The Levy-Rosenblum Institute for Entrepreneurship Research (LRI) was founded by Dr. John Elstrott in 1991 to coordinate programming and research on entrepreneurship at the A. B. Freeman School of Business. Dr. Elstrott, who eventually became the chairman of the board for Whole Foods, began teaching at Tulane in 1984, the same year that the business school was renamed after renowned New Orleans business leader Alfred B. Freeman. Dr. Elstrott taught at Freeman for more than thirty years, retiring in 2015.

In April of that year, Albert Lepage announced that he was donating $12.5 million to the Freeman School to establish a new center dedicated to the study and practice of entrepreneurship. Today, the Albert Lepage Center for Entrepreneurship and Innovation oversees and coordinates all of the business school’s entrepreneurship efforts, including the LRI, the Tulane Business Model Competition, and the Tulane Family Business Center.