IDEAfuel
IDEAfuel, supported by Regions Foundation, is a venture accelerator that supports select startups founded by Black, Indigenous, and other People of Color (BIPOC) with non-dilutive capital, 1:1 mentorship, exclusive business resources, and more to help their startups succeed and scale.
Launched in 2021, The Idea Village piloted this program to continue its mission of uplifting and supporting BIPOC founders across the region. With the support of generous sponsors, IDEAfuel has already distributed nearly $100,000 of non-dilutive capital in the first year alone across multiple founders who participated in the program.
IDEAfuel is open to alumni of The Idea Village's early-stage accelerator, IDEAinstitute, or to founders who commit to participating in IDEAinstitute after being accepted into the program.
Interested in participating in the Fall 2024 cohort? Complete the IDEAfuel application below. Applications are reviewed on a rolling basis.
THE GOAL
The goal of the IDEAfuel program is to begin to address the significant shortage of support and capital for BIPOC-founded startups as they navigate the early stages of going to market. According to an article in the Harvard Business Review, less than 1% of Venture Capital distributed each year currently goes to Black founders. In a predominantly Black city like New Orleans, The Idea Village is committed to working against this national industry trend.
With its direct cash infusion and intensive mentorship, IDEAfuel aims to give its competitively selected participants a support system as they navigate a challenging time in an early startup’s growth cycle.
IDEAfuel PROGRAM STRUCTURE
Each IDEAfuel company will receive $15,000 in non-dilutive funding during their cohort. The selection process for the IDEAfuel program will be competitive. IDEAfuel is open to any founder who identifies as BIPOC and has completed IDEAinstitute, or commits to completing IDEAinstitute if accepted into this program.
To be selected for the IDEAfuel program, founders will have to complete the following rounds of evaluation:
Submit venture materials, which include summaries of Use of Funds, Product Roadmap and Financial Projections
Be prepared to have an interview with a member of The Idea Village team
Do a private VC-style pitch with the IDEAfuel selection committee
SELECTION CRITERIA
The Idea Village evaluates startups on the core criteria of Product, Team, Traction, and Market. BIPOC founders who are eligible for IDEAfuelwill be evaluated across Product Vision, Background, Execution Capacity, Market Opportunity, and Coachability.
Product Vision | Can the founder or founding team convey a clear vision for a unique product or service that does not exist in the marketplace today? Can they envision how to build it and articulate how it is different and why it is needed?
Background, Personal Biography, and Market Experience | Does the founder or founding team “fit" with the problem space to be explored? Does he/she or they have relevant experience or perspective on the problem solution or technology and/or the relationships and resources to bring it to market?
Execution Capacity | Is the founder or founding team demonstrating their ability to execute through prior experience, thoroughness, timeliness, and/or responsiveness?
Market Opportunity | Is the opportunity clearly defined and feasible? Is the market big enough to matter but small enough to tackle? Does the defined customer feel real pain or stand to meaningfully gain from the proposed solution to the problem?
Coachability | How does the founder learn and take feedback? Are they willing to work in a collaborative environment? Can we help them?
IDEAfuel Partners
We would like to extend a special thank you to our IDEAfuel 2024 sponsors. Thanks to their generous support, The Idea Village is able to continue uplifting and supporting IDEAfuel BIPOC founders throughout the region, as they strive to build innovative and scalable companies.
