Daryn Dodson is working with The Idea Village Team to identify promising entrepreneurial individuals in New Orleans and provide the human, financial and social capital to accelerate their growth.
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Village Ventures Programs
The Idea Village assists businesses by providing in-depth business consultation, including setting operational goals, advising and consulting on strategic business matters, connecting entrepreneurs to business mentors, and facilitating access to professional services and capital resources. In short, our goal is to efficiently assess the situation and work with the entrepreneur to appropriately determine how to solve the problems or obstacles to growing the business.
Criteria for Participation:
• For-profit venture
• Located in Orleans Parish
• Generating current revenues of $0-5 million
• Employ a maximum of 50 employees
• Demonstrated proof of concept through one or more of the following: revenue, customers, jobs, or market research supporting the need for the product or service
• Display potential for job creation in the New Orleans region
• Committed to rebuilding and growing business in New Orleans
• Open to receiving professional coaching
• Agree to report quarterly to The Idea Village on the progress of their business
Current Focus:
The Idea Village concentrates resources on entrepreneurs that fit one of three general classifications:
•Current corridor initiatives include: Oretha Castle Haley Blvd. and N. Galvez St.
•(Corridors receiving continued support include: Oak St, Freret St, Bayou Rd, and Magazine St).
CRITICAL INDUSTRY SECTORS for the revitalization and growth of New Orleans
•Upcoming Industry: Green and Sustainable Businesses
•(Previous industries have included: Musicians, Artists, Tourism, Child care and Po-Boy)
GROWTH ENTREPRENEURS include those that have:
•Revenue of $500,000 OR Have a credible plan for generating $500,000 in revenue
•Scalable business
•Growth issues, not survival issues
Menu of Services:
Entrepreneurial success is based on the ability to leverage both knowledge and resources. By offering access to both, The Idea Village accelerates the growth of entrepreneurial ventures. Business development services may include one or all of the following:
1. BUSINESS DEVELOPMENT: Strategy Development; Financial Models; Research
2. MARKETING: Press Releases and Public Relations; Media Training; Marketing Plan; Logo Development; Web Development; Event Facilitation
3. FINANCIAL ASSISTANCE: Grants; Access to loans, Access to private capital
4. PROFESSIONAL SUPPORT: Human Relations Audit; Accounting Audit; Legal Audit; Industry Audit
5. EDUCATION SERVICES: The educational services offered by The Idea Village are dedicated to fostering the entrepreneurial spirit within the New Orleans community.
The Idea Village Process:
The Idea Village has 5 stages of engagement in the business development program. The duration and level of our services will depend on each entrepreneur’s need and The Idea Village capacity for support.
1. APPLY: Entrepreneurs register on-line to become a member of The Idea Village Network of Entrepreneurs. The application form and subsequent interview enables the organization to determine what resources will best support this entrepreneur.
2. ADVISE: The Idea Village will spend up to two hours with qualified entrepreneurs to provide strategic advice and determine if it is well positioned to receive in-depth consulting services. The team considers many factors including employees, capital structure, market size and viability. The Idea Village will make recommendation to other service providers and resources (as appropriate).
3.ASSIST: After the Advise session, The Idea Village will choose companies to be associate members and provide direct assistance over the course of 4-8 weeks through a customized business development plan.
4.INVEST: The Idea Village will determine appropriate entrepreneurs to provide grants and/or provide access to our capital partners.
5.ACCELERATE: The Idea Village will assign a team to the company to maintain an intensive strategic relationship and assist the company in meeting key milestones, networking with resources, connecting to mentors, and uncovering marketing opportunities.
The Idea Village receives dozens of applications each month and we have only a finite amount of time and resources to appropriately and efficiently deliver our services. We do, however, have an extensive network of collaborators and partners and are happy to refer entrepreneurs to organizations that may more effectively fulfill your needs.
Description of Membership:
The Idea Village expanded its business model to a tiered membership for entrepreneurs. Under this tiered membership structure, entrepreneurs join The Idea Village Network and then can choose what level and type of assistance they would like to participate in. The following is a description of the different levels of membership for entrepreneurs:
Basic Membership Entrepreneurs who register with The Idea Village are automatically extended “Basic Membership” and will have access to Basic Member benefits. These include, but are not limited to an electronic newsletter, invitations to networking events and other basic member benefits to facilitate the growth of the business. This is a free service.
Associate Membership Beyond Basic membership benefits, some companies may be eligible to receive assistance in any combination of service including Levels 1, 2 and 3. Levels 1-3 of the tiered membership structure of The Idea Village Entrepreneurial Network is designated “Associate Membership”. Each level provides a different type of assistance which may be accomplished with internal resources, resources from registered service providers or a combination.
Level 1: Strategy Session/Access to Networks Companies that are extended Level 1 Associate Membership may be offered access to The Idea Village Network. The Idea Village will identify and prioritize the most pressing business need of a company and facilitate introductions to potential service providers, business partners and other resources to support its business’ growth. This entails a concentrated 2 to 4 hour strategy session with the company’s management team, where the team can immediately begin to integrate recommendations into its business activities. This may include Idea Village staff or select service providers appropriate to the discussion.
Level 2: Capital Access At this level, The Idea Village will assess a company’s capital requirements and provide information on various sources of public, grant and traditional funding that may be available.
Level 3: Business Development Level 3 Associate Membership provides entrepreneurs immediate and affordable access to business development expertise, services and key support networks. The Idea Village may elect to extend Level 3 Associate Membership to companies that show a lot of promise for growth and economic development but require high level assistance with their business. These services may include business plan refinement, financial analysis, human capital, operations, online strategy, legal assistance, marketing, product development, sales strategy, and strategic partnerships.
The Idea Village “Portfolio” (IV 100) Once all items on custom plan are executed, the company is invited into The Idea Village portfolio and alumni relations program.
Join the Idea Village Entrepreneur Network