$1,000,000 INNOVATION FUND CHALLENGE
EXCLUSIVELY FOR CUREx FELLOWS
Please review our Rules and Regulations for additional information.
Please click here for Frequently Asked Questions.
ABOUT THE INNOVATION FUND FOR CUREx FELLOWS
In an effort to catalyze innovation in the sector of affordable housing, The Idea Village, in partnership with Greater New Orleans, Inc. (GNO, Inc.), is launching the Innovation Fund for CUREx Fellows to provide $1,000,000 in pre-development resources, living stipends and technical support, exclusively for CUREx Fellows to start ventures that identify and address critical real estate barriers to affordable housing challenges.
Primary objectives of the Fund include:
- Accelerate the development of ventures that address key barriers in affordable housing
- Engage Fellows, the next generation of urban redevelopment leaders, in long-term New Orleans revitalization
- Drive entrepreneurship and innovation in the development of replicable real estate models
- Elevate the challenges in affordable housing, as well as opportunities for private investment, to a global audience
AWARDS
Three (3) winning ventures will receive the following:
- Access to $500,000 in pre-development funds, based on strength of proposal, that will be allocated amongst the three winning ventures
- Living stipend of $100,000 to be allocated to each winning venture over 2 years
- Eight (8) months of customized business consulting from The Idea Village, which may include strategic consulting, marketing support and financial modeling
- Specialized consultants to assist in the execution of each venture concept
- Access to the Boards of Directors and networks of The Idea Village and GNO, Inc., which include some the most respected and experienced business and civic leaders in New Orleans
Examples of eligible ventures may include, but are not limited to, those that transform mixed-income, mixed-use affordable housing, develop financing tools that increase opportunities for affordable housing ventures, or improve how affordable housing delivers a wider range of services to their residents.
PROCESS
Applications: Winning ventures will be determined through a transparent, competitive process. Applicants are required to submit a business plan that is no more than 50 pages (including attachments) and should include an executive summary, market analysis, financing plan, competitor analysis and financial summary. Applicants must also conduct a final presentation with key highlights of his/her venture and a snapshot of a 90-day action plan.
Applicants must declare his/her intention to apply by January 30, 2009 at 5PM by sending an email to Miji Park at miji@ideavillage.org . Business Plans are due on Friday, February 27 at 5PM. Final Presentations will take place on Thursday, March 12. The time and place of the presentations will be announced at a later date.
Judging: The Final Judging Panel will consist of at least 7 judges with expertise that may include affordable housing, community development, real estate finance, entrepreneurship, urban planning, tax credits, government, and real estate development. The Final Judging Panel will review and score each business plan before it views and scores the Final Presentation based on scorecards developed by The Idea Village.
Winning ventures will be announced by Monday, March 16.
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CRITERIA
Objective Criteria: All ventures must:
- Be located in Orleans Parish
- Focus on real estate
- Display ability to address a key barrier to affordable housing development
- Commit to growing in the New Orleans region
- Include at least one CUREx Fellow on its management team
- Pledge to quarterly reporting on key milestones and measurements
- Participate in any and all rounds of the application process, including background/credit checks
Subjective Criteria: All ventures will be evaluated according to the following characteristics:
- Housing Impact: Impact challenged populations, measured by # of units, cost per unit, and/or project performance
- Economic Impact: Create positive economic change
- Viability: Demonstrate viability through one or more of the following: projected revenue, customers, jobs, and/or market research supporting the need for the product or service
- Financing: Attractive to investors and/or other philanthropic resources
- Strength of Applicant: Exhibit skills and experience to develop viable venture
- Strategy for Opening: Able to envision and articulate an action plan for opening
- Values and Ethics: Display integrity and respect for the law
- Sustainability: Exhibit potential to become a sustainable entity in a realistic timeframe
- Innovation: Demonstrate an ability and interest to change and improve the system of affordable housing real estate
Preferences: The Innovation Fund will have a preference for those ventures that emphasize the following:
- Scale: Able to scale or become a model for affordable housing development
- Environment: Emphasize importance of environmental sustainability
- Risk: Willing to accept greater calculated risk to achieve higher impact
ABOUT THE IDEA VILLAGE AND GNO, INC.
The Idea Village is driving the management of the Fund, in collaboration with GNO, Inc. The Idea Village mission is to sow the seeds of change through innovation and entrepreneurship in the New Orleans region. Founded in 2002 on the belief that entrepreneurs drive economic and social change, The Idea Village accelerates the growth of the entrepreneurial community in the New Orleans region by providing strategy, talent and resources to high-impact ventures.
GNO, Inc. is a public/private partnership formed in January 2004 to spearhead economic development for the 10-parish Greater New Orleans region. Its mission is to serve as the regional catalyst for wealth creation in partnership with the economic functions of 9 parishes and City of New Orleans.
If you have any additional questions, please do not hesitate to email Miji Park at miji@ideavillage.org
We will answer your questions in a timely fashion and, if relevant, post them for all CUREx Fellows.
Trust Your Crazy Ideas and Good Luck!