The national August 2011 jobs report was dismal. With no new, significant job growth across the country, the unemployment rate remained stuck at 9.1 percent for the month. But in New Orleans, entrepreneur Mark Madere, the founder of the software company, Maxwell Worthington was optimistic about the company's opportunities. "I'm excited about the business climate in the region," said Madere, who is currently working to develop software for a new linux based email server. Madere has assembled a small team to take on new challenges despite the sour national mood. Madere's project is among the most exciting new technology programs in the area and Maxwell Worthington will utilize these incentives to help convince investors that their funding will go further and farther.
Entrepreneurs ranging from bio-pharma, to gaming development, to engineering are taking advanatage of the State of Louisiana's new tax credit programs. The credits, which are refundable cover a wide range of tech indutries including web development, software development, and interactive devices start at 25% for development and go up to 35% on payroll taxes. The credits can be sold to other businesses usually at about 90% of value. Companies large and small are taking advantage of tax credits and some, including Electronic Arts, of Vancouver say that they will create more than 1,000 jobs in the state.
Madere began his project after having several employers and clients for whom he struggled to make a patchwork of systems to solve their email issues. With his first product being prepared for launch in the next ten to twelve weeks, Maxwell Worthington is one of a large group of tech entrepreneurs and companies that are now setting up shop in Louisiana.
But the environment is not without risks. New start-ups are difficult to build and investors need to look closely at the business plans, viability, and the integrity of the company's leadership before providing resources for projects. However, there are some significant resources for entrepreneurs looking for assistance, which is something that we will be covering this year in our series on this topic.
Depsite the Silicon South's promise there are many challenges in the quest for greatness. Even entrepreneurs with good ideas and strong programs may still not be able to compete in a fast changing world. Scaling up tech enterprises that can compete in the global marketplace is a significant challenge. We live in a tough economy and a changing world, those who can adapt, compete, and build represent the next generation of innovation in our country. For more information from the state of Louisiana go to:
Comments