Posted on 10 March 2010.
The Baton Rouge Area Chamber (BRAC) announced today the results of the regional innovation strategy it developed in order to create a culture that deeply fosters and supports entrepreneurship throughout the Capital Region. The strategy, which was created in collaboration with Louisiana Economic Development (LED), Louisiana State University (LSU), the Louisiana State University System Research and Technology Foundation (LSU RTF), the Research Park Corporation (RPC), and Southern University, recommends the formation of a new regional innovation organization and an agreed-upon plan to create a true university research park.
“These two developments, the new innovation organization and the university research park plan, are the two most critical components of the regional innovation strategy work. Both will have a tremendous, long-term impact on the Baton Rouge area, and our ability to create jobs and increase wealth,” said Adam Knapp, BRAC’s President and CEO. “We would like to thank all of those who gave so graciously of their time to bring this strategy to fruition. Their efforts will lead directly to future entrepreneurs having their ideas embraced and cultivated, thereby ensuring the region’s competitiveness on a national and international stage.”
The strategy results recommend that the regional innovation organization would be the entity responsible for all entrepreneurship and business acceleration services in the Baton Rouge area. It would be the central point of access for entrepreneurs, creating layers of service, while coordinating the region’s assets including business support services and incubators such as the Louisiana Business and Technology Center, the Louisiana Emerging Technology Center, the Louisiana Technology Park, and others. It would be modeled after highly-successful, entrepreneurial-centric organizations like Innovation Works in Pittsburgh, Pennsylvania and the Council for Entrepreneurial Development in Research Triangle Park, North Carolina.
It is also recommended that the regional innovation organization be led by an executive director, who will be responsible for ensuring all aspects of the organization are focused on providing high-growth entrepreneurial firms the information and access they need to be successful. This would include serving as an advisor to existing incubator partners who serve the regional entrepreneurial network; developing a strategy to better align existing business development services and a plan to fill existing service gaps; assisting LSU in the development of the university research park; developing formal mentoring programs to advise early-stage, high-potential firms; creating a solid network of angel, seed, and early-stage capital providers; building a funding strategy for securing dollars to enhance programmatic offerings; leveraging the region’s universities and colleges to support entrepreneurial development; and coordinating the reliable tracking and recording of metrics on entrepreneurial service offerings from partner incubators and their impact on the regional economy. The executive director would be identified through a national search.
Due to the composition of its board and statutorily-created mission, it was recommended that the RPC would be the most appropriate entity to oversee the operations of the regional innovation organization. The RPC will officially receive the plan at its next board meeting on March 23, 2010.”
In announcing the plan for the university research park, BRAC cited its potential as a real catalyst for job growth. Current plans call for the park to be approximately 187 acres and would consist of land from Nicholson Drive to GSRI Road. Of the total acreage, approximately ninety-four acres would need to be purchased for $10 million in order to complete the park’s designed footprint. To obtain the necessary funds, BRAC and its partners will advocate for the dollars to be included in the state’s capital outlay budget to be dispersed over a four-year period. Five million dollars will also be requested over that time period for needed infrastructure improvements.
Under the current agreement, the park’s development, which would occur at what is now known as the LSU South Campus, would begin with the creation of an LSU-affiliated foundation to oversee the park’s development. The entity would be responsible for the land acquisition, infrastructure development, architectural administration, and tenant selection, under guidelines approved by the LSU Board of Supervisors. To date, the research park’s master plan has been approved by the board of supervisors, but approval of management agreements and tenant selection policies must be attained prior to implementation.
“At LSU we are committed to being a proactive partner in bringing new businesses and expanding existing businesses in East Baton Rouge Parish. Our South Campus, under the leadership of Charlie D’Agostino, offers opportunities for start ups and others to forge dynamic partnerships with LSU, its faculty, and students,” LSU Chancellor Michael Martin said.
“LSU System institutions support the academic entrepreneurialism that creates marketable innovations. These initiatives act as an economic catalyst, and at a time of decreasing state budgets, the opportunity to capitalize on the translation of knowledge through commercial breakthroughs using regional research collaborations means new jobs and increased prosperity for Louisiana and the nation,” said Dr. John Lombardi, LSU System President.
“The Ourso College of Business is proud to be a partner in this collaboration,” said Eli Jones, Dean of the E. J. Ourso College of Business. “The College has been and will continue to be a partner to business in all parts of the state, and we will be a leader in bringing innovation to Louisiana.”
An issue brief summarizing the regional innovation strategy can be found at www.brac.org/research.