Catalyzing Economic Prosperity in Louisiana
Louisiana Workers Compensation Corporation Foundation
Economic Strategy
LWCCF is a recently formed foundation that is looking to develop an organizational strategy to catalyze economic prosperity in the state of Louisiana through grants, impact investing, and strategic partnerships. This project demonstrates a great combination of Fourth Economy’s skills - economic analysis and Index building, philanthropic strategy, and advancing economic mobility.
The Challenge 1 paragraph
Over the course of 2023, LWCCF embarked on a strategic planning process informed by data and experts to define the organization’s role and to catalyze significant and necessary action for economic prosperity across the state. The foundation of the strategic planning process was a critical analysis of the current state of the economy in Louisiana as compared to other US states that would identify strategic recommendations to guide the organization’s mission-based investment and grantmaking activities.
Our Approach
Fourth Economy researched other indices and frameworks, as well as our own Fourth Economy Community Index to identify indicators and metrics aligned with four pillars of prosperity and two strategic priorities for LWCCF’s focus. The index compares Louisiana to other states and provides comparative metrics of the state’s performance.
The Results
Fourth Economy provided the Index as a spreadsheet tool, as well as a report that summarized the approach used to develop the strategic priorities, the development of the Louisiana Economic Prosperity Index and the partner and expert engagement activities conducted to support prioritization and brainstorming opportunities for LWCCF. The report details the two strategic priorities that emerged: increasing available capital and supporting business generation and growth. Each priority includes detailed insights on the landscape, the opportunity for LWCCF to make a difference, and case studies of promising practices from around the country. Key considerations from the expert interviews provide additional guidance for LWCCF staff and leadership for the implementation phase.
Location
Louisiana