WWL>Topics>>3-12-14 12:10pm Garland: on minority entrepreneurs in NOLA

3-12-14 12:10pm Garland: on minority entrepreneurs in NOLA

Mar 12, 2014|

Garland talks with Rod Miller of the New Orleans Business Alliance and Leslie Jacobs of Educate Now! about the opportunities for minority entrepreneurs in the city of New Orleans.

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Automatically Generated Transcript (may not be 100% accurate)

It says it's only tonnes over the last couple years. Remember pre Katrina. And there was a lot of good New Orleans where there was also a lot of -- of the -- -- like talk about one thing because we just weren't attracting business -- -- shouldn't. And what -- the things that I am so. Grateful for when it comes to. Auto accident that important that. Equipment here that they leave with so many bars but he it's bulls who have used party and renders. I'm talking to rob Miller New Orleans business wise president here in studio with me. What I'm talking about -- we're doing a lot of shows from young entrepreneur who were. All over the country all over the world idea village number of other organizations really having tremendous success. But there's one program I haven't seen. Before Katrina or after and it looks like it's here now. Business at him and getting together they're gonna do a program for minority. Entrepreneur two wars. It doesn't surprise me says yeah. Leslie Jacobs righted the top of the results who founder of -- or. Leslie welcomed the show or appreciated tell us. You wouldn't know we will have -- -- about are. Oh I -- wouldn't she's calling it historic. An old economy olives here at this point brought Miller and think we got it -- to where you're talking to the microphone. Tell me about this this program. But the program is called power moves feel the car moves Nolan the director -- Prosperity -- 25 year strategic plan we did. For the economy of New Orleans. And one of the cannon through that plan with about equity is the group's strategy another one was about entrepreneurship. Is being. Key to growing the economy or overtime. So fill in that vein this this program power moves -- early gains to position New Orleans as the a minority entrepreneurship. And the country. And so were large moves -- And or start with the norm for one -- partners. -- July week in in conjunction with the intractable and share. I'll show. The idea is that -- now. High growth companies high growth companies -- companies with projector -- revenues by two million dollars in three to five years our picture back companies. They're not enough minority. Companies that are better scaling and that way and there's really no place in the country that's at stake in the ground say they're going to lead industry -- we can leader. Wouldn't -- a look at some of the U literature on this. Let's see there's. And obviously you're -- try news make it possible for -- org Tuesday. To access capital and also be intrigued. What's the difference between venture capital in. Perfectly. -- -- through so depending on the faith of company. Would depend on kind of what sort of money any human companies are really trying to get started we -- that normally friends and family. And fools and and angels. You know that's their early period capitals just kinda you've got an idea in your -- how to find it. After you get through that they've really you know you start looking super angels that can find a higher level. And more sustainable and that after that you start getting into infected Specter capital. Private equity that's when you -- an established -- much established business is growing at a certain. Be in any kind of revenue to. Sustain yourself to grow even more. A number of the young entrepreneur who were here. But. They came on the show a couple of times they had a good idea that god implemented and they started doing pretty good. But all of at least two of them that said. The problem is for the big venture capital we would get into it's a glove with the city in the plant if that's a real problem in the plans to get around that. Well one of the things that for power moves Nolan really really exciting and we'll sure more about it but the -- on startup -- Actually does happen. Have funding to invest in companies so that's one of the that's one of the solutions of course it's it's it's a start it's not where we all we wanna be collecting -- that. And then there -- a couple of other groups here in the city like the Gulf Coast changes and others that and south coast. Which all -- funds to invest in companies here in New Orleans we need more. And one of them objectives of this program is to power moves to kind of really position New Orleans is the place to pass a lot of -- for normal activity. And it's kind of a chicken and egg scenario as they feed on or activity I believe blog venture capital will follow. And we've got. Wonderful leaders of this New Orleans startup funded and power -- no. Lives we Jacobs joins us Leslie welcome the show. Good to see. You. Well and won't -- -- -- on Staten Island man has -- the -- we invest in early stage on high growth companies bull style that funniest and non profit. Where an evergreen funds generally has won a match well when I'm offended if some of them -- -- investments. I'll have a good action and we get money for that investment into reinvested in the fund to invest in another start up. And we want to officially partner than Italy yesterday. It's going to officially start taking