The Idea Village Announces Portfolio of Entrepreneurs To Provide Grants And Technical Assistance

The Idea Village Announces Portfolio of Entrepreneurs To Provide Grants And Technical Assistance

Embargo Press Release
August 25, 2006

$100,000 will be distributed to eclectic New Orleans businesses

(New Orleans) – Today, The Idea Village will award $100,000 in “triage” relief grants to 20 small businesses affected by Hurricane Katrina.  Culturally-indigenous businesses were selected by the inaugural IDEAcorps team, a combination of MBA students, community volunteers and professional consultants who will work directly with this diverse portfolio and help them adapt to post-Katrina New Orleans. 

An average of $5,000 will be awarded to each business after participating in a personalized strategy session at The Idea Village. The lead sponsor for this round of relief grants is the Louisiana Disaster Recovery Foundation. 

The businesses that will receive grants and tailored technical assistance include Magic Tours, New Orleans Cooking Experience, Ovah da Rivah, Voodoo Authentica, India House, Grand Victorian B&B, The Praline Connection, Two Sisters Restaurant, Leah’s Pralines, Creole Delicacies, Fleur de Paris, Jazzy Ice, Louisiana Folk Art Museum, Three Ring Circus, Wehmeier’s Belts, Bourbon French Parfums, The Music Shed, Home Team Productions, Whiteoak Productions, and Maskarade.

According to Tim Williamson, President of The Idea Village, "Our primary goal was to develop a clear, transparent and efficient process to assist and accelerate local entrepreneurs.  By combining our task force of MBA students with an advisory board of community leaders, we were able to make smart assessments in a timely manner.  We intend to replicate this model with different teams focused on different industry sectors as we continue our mission of serving the New Orleans entrepreneurial community.”

Each IDEAcorps team will have a unique board of community leaders to advise the team on their assessment and selection.  With a focus on tourism-based businesses, the inaugural IDEAcorps team’s advisory board combines leaders who represent the rich cultural fabric of New Orleans, including Stephen Perry, Margo Dubos, David Sylvester, Quint Davis, David Guidry, Lee Reid, Shawn Barney, Mark Romig, Jonathon Ferrara, Suzanne Mestayer and Paige Arnof.

At the advisory board meeting, Stephen Perry, President of the New Orleans Metropolitan Convention and Visitors Bureau, remarked, "I commend The Idea Village and the IDEAcorps team for their tremendous hard work and dedication in selecting these entrepreneurs.  With this level of commitment and due diligence, I think several zeros should be added to the grant sum.”  

The Idea Village has identified that many tourism-based businesses have an urgent need for marketing and online assistance.  To that end, Trumpet Advertising and MakeBuzz have dedicated their time and expertise to assisting the entrepreneurs through workshops and individual assistance.  Furthermore, The Idea Village is partnering with SEEDCO, a New York based financial assistance organization, in co-hosting a financing workshop in September.

Jonathan Ferrara, artist and entrepreneur explains, “Financial relief alone is not enough to sustain or grow our businesses. The Idea Village offers a unique service in combining technical assistance, strategic consulting, and networking opportunities to help these entrepreneurs brave an unchartered territory.”

To join the Idea Village network of entrepreneurs, businesses may go to www.ideavillage.org and fill out the form under Information and Resources. Over $400,000 has been raised with cash grants provided to over 110 affected businesses through The Idea Village Business Relief Fund since Hurricane Katrina.

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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