Program offers help to St. Mary firms

LAFAYETTE – A group of business-growth organizations is offering small Louisiana companies, including those in St. Mary Parish, a chance to take part in months-long “Accelerate Acadiana” sessions, where they’ll meet potential investors and receive expert guidance.

The first session, which runs Aug. 14-Nov. 17, will concentrate on tech firms that are on the verge of success and in the energy and health care spheres. Interested companies have until July 30 to sign up and compete for one of eight spots. Companies that are not chosen could be selected for the second session, which will start in January 2018.

Accelerate Acadiana will be facilitated by The Opportunity Machine, a business incubator located in the Louisiana Immersive Technologies Enterprise in Lafayette.

The sessions will take place at LITE.

“We’re looking for tech companies in the energy or health care space that have innovative products or services and want to take them to the next level,” said Zachary Barker, executive director of the OM.

The Accelerate Acadiana series was made possible by a $700,000 grant from the U.S. Department of Commerce’s Economic Development Administration. Pools of investment money will come from the grant and also investor cash.

An additional $754,000 in program services and office space is being provided by UL Lafayette, The Opportunity Machine, and INNOV8, a Community Foundation of Acadiana company.

“Accelerate Acadiana will support the advancement of our region as a nationally recognized entrepreneurship hub, and further showcase this area as a great place for innovative new companies to launch and thrive,” said Pete Prados, INNOV8 director.

Successful firms that have benefitted from the business acceleration method in Lafayette at the OM are Waitr, the Academy of Interactive Entertainment, and Rader Solutions.

“The new accelerator will give companies the opportunity to do the same things Waitr did,” said Chris Meaux, CEO of Waitr.

After graduating from the OM, Waitr moved its technology center to an 8,600-square-foot office in Lafayette, where it directs operations across the southern U.S. and California.

“(The accelerator) can enhance some of the things we had, such as putting focus on helping raise money, access to key people, and meeting the right customers, which are all things entrepreneurs need to grow their business,” Meaux said.

UL Lafayette Vice President of Research and Development Ramesh Kolluru said innovation often occurs during downturns.

“While oil prices are still recovering and the Lafayette tech sector is booming, now is a great time to see this type of program implemented,” Kolluru said.

For more information on Accelerate Acadiana, log onto innov8acadiana.org and click on the 2017 Accelerate Acadiana tab.