place -- Essence festival which is the July 4 weekend. And we hope. With patented knowledge accomplished three things one in nationally. Only about 7%. On Centre back differences have a minorities account and around 1% -- African American count. And so part of what happens one steal and a national scale. Is. Focus more time. Helping minority partner -- and compact. Two we want to. Make how. -- -- -- to that in any minority. I -- partnership. Based satellite and it can say we like to beat the south by south last. For a minority groups and others. And in doing so my goal is to growth would be number minority found in tension packed differences in New Orleans. Both by helping people currently here and recruiting others to come here. And these -- -- -- helping build stronger ecosystem. I think it will benefit not minority entrepreneurs. In the city. -- little amateur golfers break and when we come back. We're continued. -- -- all vulnerable and concerning. New program business that -- leaders. To bring in the minority. Entrepreneur doors make -- -- literally hollow for this type activity. In the United States. You've got questions or comments we've got the people putting the program together Gibbs called 260170. Told free it succeeds aided 90 heats up. Are welcome back so we continue to talk about a new program I think it's a new program. Sending a business here in New Orleans and -- honored to make it's a ha but. Or minority. On and two wars. We have Leslie Jacobs with who's behind this move called New Orleans sort of bonded. And also the -- side of things coal power removes you know what we're brought Millwood distant suit your New Orleans business alliance president. Leslie and I've read here that you have boot camps. And prizes. At the boot camp's pretty substantial prizes tell me about. I think that I want being. Scotland in New Orleans on the line has been in existence numbered years and we and that again. Early stage high company let -- minority. And so we have and we have. We have a portfolio of companies and -- -- in the balanced fun. Is to help this. On -- consistent in the region. And is that part of violence to increase the access to capital I think you're talking about that at the beginning. And we measure success by an average of every dollar dollar and hasn't -- Which helped on merit gets sixteen additional dollars so we we look at the leopard -- tree. And that's been. -- companies -- we didn't we didn't strategic plan last year and the compared to areas of opportunity. In this region we felt weak and calm focused. You know special that in addition -- still being generalist. And those two areas where one which were not and talk about today and -- now. And that is investing in education -- because there's so much activity going on with the Chatman and then the talent coming into the city. And the second is. Positioning violence and I and the region as -- -- from minority -- And that's where power and then no and then we're doing it in a promotional partnership with Africa and sponsored by action. And it's going to have a theory it's kicking up with a series of events over there. July 4 weekend there are three pitch competitions. The winners of all treatment competitions look at 25000 dollars in prize money one and its competition is this going to be. An official part of the effort program on the -- states four minority women coming to watch her coming to pitch. After the will be profiling all four women and -- -- July issue of this magazine. LBB. -- -- pitch which is going to be on. Friday July 4. It'll be another pitch were still looking for -- sponsored by the violence stock up on tips. It will be born in the company. But again the opportunistic fashion and get 25000 dollars that the attend all sessions. I don't have opportunity have one on one meetings split. Feeds. Series date. We call super angels to get advice and suggestions on pitch in how their positioning themselves. Stopped going to be working to build national will -- Advise people willing to be advisors mentors to these startups. And I believe that each one of them one of their. Talent somebody you really wanna get connected to recommend trying to connect them to that person. We don't have a -- exciting about and it's the -- seems tired. Boot camp it and bad -- being presented by text and text is one entity. Premiere of -- incubators accelerators that not only in the country they they have international offices. And they're gonna come -- to -- at camp. For early stage tacked on minority. -- on two prisoners. And at the end of two camps one on -- went 25000 dollar prize. It started -- -- also going to invest in the 50000 dollars in one of these instances. For the stock and invest in the distance they have to have -- they have to have a connection to this city. We're defining. ACC level executives looking here. And 25% -- war. Of their police here in my -- cities to the region can be Jefferson cash you know it doesn't have to -- New Orleans where regional. Operation. And -- Which as a national magician programs underneath text size is going he'd get five. Five of these. Entrepreneurs put them in international protection program but the huge opportunity. For young. Talented people to get some content from help. An opportunity to -- meant to ship an opportunity for an investment and that's why they can't. Are removed before we gonna have more details. What we did as many people as possible Gibbons called -- -- interest to get an idea. One