Idea Village Admits First 'Class' of Companies to Entrepreneurial Accelerator Program

FOR IMMEDIATE RELEASE
August 16, 2002

(New Orleans) The Idea Village today named the first group of companies admitted to its entrepreneurial accelerator program. GourmetFoodMall.com, Document IT and Advanced Software all completed the rigorous three-step screening process. The applications began with a Web submission of an overview of their business plans and culminated in a rapid-fire pitch session with Idea Village board members and elite teams of management, marketing, finance, technology and operations experts. The three companies begin The Idea Village accelerator program on September 1, gaining ongoing access to the Village’s business expertise, the opportunity to use its resource and mentor networks and, upon completion of the program, introduction to sources of investment capital.

"The Idea Village program will get these great ideas to market much quicker by applying our collective resources and bridging the gap between the initial idea and the funding stage,” said Tim Williamson, president of The Idea Village. “This is an excellent group to represent the type of significant, high-growth companies we want to launch here in New Orleans.”

"What a great day this is for both New Orleans and for the emerging companies that will become the first wave to be launched by The Idea Village,” said Charles Gaiennie, chief communications officer for Advanced Software. “If you look at the incredible talent of the people who came together to bring the vision of Idea Village to reality, you’ll see that they could have done this anywhere. The exciting thing is that they choose to do it here in New Orleans. This a great time to do business in New Orleans and we are thrilled to be launching our new business as an Idea Village company.”

Entrepreneurs, business leaders who want to become part of the Village’s resource network, potential mentors and expatriate professionals who want a link to new economic development opportunities in the city can visit the non-profit’s Web site at www.ideavillage.org to submit a plan or get involved in the Village’s programs. “The quality of the initial applications we’ve received is very encouraging,” said Williamson. “These firms represent the next step in the evolution of many of our native industries, applying new technologies in the food, music and healthcare segments. We’re excited about putting these companies through our intensive 12-week program. When they finish, they’ll be ready for funding.”

About The Idea Village

The Idea Village is a non-profit corporation created to provide a network of expertise and investment advice to accelerate business creation in the greater New Orleans region. The vision: to ignite change in New Orleans by creating and nurturing an entrepreneurial environment. The Idea Village is currently working with its initial class of client companies through its accelerator program, which speeds the process of moving from a business plan idea to the funding stage. The ultimate goal is the actual creation of an entrepreneurial village -- a physical community to house emerging businesses, host educational programs for entrepreneurs, spur entrepreneurial thinking in the entire community and serve as a beacon for expatriate New Orleanians looking for opportunities to live and work once again at home. The Idea Village has gathered support from both public and private sector leaders and serves as the official entrepreneurship program for MetroVision.

For complete information, or to submit a business plan idea or join The Idea Village’s growing networks, visit http://www.ideavillage.org.

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