Inaugural Tenant for The Idea Village @ N. Galvez And Launch Of “Pay It Forward Grant Fund”
THE
AND LAUNCH OF “PAY IT FORWARD GRANT FUND”
Business
For Immediate Release
(New Orleans) April 8, 2008 – Today, The Idea Village announces that Phillina Carradine of Reflections of Beauty has been selected as the inaugural tenant for the retail space in The Idea Village @ N. Galvez Business Innovation Center (IV @ N. Galvez) in the Upper Ninth Ward. For over ten years, Carradine has imagined owning her own natural hair salon. Now, her dream is primed for reality, complete with:
• 1000 square feet of ground floor retail space
• One year free rent
• 2nd year of subsidized rent at 50% of market rate
• Professional support from The Idea Village, including strategic consulting, marketing/PR, and financial modeling
• Access to services from The Idea Village Innovation Network, including accounting, legal, and web development
• $28,000 grant for equipment, supplies and staffing
IV @ N. Galvez is a pilot model designed to foster innovation and entrepreneurship with retail and office space, technology center, conference facilities, and technical business support. To address the physical and resource issues faced by recovering businesses, The Idea Village is developing a network of Business Innovation Centers with the first affiliate in the Upper 9th Ward where Habitat for Humanity has its highest concentration of housing redevelopment.
Through an innovative partnership between The Idea Village and the Stanford Graduate School of Business, fourteen MBA students from around the world spent an intensive week developing sustainable business models for four candidates selected as finalists for the space. The Stanford team raised $50,000 which The Idea Village matched to seed the initial $100,000 for "The Idea Village @ N. Galvez Pay It Forward Grant Fund™," a fund in which entrepreneurs supported are encouraged to reinvest in the Upper Ninth Ward community.
Tim Williamson, President and co-founder of The Idea Village explains, “New Orleans is a laboratory of innovation right now. Phillina is a pioneer who will be a catalyst for entrepreneurial activity in the Upper Ninth Ward. By connecting a global network of talent to opportunities in New Orleans, we can drive social and economic change.”
The week culminated in recommendations to an advisory panel of key business and civic leaders, including Sam Giberga, VP/General Counsel of Hornbeck Offshore Services; Katherine Prevost, President of Bunny Friend Neighborhood Association; Pres Kabacoff, CEO of HRI Properties; Margaret Beer, Communications Director of BNOB Commission; Kenneth Beer, Senior VP/CFO of Stone Energy Corporation; Dana Eness, Program Coordinator of Stay Local!; and Robin Barnes, Senior VP of Seedco Financial Services. Three criteria guided the selection of Carradine for the space:
1. Personal characteristics and entrepreneurial spirit
2. Business proposition and financial sustainability in IV @ N. Galvez
3. Community benefit
Carradine was brought to tears when the team shared with her the news, “This opportunity changes my life. In the hardships of post-Katrina, it is overwhelming to receive this support for a dream that has been a lifetime in the making.”
ABOUT THE
The
ABOUT IDEAcorps™
Stanford is part of the IDEAcorps™ program that connects civic and business-minded university students to New Orleans-based entrepreneurial ventures. To date, The Idea Village has engaged over 230 students from 7 universities to support 180 local entrepreneurs. Partner universities include: Tulane University, Stanford University, Harvard University, Massachusetts Institute of Technology,
ABOUT THE
IV @ N. Galvez represents a unique partnership between the generous sponsors: Regions Bank, New Orleans Area Habitat for Humanity, Bunny Friend Neighborhood Association, Mercy Corps, Louisiana Disaster Recovery Foundation, RosaMary Foundation, Target Markets Program Administrators Association, Ms. Foundation, and Mary Freeman Wisdom Foundation. The center is located at
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