[Congressional Record (Bound Edition), Volume 162 (2016), Part 12]
[Senate]
[Page 16424]
[From the U.S. Government Publishing Office, www.gpo.gov]




                        RECOGNIZING IDEA VILLAGE

 Mr. VITTER. Mr. President, the city of New Orleans has served 
as an economic engine since its founding in 1718. Its location at the 
mouth of the Mississippi River, influential and innovative population, 
and unique accessibility to natural resources have allowed the Big Easy 
to prosper, but it wasn't until recently that New Orleans has become a 
hub of new technology and entrepreneurship. A major part of that 
success is due to Idea Village, an independent nonprofit organization 
that is dedicated to driving economic growth in and around New Orleans.
  In 2000, a group of New Orleans-based technology entrepreneurs came 
together to discuss how to spark economic growth for small businesses 
and entrepreneurs in the Crescent City, in order to make New Orleans 
the hub of entrepreneurship in the South. Allen Bell, Sally Forman, Sam 
Giberga, Darin McAuliffe, Michele Reynoir, Tim Williamson, and Robbie 
Vitrano all agreed that in order to see a lasting change, they should 
create a business accelerator program that partners with the local 
community in order to reinvest in New Orleans-based businesses. Idea 
Village was officially established in 2002 and immediately went to work 
in identifying, supporting, and retaining local entrepreneurs. That 
year, each founder contributed $2,000 to the first business plan 
competition and successfully raised a total of $125,000 to award to the 
winning business.
  In 2005, Hurricane Katrina destroyed much of southeast Louisiana and 
parts of Mississippi. Several New Orleans businesses were damaged and 
closed, putting an enormous strain on the local economy. In 2006, Idea 
Village launched IDEAcorps in partnership with local universities, 
including Tulane University, to help New Orleans businesses rebuild and 
reopen their doors. Following the success of IDEAcorps, Idea Village 
since has launched over 25 initiatives to provide strategic guidance 
and resources to access capital to local businessowners, including 
IDEApitch, IDEAinstitute, among others. One of its most successful 
ventures is the annual New Orleans Entrepreneur Week, NOEW, a festival 
celebrating innovation, entrepreneurship, and new thinking and which 
awards thousands of dollars to several entrepreneurs through various 
pitch competitions and challenges. Each year NOEW engages thousands of 
entrepreneurs, investors, professionals, students, and community 
members to showcase regional startup ventures in industries important 
to New Orleans, including technology, water, education, energy, 
healthcare, and food. Going into its 10th year, NOEW has become an 
important part of New Orleans' festival season.
  Since its inception, Idea Village has provided direct support to more 
than 5,794 entrepreneurs and invested $25 million in New Orleans 
businesses. Currently, entrepreneurial activity in New Orleans is 64 
percent higher than the national average, and much of that success can 
be attributed to the efforts of Idea Village. I would like to recognize 
the entire team at Idea Village and look forward to their continued 
leadership and success in supporting New Orleans entrepreneurs and our 
economy.

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