Last month, the U.S. Treasury approved the State of Louisiana’s application for up to $113 million for small business owners and entrepreneurs through its State Small Business Credit Initiative.
One of the programs to benefit from the funding was the Tulane University Innovation Institute, which was awarded $5 million. Tulane has announced a funding match, bringing the total up to $10 million and all of the funds will go towards a startup fund focused on supporting women- and minority-led ventures in Louisiana.
“Inspiring and supporting innovation, new businesses and startups are critical in bringing life-changing advancements and discoveries to the world, while also transforming the economy of New Orleans and the region,” said Tulane University President Michael A. Fitts.
The ventures selected will receive consulting, mentoring, guidance and partnership opportunities from the Innovation Institute.
“By enveloping these ventures in the Tulane ecosystem and providing comprehensive wrap-around support, we are confident that we’ll be able to foster the entrepreneurial success of underrepresented founders, which will add value and create new opportunities for the broader community,” said Kimberly Gramm, the David and Marion Mussafer Chief Innovation and Entrepreneurship Officer at Tulane.
A representative from Tulane said the startup fund will, “prioritize investment in Louisiana-based minority, underserved and/or very small businesses that are technology or technology-enabled companies.”
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