The Idea Village is launching 504ward’s $100,000 Business Competition for entrepreneurs with business ideas that retain and engage the 23 – 35 year old demographic in New Orleans.  Please visit our youtube page to get your creative juices flowing!

Interested in receiving updates and information about the 504ward Business Competition?  Please e-mail us at businesscompetition@504ward.com and we will alert you when additional resources are donated and update you with reminders about the pending deadline.

About The Business Competition:
Through generous funding from Leslie Jacobs, The Idea Village is seeding the national competition with $100,000 and encouraging the local and national community to contribute additional resources.  Already, 643 Magazine, LLC, Adams and Reese, Jones Walker, Trumpet, Fabre Smith & Coco, Netcom Group, New Orleans Magazine, Gambit Weekly, Human Resources Management Association of Greater New Orleans, Lifestyle Revolution Group, Event Producers, Morgan + Company and Louisiana Technology Park have contributed office space, legal, marketing, website optimization, web development, advertising, staffing, networking facilities, event and media productions, communications planning and data center storage services respectively.  The current value of the prize package has well exceeded $200,000 from the local community and the national network of entrepreneurs, and those who believe in them, are invited to lend their support, as well. 

If you are interested in in providing further financing, discounted or pro-bono services and resources, please contact us at 504ward@504ward.com.

504ward is an initiative of The Idea Village, a 501(c)(3) non-profit organization whose mission is to accelerate the growth of the entrepreneurial community in the New Orleans region by advocating for a culture of innovation and providing strategy, talent and resources to high impact ventures. All cash donations are tax deductible and your in-kind contributions may be tax deductible, in accordance with IRS rulings on non-cash contributions. 

One winner will be selected out of 5 finalists who are flown to New Orleans, if not already in the region. Three different committees will evaluate the applicants during various stages of the competition and the final decision will be made, in part, by an audience of 23-35 year olds in New Orleans.
 
Resources for winning entrepreneur:

1. $100,000 cash prize
   
2. Strategic business consulting and customized execution plan with The Idea Village
3. Professional services and resources (office space, web development, legal, marketing, website optimization, PR, advertising, etc.)

FIRST ROUND APPLICATIONS ARE DUE AT 5:04PM CST ON THURSDAY, DECEMBER 4, 2008.

All Applicant Ventures MUST:

• Be a for-profit venture or a program/project of a for-profit venture
• Demonstrate that the project or business has an ability to effectively retain the 23-35 year old demographic in New Orleans
• Have a high potential for long-term sustainability

PREFERENCE is given to Applicant Ventures that:

• Demonstrate Viability:
• Ability to open and/or become operational within twelve months of grant award
• Financially sustainable within 2 years
• An executive team with the skills and experience to execute the plan
• Demonstrate Impact:
• Identified a need for the product or service in the New Orleans region
• Will help the New Orleans region retain the target demographic
• Venture, product or service can make a long-term impact in New Orleans, as demonstrated by applicant’s commitment to the Greater New Orleans region, sustainability of idea, etc.
  

Please review our Rules and Regulations for additional information regarding criteria, timeline and process.

Please click here to submit your application.

Please click here to download the November 2007 research and focus group findings from FSG Social Impact Advisors regarding the retention of talent in New Orleans.