Eye On Our Future: Idea Village offers entrepreneur's a chance to show their stuff

Many people have come up with a great business idea but just did not know where to begin. A new non-profit company in New Orleans wants to change that.

It's called Idea Village. The founders want to make New Orleans a business magnate to compare with cities like Atlanta, Austin and San Francisco.

It's an interesting prospect for entrepreneur Sue Jernigan, who wants to start a multi-million dollar insulin pump company in New Orleans, where the rate of people with diabetes is high.

"We've planned in the five year plan, 176 jobs here," she says. "That does not count the manufacturing side we're trying to break into this region." Jernigan has a contract with a major health care company, and she runs a similar business out of state, but still needs help and advice on the best way to get started. Her first stop: Idea Village, a non-profit think tank and resource center for business start-ups.

The staff, all entrepreneurs themselves, and volunteer mentors from the business community analyze Jernigan's business plan.

The Idea Village is here to make sure she gets what she needs, keeping in mind that two-thirds of all new jobs are created by entrepreneurs, but 80 percent of new businesses fail.

"The good idea is the easy part. The execution of that idea is the challenge," says Idea Village Tim Williamson.

Williamson should know. He's started two successful multimedia companies out of state, then returned home to New Orleans to launch the web site insideneworleans.com. The idea for Idea Village came over drinks with fellow entrepreneurs at a downtown bar four years ago. They decided to hold a contest, for the best business plan in the city.

"We offered $10,000 for the best idea out there and the most amazing thing happened. This lawyer called the next day called and said, 'I love what you guys are doing. I'll donate $15,000 of legal time, and then an accounting firm gave us $15,000 in accounting time.'"

They ended up with more than $100,000 in services from the business community and 75 people competing. The group knew they tapped into something significant. Williamson helped translate that experience into Idea Village. It opened last year with dozens of volunteer mentors, $500,000 donated by the business community, and a $500,000 grant from City Hall. The program has raised a few eyebrows along the way, some people concerned about the potential for political patronage. Several of the programs' founders have close ties to Mayor Ray Nagin.

Williamson ran Cox Interactive media, affiliated with Cox Communications, where the Mayor was Chief Executive. Another founder, Greg Meffert, is Nagin's Chief Technology Officer.

Williamson says the city supports Idea Village, because it's working. So far 30 entrepreneurs are in the process of realizing their dreams, with many others tapping into various resources. Norman Roussell helps people apply for loans.

"Looking at their credit, helping them write their business plan and financials, and the other information that they need, tax reports and things like that," Roussell explains.

Meanwhile, Omar Aziz, son of the well-known local entrepreneur who started Omar's Pies, has started extra-curricular business clubs at five local high schools.

For anyone seeking their piece of the pie, Idea Village promises to help, with the long-term goal of building New Orleans business base, payroll, tax roll and reputation as a destination for entrepreneurs.

For information on services, or to fill out an online application to join the program, you can log onto www.ideavillage.org.

Depending on how much help you need, you may have to pay a fee, which can be deferred until your business gets off the ground.

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08:26 AM CDT on Wednesday, October 15, 2003
WWLTV.com