Nonprofit seed fund venture for ‘entrepreneurial ecosystem’ moving forward in B.R.

The Research Park Corporation, which runs the Louisiana Technology Park, and BRAC are moving forward with Step One Ventures, a nonprofit that will seek to boost seed funding for promising early-stage companies and attempt to strengthen what’s sometimes referred to as the region’s “entrepreneurial ecosystem.” Step One will seek to invest between $50,000 and $250,000 in early-stage companies that have the potential of reaching at least $15 million in revenue within five to seven years and attracting funding from professional investors. The entity will apply to the Louisiana Economic Development Corporation for $1 million to put toward its loan fund, which would have to be matched with $1.5 million. BRAC has secured commitments for the $1.5 million through private donors. The RPC also plans to spend about $1.3 million to fund the first three years of operations, subject to annual reapproval and pending a successful application to the LEDC next month, the RPC board decided today. While the RPC is paying to get Step One off the ground, the new entity would be an independent 501(c)(3) willing to work with any promising Louisiana company, officials say. EMH Strategy of New Orleans, which developed and managed the New Orleans Startup Fund, will partner with Step One on fund management. —David Jacobs