Access to Capital
While the “new” Greater New Orleans is rich in ideas and energy, it is lacking in the early-stage capital necessary to fund these ideas and harness this energy. More specifically, the angel and venture capital markets in New Orleans are young and undersized compared to other markets in the country; a recent case-in-point was a New Orleans company that raised millions from blue-chip East and West Coast equity firms, but was unable to raise any early-stage capital locally.
GNO, Inc. aims to correct this market deficiency by working with the New Orleans Startup Fund and emerging venture capital and angel investor firms to provide entrepreneurs and startups in Southeast Louisiana with access to early-stage, “proof-of-concept” funding sources.
GNO, Inc. also recently fought to reinstate the Angel Investor Tax Credit Program. The program ensures that private investments made into qualified Louisiana-based startups will receive a 35% tax credit. The program, which ended on December 31, 2009, will now be spread over 5 years, through July 1, 2015.