Catalyzing Economic Prosperity in Louisiana
Louisiana Workers Compensation Corporation Foundation
Economic Strategy
The Louisiana Workforce Commission Community Foundation (LWCCF) is a newly established foundation seeking to develop an organizational strategy to catalyze economic prosperity in Louisiana through grants, impact investing, and strategic partnerships.
Throughout 2023, LWCCF engaged in a strategic planning process informed by data and expert insights. This process aimed to define the organization’s role and drive significant action for economic prosperity across the state. Fourth Economy was engaged to support a cornerstone of this planning process - a critical analysis of Louisiana’s current economic state compared to other U.S. states. This analysis identified strategic recommendations to guide the organization’s mission-based investment and grantmaking activities.
Our Approach
This project highlights Fourth Economy ’s expertise in economic analysis and index building, philanthropic strategy, and advancing economic mobility. Our analysis identified strategic recommendations to guide the organization’s mission-based investment and grantmaking activities. Fourth Economy researched various indices and frameworks, including our own Fourth Economy Community Index, to identify indicators and metrics aligned with four pillars of prosperity and two strategic priorities for LWCCF. The resulting index compares Louisiana to other states, providing comparative metrics of the state’s performance.
The Results
Fourth Economy delivered the Index as a spreadsheet tool and a comprehensive report. The report summarized the approach used to develop the strategic priorities, the creation of the Louisiana Economic Prosperity Index, and the partner and expert engagement activities that supported prioritization and brainstorming opportunities for LWCCF. The report details the two key strategic priorities that emerged: increasing available capital and supporting business generation and growth. Each priority includes detailed insights into the landscape, opportunities for LWCCF to make a difference, and case studies of promising practices from across the country. Key considerations from expert interviews provide further guidance for LWCCF staff and leadership during the implementation phase.
Location
Louisiana