilled to be receiving the award to help accelerate commercialization activities in Louisiana as well as accelerate job growth in the area.
“Through this award, and subsequent advancement of Louisiana’s innovation-centric economy, NOBIC anticipates catalyzed job growth and enhanced global competitiveness – creating or retaining 650 jobs and attracting $75 million in private capital through the award period,” shared the press release.