The New Orleans Bioinnovation Center recently received a $1.5 million grant to kick-start biotechnology job opportunities and innovation-based ventures across Louisiana.
The financial award is part of the U.S. Economic Development Administration's Build to Scale Venture Challenge, which supports company growth and entrepreneurship acceleration in communities. With the funds, the center expects to create or retain 650 jobs and attract about $75 million in capital.
"We are thrilled to be receiving this highly competitive award to accelerate not only our state's technology commercialization activities, but also the specialized job growth in new industries that we so desperately need," said Kris Khalil, interim executive director of the bioinnovation center, according to the Sept. 17 news release. "We look forward to partnering with those in our region who wish to improve health outcomes via integrating advanced technology and novel treatments into our health systems."
To scale its tech commercialization efforts, the bioinnovation center plans to partner with local health systems that can assist entrepreneurs with pilot projects; establish a workforce development program that engages regional students and connects startups with prospective employees; and provide fundraising and grant writing opportunities.