The Idea Village And Tulane University Launch
The Idea Village And Tulane University Launch "IDEAcorps" To Support Local Entrepreneurs With Grants And Technical Assistance
For Immediate Release
July 17, 2006
Initial $100,000 to Target Tourism-Based Businesses
(New Orleans) – Today, The Idea Village and Tulane University launched the first "IDEAcorps" team, a combination of MBA students, community volunteers and professional consultants who will work directly with a diverse portfolio of local entrepreneurs.
The launch of IDEAcorps coincides with an announcement by The Idea Village of plans to distribute $100,000 in relief grants, combined with technical assistance, to local small businesses and entrepreneurs affected by Hurricane Katrina. This is a result of a recent donation from the Louisiana Disaster Recovery Foundation in response to the continued efforts of The Idea Village to revitalize New Orleans through the "IV Business Relief Fund." To date, The Idea Village has raised over $300,000 which has been carefully distributed to 90 qualified businesses and entrepreneurs.
According to Tim Williamson, President of The Idea Village, "This program represents a unique opportunity for The Idea Village to leverage New Orleans's greatest assets - bright, talented individuals – to further our mission of assisting and accelerating the development of local entrepreneurs that drive the New Orleans economy."
This round of grant provisions will focus on tourism-based businesses that exemplify the rich cultural flavor of New Orleans. According to Stephen Perry, President of the New Orleans Metropolitan Convention and Visitors Bureau, "Many local treasures need community support as we work to increase tourism traffic during these slower times. These businesses epitomize New Orleans and are perhaps even more crucial to our community members than to tourists. With the help of The Idea Village and the IDEAcorps team, the rich New Orleans culture that we know and love will be able to survive."
In an effort to preserve these cultural institutions, the IDEAcorps will identify, evaluate and award grants to small, Orleans Parish businesses that are indigenous to New Orleans culture and economy. To qualify, businesses must demonstrate that they were adversely impacted by the hurricane, had a steady increase in revenue prior to August 29, 2005 and displayed a courageous and entrepreneurial spirit in their post-Katrina business endeavors. The grants will range from $1,000 to $10,000 with an average of $5,000. In addition, grant recipients will participate in a personalized strategy session at The Idea Village, partnered with follow-up technical assistance, as well as educational and networking opportunities organized by IDEAcorps members. For further information and to apply for grants, businesses may go to www.ideavillage.org and fill out the application.
According to John Elstrott, a Tulane professor whose Rebuild New Orleans course helped spearhead this initiative, "We expect this diverse and talented team to have a significant impact on local small businesses and the New Orleans economy. This program will pave the way for continued expansion as local universities join us in launching IDEAcorps teams that focus on other industries and sectors vital to the New Orleans economy."
Chairman Donald Powell, Federal Coordinator for Gulf Coast Rebuilding, added, "The continued recovery of the Gulf Coast will take a commitment from all sectors of society coming together. I commend organizations like The Idea Village and Tulane University for their unwavering commitment to rebuilding New Orleans and the important example they set for the rest of the community. A creative combination of resources such as this will help ensure a strong future for New Orleans."
About The Idea Village
The Idea Village, an independent 501 (c)(3) non-profit organization devoted to supporting entrepreneurial ventures in the region, established The Idea Village Business Relief Fund in September 2005 as an emergency grant-making program for qualified small businesses. Companies, foundations and individuals have donated relief dollars to sponsored funds and work with The Idea Village to define criteria for the fund allocations. Since its formal inception in 2002, The Idea Village has become the primary driver for entrepreneurship in New Orleans, supported by more than 300 individuals, corporations, local foundations, Tulane University, University of New Orleans, Greater New Orleans, Inc., the City of New Orleans, and the State of Louisiana.
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