of personal business and how do it but it's good to Jose and Metairie Jose -- -- -- Luckily my voice was simple to do that prediction doesn't include oh my god entrepreneurs. Yes it will if it includes its -- at the sessions the ones that. An aunt and and the two ads. On July 4 are open actually anyone in the country. Add that the rising stars that -- to get the investment -- in Portland startup time you must be located in the tenth cache region. And it. Broad profile groups of people that would qualify for this or people you're looking for profiles. Of the companies who would you. So what we're talking about as high growth companies companies that. Would have that somewhere and in excess of five million dollars in revenues ideally. Here five. These are companies. In. That are projecting that a project in those sort of a year. Talking about companies that ten they can be technology companies. They can be bioscience companies these tend to be companies that have some sort of disruptive. Approach to business that will allow them to scale Italy to me would treat me you know about -- well. For example it could be a company that comes out with the knew that application. To. Tackle. Some health care challenge that that people. Hat so it could be a help. On their phone for how do you manage your sugars -- do you manager. -- for example that be something that would be novel in the marketplace and that could potentially scale relief. Really quickly it might be something in the education space that would have. Our market. Well beyond just you don't want to school but might have an actual market so we're not talking about products primarily that might be focused morning. -- small market but we're talking products that have national products and services that -- a national and international locations. Who -- here is is this a program. -- work with the ultra -- programs already in place here like I had the ability. The only. Idea village is one of my partners that the launch pad. It's that dairy and logistics cell and example and I did village that there accelerator. And one of the graduates that they accelerate -- propensity. Finished in December is going to be one follow it could mean up by -- and that's. He. It's so well. Which you in New Orleans which is really wonderful is that incredibly coordinated. Ecosystem. That's scary cooperative and supportive of one -- so. Parent of the concessions in July to boot camp in July I'm hopeful some on the people who contracted camp with and apply -- -- is villages accelerator. Which I can take applications since September and operates in the fall. I definitely -- it could have some companies that are helping. And -- -- Delhi which is as consistent round two weeks. And it could be some of the folks know -- participate impoundment. -- I -- villages and help us in doing the man. We are developing expertise. In helping -- and how to put on a good -- than -- -- partners prepare for -- But more importantly the developing expertise and how to help these aren't partners being more strategic. And how they think about their business grow their business and position themselves and and that's the type of our infrastructure and support it and -- partners need to major things I think. You need a good idea but beyond that -- capital. Can you need advisors mentors. And with what I -- village is doing black stocking up on dinner and the program have -- it's all there at majestic. Right -- fuel and its talking about something very exciting. New movement by business through. Program for mine or two on new wars and make us. Well despite. Being known for this site. You've got questions comments gives scope we -- the experts here for the next step while we're two's exit row when it's but he. Told for anywhere in the country it's -- Vietnam and you rule. Oh -- -- submitted to care about the future of New Orleans -- all this news world. Excite. Businesses leaders getting the other new program for online or on -- wars and we. Leslie Jacobs with those. Under it now they start New Orleans or apartment. -- -- New Orleans business alliance president. Broad business alliance that is -- -- city organization. So the business alliance for the public private partnership. That was founded in in 2010 fed up by. By the mayor in partnership with and from the business community to really oh lead economic development for the so we that didn't want to kind of have to be market to work one bucket of workers around the -- and developed development which is jobs and growth so that's everything from. Meeting with companies that are already here to help the -- how to grow to trying to bring in new new businesses and and and retail. Think like Costco. And others so that's one side of working on the other side of our workers. Kind of -- longer term economic direction of the fifty how to position in this city. Could be the most compared to Tuesday that it can be. For business investment. Allegedly why now why this up. And the idea. How -- know attainment hired as a now from the five year strategic plan that rod organization in the world on different lines put together. Which is called prosperity now and I think right now is no unfortunately and I think I want to do Mena region. It's really and I cannot recovery in the city itself is is having me. A rebirth where it is a better cities and it's been quite a long time. But if we don't have a broader participation. In this economic recovery. Isn't foundations going to be we