Bright Lights: Interview with Idea Village
FOR IMMEDIATE RELEASE
March 9, 2003
It takes a village of ideas to become a community with a dynamic future. New Orleans might just be blessed with the right mix of professionals, business individuals and city devotees that could help turn business "wanna-be's" into businesses "that are".
One of the new developments coming out of the Nagin Administration is a network of professionals and entrepreneurs laden with ideas. Properly named, it's called The Idea Village.
The goal of Idea Village is to take advantage of the strengths of the city's assets, its professionals and provide aid and support to carefully-screened businesses that possess good ideas and who can utilize the power of the professional community. Over time for those companies that qualify, Idea Village intends to help them transform into thriving businesses ready to compete in the global marketplace of ideas which includes funding opportunities.
In short, Idea Village is composed of a group of young corporate leaders who are active in the civic and political communities. With due respect, it was started by former DotCommers with enough reasons to join the "brain drain", but, prefered to stick it out and create a local "brain sustain". Idea Village intends to create a consortium of ideas and services. It wants to link those qualified companies that need the extra boost with those professional services that are part of the network.
In a blend of public assistance, private entrepreneurship and good intentions, Idea Village has emerged as a useful non-profit public/private partnership that could make a difference. At its very core are the founders' dedication to the city and to the recognition that New Orleans boasts a quality of life roasted by the past and readied to become a fine brew.
In an email interview, Bayoubuzz obtained useful information about IDEA Village from its COO, Allen Bell (former general manager of NOLA.COM) that begins to explain Idea Village's past, its mission and the opportunities for the community:
What is The Idea Village?
The Idea Village Inc. is a non-profit public/private partnership established in April 2002 with the mission of supporting economic development in the New Orleans area by creating a world-class entrepreneurial community.
The Idea Village is the product of three years of dreaming, planning and research by an informal roundtable known as The Loa Group, which identified entrepreneurship as a critical but missing element of economic development in New Orleans. Idea Village President Tim Williamson and COO Allen Bell were among the founders of The Loa Group.
What programs and services does The Idea Village provide?
The Idea Village's core strategy is to assist entrepreneurs in building their businesses through a "boot camp" program that refines their business plans and better prepares them to secure funding. Applicants undergo a four-week evaluation process designed to identify the best business concepts, with an eye toward ventures that will yield high-paying, knowledge-based jobs to maximize overall economic impact in the region.
Entrepreneurs accepted into The Idea Village program gain full access to resources, networks and programs, with a 12-week target timeline for "graduation." Participants are assigned a client manager who helps them identify and prioritize their most pressing business needs and assists in developing and implementing plans to address those needs.
Once a company finishes the accelerator program, The Idea Village announces the "graduation" of the company to its network of angel and venture capital investors, with the goal to have the graduating company secure funding and begin execution of its business plan as quickly as possible. The Idea Village monitors the performance of graduates to track economic impact.
The Idea Village also offers free educational events to provide local entrepreneurs with innovative learning opportunities designed to increase business knowledge and skills for starting, managing and growing their businesses, and conducts Participating in entrepreneurship (PIE) programs in local high schools.
How is The Idea Village funded?
The Idea Village is funded by a combination of public grants and private donations from corporations and individuals.
What does The Idea Village website offer?
All programs and services can be accessed on The Idea Village website, www.ideavillage.org, including application for the entrepreneurship program and registration for free educational events.
How is The Idea Village different from other business accelerator and incubator programs in Louisiana?
The Idea Village business model is focused on building deep and expanding networks of professional service providers to work with our client companies, engaging as many individuals and organizations as possible in entrepreneurial-driven economic development for our state. As a public/private partnership, and with plans to partner with area universities, The Idea Village's strategy to marry the resources of business, government and education creates the strongest platform to provide emerging businesses the support they need to be successful.
Idea Village concentrates on technology-oriented ventures yielding high-wage, knowledge-based jobs. The company is a business accelerator, "pre-incubator," concentrating on early-stage businesses, many pre-revenue, that need professional counsel and guidance in preparation for funding beyond "friends and family." If successful, The Idea Village will gradually "feed" the incubators around the state.
Where does The Idea Village want to be one year from now?
The Idea Village's goal for its first full year of operation is to accept 100 entrepreneurs into business boot camp, with 25 reaching the final review stage and eight "graduating." Over a five-year period, The Idea Village aims to help create 50 new companies, 450 new jobs and a $60 million economic impact.
How do people contact The Idea Village?
For more information about The Idea Village, visit www.ideavillage.org or call (504) 304-3284.
