WASHINGTON (BRPROUD) — The United States Department of Commerce’s Economic Development Administration (EDA) is granting $500,000 to Research Park Corporation dba Nexus Louisiana to motivate tech-based growth.

This investment will allow Nexus Louisiana to increase planning and training assistance to tech based startups through the Ignition Accelerator and Venture Capital Assistance Program. This will be in partnership with LSU’s Office of Innovation and Commercialization, the Innovation Catalyst, and Southern University A&M College. EDA’s investment will be matched with $125,000 in local funds.

Governor John Bel Edwards says, “The continued expansion of Louisiana’s technology sector is critical to our state’s long-term economic vibrancy and resilience. 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 [education] institutions and HBCUs, which are key to sustaining the state’s tech talent pipeline.”

Assistant Secretary of Commerce for Economic Development Alejandra Y. Castillo says, ““The Economic Development Administration plays an important role in helping communities advance their business development and growth strategies. 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.”

This project is made possible by planning efforts led by the Capital Region Planning Commission (CRPC). EDA funds the CRPC to create an economic development guide to strengthen the regional economy.