can fall on itself. And I -- this is my person and I think it's incredibly important. -- we -- much more diverse business community we have much more. Black and other and Hispanic. Minority business ownership. And pound finally is an attempt to deal with this in just a little piece of that -- -- partnership high. Mean as rod discussed legally come in a hike that stage so there's. Lots of other -- in the entrepreneurship. Continuum. But for the peace and the reason that the pieces -- -- -- -- stock fund that we indefinitely. Hike that companies. And we've been doing that turn them for years now I think. And I think for some reason -- talent I think detention meant vary from kick -- on -- show -- that could be on the -- when demand for example. I accepted which this has -- you. When he inserting and I Ian has real national national implications is one of our investments we have that in a broader way companies. And that we we iron expertise that is looking at this early stage like that market. Hopefully grooved with how you qualifier but as -- let's say. House minority I get an idea huddle. You know building. Hot dog restaurant on a bit everybody wants ought to -- Through collective the tree can please you have four hot dogs and that -- some Poland and low prices. Good nutrients people showing up but I got to show you'd been on the make five million dollars right. I get an easy example hot dog stand. Bad it is there that day recount how would sit around and this could be it would -- -- coming to say I'm. I've got -- and now I'm going to come up -- national franchising. And typically when you talk early stage. A number -- stages in the early stage the first one that's what we call IP Asian. You have an idea. Well normally he'd need assistance in helping to develop and fine idea that's partly idea. -- her name. Why she developed that I would be -- -- called proof of concept stage. I have no idea. I need to do I need to build -- need to stick if -- -- psychic attacks. Product and need to build the application -- the platform on the software. It fits any product that need to do that product that you can be touched feeling used and so. In that. Cost -- allegations stage -- on me and I put the concept stage it's often called and tactical defense handling fool around. You need people usually the typical company trying to raise about 250000. Dollars less. And you're going to best in the count now they have nothing to share. They don't have a product and service to show you so that's come up on the money to -- it's not like couple friends and family. And Freddie from many minority on partners day don't have. You don't happen at this can which -- a rich family it's very tightly around money. And challenge and accessing capital pride every one. But in many instances it applies even more access to these underrepresented minorities like the -- them like African Americans. He'd done that proof of concept. The next round of call customer validate and now I have a product service I have to show you that people willing to pay money to high. Typically do three rounds are. In the Angel investment world -- there early stage. It's high risk investment and here that think that -- -- invested companies that that's gonna take to pay you know. When you make money you expect to make many many multiples to get money as a number investment mechanical. Issue invested area. Once -- get through that customer validation stage. That's and I think -- time is that what you really goes start wasting your money here venture capital money. That's when you weaving around them you know a million to nine I'd -- racing much doctor -- for money. We that. I'm now is going to play in the -- early stage patterns now going to be investing in companies. Many of them are in the proof of concept and that they're they're trying to -- -- for a 100000 effort to get the and that's the money to me. So -- should can be viewed abroad for my hot dog place Droid did five million Broadway. Now it is now. I. This is going to be big rod that. It. So what happens a lot of times to. Most of these companies tend to be companies that aren't necessarily life now businesses the lifestyle businesses that things that you. -- laundromat -- corner stores. All -- -- a restaurant. That's not really the focus of this this kind. -- effort with. -- -- -- a lot of don't know or don't do secondly that we've gotten taken of the break. Hold that thought come right back can we got a caller what's questions of -- bill were common to. Are welcome back com. Where were. At a brand new program business civic leaders giving the other new program for minority. Entrepreneurs would be. Thought of making this regional area. -- for this psychotic. Activity in -- from what. Rip Leslie Jacobs -- -- that's involved in the fraud and over in New Orleans business alliance president. Let it take one of our callers real quick in the morgue about trivia questions here in the studio that go to Eddie at a urine double. First of all you may want to take my phone number booklets and I have four product better than anything on market. -- an example. I haven't called a plumber know what thirteen years and it doesn't each light. You got clogged -- comic. -- -- It is somewhat applies batted in on marketed the products and that makes. I make myself a kink in my -- market. I'd be more than happy to talk any -- art dealer body about. I'll partnership for where -- can be a minority partner necessary. That's that's a good