A nonprofit venture capital fund is being set up to boost startup companies in the New Orleans region.
The New Orleans Startup fund is being spearheaded by Greater New Orleans Inc., a regional economic development group in southeastern Louisiana. Officials say it currently stands at $3.9 million and the target size is $7 million. The fund consists of private, state and federal funds.
Qualifying companies must be located within the 10-parish New Orleans region and must demonstrate a clear plan to grow revenue to $20 million to $50 million annually within five to seven years.
Companies that qualify could get $25,000 to $250,000 from the fund. The fund also will provided technical assistance to qualifying companies.
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