Tulane University matches State of Louisiana SSBCI funding to launch fund for start-ups
The money will support diverse ventures in the Bayou State.
Tulane University has announced a new $10 million fund to support for women- and minority-led ventures in Louisiana.
One-half of the funds come from the State of Louisiana as part of a newly announced program to support entrepreneurs and small business owners throughout the region, and the balance will come from the university. The State portion is part of the funding established under the State Small Business Credit Initiate, better known as SSBCI 2.0, that was reauthorized and expanded as a result of the “2021 American Rescue Act.”
The new Tulane University Innovation Institute will prioritize investment in Louisiana-based minority, underserved and/or very small businesses that are technology or technology-enabled companies. The fund will use equity and equity-like financial instruments to invest in these companies over five years. As part of the initiative, portfolio companies will receive consulting, mentoring, guidance and partnership opportunities from the Innovation Institute’s extensive network of resources throughout the university and beyond to grow and scale.
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