FIVE TAKEAWAYS FROM OUR 2020 IMPACT REPORT
It’s certainly been an unparalleled year, and one theme that sticks out to us is reinvention—entrepreneurs are a source of constant reinvention, and throughout this year we’ve seen founders and companies overcome overwhelming odds and reinvent themselves to meet our community’s needs and pay it forward. We’re looking back with lots of gratitude for our Village of founders, partners, and supporters, and the work we have done together. Whether you’re a long-time member of our startup community or new to our work supporting founders in New Orleans, we’re excited to share some key takeaways from our 2020 Impact Report on our newly launched blog, Village Views.
1
TWENTY YEARS, 13,342 ENTREPRENEURS SERVED
Some context—The Idea Village has been working with partners, founders, and community members to support the New Orleans entrepreneurial ecosystem for over two decades. Here are some highlights of that work by the numbers:
The reach of our Village is wide: we’ve served over 13,340 entrepreneurs
We have provided direct support to entrepreneurs through over 94,220 direct mentor hours and $32.9 million in resources
277 companies have gone through our accelerator programs, and of them, 66% are still in business
To date, alumni companies have raised $352 million in capital
In 2019, alumni companies produced $267M in annual revenue
3,410 individuals are currently employed by alumni companies
Founders pay it forward to the next generation of entrepreneurs: 1 in 5 Idea Village entrepreneurs have gone on to start another business, and more than half have invested, mentored, or founded another company.
2
RESILIENCY REIGNS
When the COVID-19 crisis started, the regional entrepreneurial ecosystems of South Louisiana came together to offer support to entrepreneurs, and we watched our Village of founders and their supporters demonstrate incredible resilience in the face of unprecedented challenges.
We partnered with Nexus LA, Opportunity Machine, and Silicon Bayou to produce the Resiliency Series, a weekly event giving entrepreneurs facing pandemic challenges an opportunity to network, support each other, and learn from people with experience in finding opportunities during crisis—because entrepreneurs bend, but do not break.
We were continuously inspired by (though, not surprised) by the way our alumni companies offered support to their communities during COVID-19:
When COVID-19 strained the capacity of doctor’s waiting rooms, DOCPACE delivered a technology-enabled solution that allowed patients to have a virtual waiting experience and minimize the physical interactions.
When the community’s need for hand sanitizer increased sharply, Stop and Block and Geaux Water both adapted by pivoting the use of their technology to create hand sanitizer dispensers.
When Tulane dorms were shut down, Oh Shoot! added moving and storage services to their offerings for Tulane students.
When artists could no longer perform for crowds, Culturalyst added the ability for artists to stream events on their platform via Facebook Live with an added feature for tipping.
When school went virtual, Junction Place Sports opened a brick and mortar Academy Camp to support students whose families require a care option outside the home for virtual learning.
When masks and PPE were desperately needed, Pet Krewe was able to donate thousands of masks to support those on the front lines.
3
BLACK LIVES MATTER
We know for a fact that startup communities, including ours here in New Orleans, have a diversity problem that stems from the inequality in the tech sector, educational institutions, and access to capital, and we also know that companies with high levels of diversity and an inclusive work environment are more innovative and make better decisions. This year has put a spotlight on racial injustices, and we’ve been taking a critical look at the ways The Idea Village has contributed to injustices and the role we can play in addressing them by working towards incorporating anti-racism into our programming. We are working to build a more diverse community in New Orleans and are committed to:
Increasing representation on our board of directors
Increasing diversity of our team to bring more voices to the table
Improving the tracking of diversity across our programs
Creating better pathways to increase mentors and investors of color
Investing in building a pipeline that intentionally recruits founders of color focused on building scalable startups
Examining our own practices for inclusivity and help our cohort companies build inclusive environments within their own organizations that help more people access jobs within the tech sector
4
OUR PROGRAMS MAKE A DIFFERENCE
The work we do has one overarching goal: to serve and support the New Orleans startup community. We’re grateful for the opportunity to do this through a variety of programs designed to facilitate connections, foster a sense of community, encourage innovation, and provide direct support to the people that are solving problems and creating economic growth in our communities.
VILLAGEx is our flagship offering and invites a cohort of competitively selected tech-enabled startups to participate in an intensive, 16-week accelerator program where they are supported with one-on-one mentorship, networking opportunities, fundraising support, and resources to help them scale their startups.
Why it matters: VILLAGEx supports founders, helps them grow their businesses, and encourages innovation and economic growth.
ENERGYx is a customized accelerator program in partnership with Shell Gamechanger. Our 2020 partnership focused on companies with emerging novel technologies for coastal construction and water management.
Why it matters: This program allowed us to harness the power of a corporate partnership to bolster innovative ideas from startups to contribute to solutions for a big problem for our region: coastal erosion.
Demo Day for both accelerator programs was held virtually due to COVID-19, and the online event connected hundreds of stakeholders with our startups and we were able to hear some incredible pitches and celebrate the work our companies had completed.
Why our accelerators matter: Our 16 2020 companies raised $3.76 million in capital, created 63 jobs, and earned $529,668 in annual revenue.
IDEAinstitute is our 10-week pre-accelerator program. In 2020, this program served 59 entrepreneurs in total providing them with the curriculum to build a scalable startup, opportunities for individualized mentoring in financial modeling and pitch coaching, and included a Mini-Demo Day with a cash prize at the end of the course.
Why it matters: It helps aspiring founders take an idea and turn it into a scalable business.
48 hour Launch is a fun but intensive weekend we hosted in partnership with Venture for America and Launchpad, where individuals join cross-functional teams and come together to create a viable business.
Why it matters: It gives community members and entrepreneurs a chance to join a team, market test their ideas, meet with mentors to form strategies, and present findings to an audience of key stakeholders in New Orleans.
IDEAsessions are free, one-on-one strategy sessions designed to support entrepreneurs with specific challenges, questions, or problems. This year, we partnered with trepwise to provide 18-hours of direct consulting.
Why it matters: It’s an opportunity to directly serve more entrepreneurs from the community outside of our accelerator programming.
Community Content is our free monthly networking and educational event series. This year, with generous support from Regions Bank and our partners at The Shop, we were able to serve over 600 attendees across 11 events.
Why it matters: It’s an open door for community members to learn, connect, and improve their business.
5
MENTORSHIP MAKES THE MAGIC HAPPEN
The work we do wouldn't be possible without an amazing network of mentors who provide lasting support that founders need to be successful. We have a diverse team of seasoned founders, investors, corporate partners, CEOs, and industry experts from New Orleans and many other cities around the country. And this year, over 20% of our mentors were alumni from our accelerator programs—we love to see our founders pay it forward and support the next generation of leaders and entrepreneurs.
LOOKING AHEAD TO A BRIGHT FUTURE
We’re looking forward to the next year of working with partners and founders in our region to realize our vision of an inclusive, sustaining startup community. If you believe in an exceptional future for New Orleans too and want to get involved, you can check out some ways here. If you want to follow our work or find out what we’re up to, you can follow us on social media. We’re grateful for our Village and your continued faith in the transformative power of entrepreneurship!