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Louisiana Tech Fund Gets $2.3M for Startups
Two years following its creation, the Louisiana Technology Fund has $2.3 million to help the early-stage technology companies for which it was intended, the Baton Rouge-based Advocate reported earlier this month. The fund stems from 2002 legislation that revived Louisiana's Certified Capital Companies (CAPCOs) program.
With the initial pool of money, the fund could support up to 12 Louisiana technology startup companies. The money is derived from the state's CAPCOs, which are required to invest 10 percent of their earnings into such startups. The state's four research parks, located in Baton Rouge, Lafayette, New Orleans and Shreveport, will oversee the fund, according to the Advocate.
The Louisiana CAPCO program was created in 1983 to encourage private sector investment. Since 2002, the program has generated $80 million. Only one of Louisiana's participating capital companies chose not to deposit its required amount into the new fund.
More information on the Louisiana Technology Fund is available by contacting Louisiana Technology Park at http://www.latechpark.com.