inNOLAvation was created to encourage and facilitate innovation within the minority community. We now live in a New Orleans that is filled with seemingly boundless entrepreneurial energy. Not only is the idea of entrepreneurship flourishing, but many of the ideas being pursued have exceptional economic potential. The high-growth nature of these ideas has made way for the formation of an organic entrepreneurial support system. Many economic development experts believe that this new wave of entrepreneurship will help the City to realize its full economic potential.
Despite this growth in entrepreneurship, minorities are not fully participating in the creation of these innovative businesses. Our belief is that the New Orleans minority community has not fully embraced innovation for a variety of reasons including education and access to capital. We believe that the formation of an innovation support system for minority entrepreneurs is critical to the economic growth of New Orleans as a whole.
2013 inNOLAvation Challenge
The inNOLAvation Challenge is an initiative driven by inNOLAvation with the support of The Idea Village that is designed to encourage the formation of innovative businesses by minority entrepreneurs. The event will take place on Tuesday, March 19, 2013 during New Orleans Entrepreneur Week “NOEW” at Gallier Hall.
The inNOLAvation Challenge is a three-round competition that is aimed at awarding the most innovative ideas with $20,000 of seed capital and donated professional services. The final round of the Challenge will take place during the 2013 Entrepreneur Week hosted by The Idea Village. Up to five finalists will present to a panel of judges in front of a public audience.
Innovation and wealth creation within the minority community has historically been a challenge. According to a study conducted by the Center for Venture Research, only 7% of the firms who presented their concepts to angel investors in 2011 were minority-owned. The growing importance of entrepreneurship in the New Orleans economy is underscored by the need to encourage innovation within the minority community in order to achieve a balanced local economy.
inNOLAvation Challenge Qualification Criteria
The inNOLAvation Challenge is a three-round program. First-round applicants who present the best ideas as judged by a select group of entrepreneurs, investors and professionals will be invited to participate in a subsequent round. Applications will be subject but not limited to the following criteria in order to advance through the program:
How to Apply
All interested parties should complete the fillable PDF form that can be found by clicking here. Completed applications should be emailed to email@example.com. All application are due on Monday, February 18, 2013 by 11:59PM.
Please send any questions to firstname.lastname@example.org.