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BRAC Releases Full Report on Innovation in Louisiana
Part 2 of analysis focuses on entrepreneurship, workforce development,
risk capital, and statewide coordination
BATON ROUGE, La. (December 7, 2009) – The Baton Rouge Area Chamber (BRAC) announced today that it has released the second part of its two-part white paper series detailing a strategy for developing an innovation-driven economy in Louisiana. Together, the series fully details how Louisiana’s strategic focus on innovation as a basis for economic development can ensure that the state is prepared to compete in a 21st century environment. The Innovation Economy in Louisiana, Part 2 continues the analysis of part one, which advocated for greater support of research and development (R&D) that would generate commercially-viable innovations. In Part 2, BRAC describes how entrepreneurship, workforce development, risk capital, and coordinating authority at the state level are the remaining components necessary for a comprehensive strategy for a statewide innovation ecosystem.
“Our research shows that innovation happens in all industry sectors and is the key to our long-term economic growth,” said Adam Knapp, BRAC’s President and CEO. “BRAC undertook this project to create one of the most thorough examinations of the fundamental elements of innovation-driven economies, a key strategy for our region's future. The state’s newly-established Louisiana Innovation Council and Louisiana Economic Development’s strategy to develop a new “blue ocean” strategy for innovation-driven, high-growth industry sectors across Louisiana are critical elements to this effort. We now have a blueprint for a focused, multi-pronged state and regional innovation strategy that can ultimately increase the overall wealth and quality of life of our region and the state. We have the assets and the will to succeed.”
“As a Louisiana entrepreneur, I am excited to see the Baton Rouge Area Chamber extend its focus on developing a strategy that supports and fosters innovation and entrepreneurship in our region,” stated Kevin Langley, CEO of Ellis Construction and a member of the Louisiana Innovation Council. “A continued focus on innovation is critical to the competitiveness of our state, and BRAC has developed strategies to address these important issues in its latest paper.”
While part one of the series centered on strategies related to research and commercialization, BRAC’s Part 2 focuses on entrepreneurship and workforce development, risk capital, and statewide coordination. The paper covers strategies related to the following areas:
* Accelerating growth-oriented businesses and a knowledge-based workforce
* Nurturing private risk capital investments in new and expanding businesses
* Coordinating statewide efforts to generate innovation-based economic development over several decades
Parts one and two of the white paper series are available at www.brac.org/research.
About the Baton Rouge Area Chamber
BRAC leads economic development in the nine-parish Baton Rouge metropolitan area. Serving as the voice of the business community, BRAC’s membership includes more than 1,500 organizations whose employees represent over a third of the Capital Region workforce.
Original Article: Press Releases : Baton Rouge Area Chamber
