Press Release
U.S. EDA Invests to Enhance the Entrepreneurial Ecosystem in New Orleans, Louisiana
June 30, 2011
Contact: John Atwood, (202) 482-4085
WASHINGTON - The U.S. Commerce Department's Economic Development Administration (EDA) today announced a $400,000 grant to The Idea Village of New Orleans, La., to accelerate and strengthen New Orleans' entrepreneurial ecosystem.
"The Idea Village is playing a critical role in building a vibrant entrepreneurial community in the New Orleans region," said U.S. Assistant Secretary of Commerce for Economic Development John Fernandez. "This EDA grant supports the vital work that The Idea Village is doing to create jobs by establishing the New Orleans region as a center for innovation and entrepreneurial development."
"For the last decade, The Idea Village has led a movement to identify, support and retain entrepreneurial talent in New Orleans," said Tim Williamson, Founder and CEO of The Idea Village. "This partnership with the Economic Development Administration furthers our mission to strengthen the entrepreneurial ecosystem, increase our network of supporters, and expand New Orleans Entrepreneur Week for entrepreneurs in the region."
The Idea Village team supports high impact entrepreneurial talent by identifying growth challenges, setting goals, providing business strategy, marketing support and financial direction. In addition, The Idea Village provides access to development grants, talent and innovative work spaces. With a ten year track record and focused strategic plan, The Idea Village will support new entrepreneurial ventures through The Idea Village Entrepreneur Challenge, build the entrepreneurial ecosystem through The IDEAbank and develop entrepreneurial talent through IDEAcorps.
To date, The Idea Village has supported 1101 local entrepreneurs by engaging 1107 professionals and providing over 42,000 hours towards business consulting and allocating $2.7 million in capital.
About the U.S. Economic Development Administration:
The mission of the U.S. Economic Development Administration (EDA) is to lead the federal economic development agenda by promoting competitiveness and preparing the nation's regions for growth and success in the worldwide economy. An agency within the U.S. Department of Commerce, EDA makes investments in economically distressed communities in order to create jobs for U.S. workers, promote American innovation and accelerate long-term sustainable economic growth.