question earlier boom what do you think -- it's. Leslie. To somebody's not a minority. Pardoned and we did a month -- -- No I wouldn't separate -- two different things and there are a lot. Efforts to help minority can help entrepreneurs. And Andy. And resurgent in the city. So with and I feel like this he can go to IKEA so you can goes to -- did I have to ride maybe names and there's other. Other services out there injures someone -- I'd be looking for business plan accomplish looking for a partner. And that and Anders -- sources out there to you. To focus on and you're in -- cash this check which has its incubator. Took power in the normally that they vary specific program. -- -- -- at least 20% minority ship and the minority have to step after that and pitched. Mean -- that accompanies being invited to pitch. Has been date date date to they have revenues. They have made this plan that. They can sell it until -- earlier answer what makes life a company have confidence in him -- company high. Really. Why it was as well latency and it would be on lifestyle companies grew 20% 10% here. Did so we talk about the island real differences. Many instances currently take loans they take without from the bank of some of the last and they don't give up ownership of their company. When you get into content -- couldn't stay. Beyond Japan is taking in that capital and with the idea they're giving up action. And with the idea at that point has some form of access. Either going public selling to somebody out the form of transaction in these investors can get their money. Usually within and you wouldn't say it's not meant that they and the entire why. Making money as they typically will -- it you know has some form transaction. For the -- -- -- me. You if you have a good product in the night the end and you need to get together with some assistance to highlight to this man to take time. You know this small area working and and really the plan to say cannot cannot make this into a much larger business and the outline need to do. Broad broad when become something like essence festival that's been involved -- and essence magazine. You bring you the VIPs. -- -- what happens with -- them once they get here. So one of the things that we we really wanna do a big piece of this is creating this sense of place so ideally. On an annual basis there will be an understanding that if you want to connect with minority on and on maneuvers you wanna come to the power -- though it. During the path -- That's kind of bursting creating with that and then the second pizzas. Having a space where these. Leaders these could be. What we call all star on new words. Private equity venture capitalists super angels. Even corporate. Folks that are -- in this where they could come together and have a space would be comedian talk about issues related to. -- ideally we would create space that would allow them to come together. Leslie or other cities doing this and if so. Can -- be competitive. Well the reason the stock up on what the pistons -- such opportunity is there's no other city in the country that doing something like this there's no offense in the country that's. I'm doing something like have Benelux. And we think that's how we think it's such a great opportunity to have impact both nationally and locally to teach to leverage the essence festival. -- it and to use that as a convening and the celebration and a way to insisting ground. Underrepresented. Minority status based if you think -- app by -- flat out packed up left began as a music festival. And it's been on the news this entire week because of it's it's now -- You know the technology startup. Conference that is the com verses the music itself. And so we can anybody got the bright happy music -- at the essence festival let and you and we had a great city of new island leverage this. You know New Orleans, Louisiana and the stage we have incredibly competitive. A different environments -- -- sentenced. The state has a 35%. Angel investment tax -- it hasn't created digital media tax credit quality jobs. Tax credits so we can make of their did this case as to why that entrepreneurship to start their distance here on -- their distance -- And by coming down that the ban will have more on that we can make our case can expose them to this city in the region. -- would get about a minute to and let people move that are -- doing that rather have the qualifications. -- apply for this notes from Bonnie. How did -- get out -- -- and doing your own brilliant talk shows but how does somebody find out about power move Hugh Nolan and one of the idea when they get -- So there's a couple things one is go to the website the website is www. Power moves no luck got to work that's www. Power moods and when you try and everything that's going on department know what they're. And yet that's number one number two. I would say is that Leslie and I are both men and others partners are speaking around town about it -- newspaper talk to the media outlets. A number three follow on Twitter at power moves in the -- That to Twitter handle. Four and you can also follow me on Twitter at Robert Miller and tweeting about this as well there's so those are some of that that's where I would start the department more information. Roland do you wouldn't come with me to -- -- impeachment five million dollars. I'll do that -- you can be a bit of this bill and Leslie Brooks thank you so much great idea and as -- goes along -- to do more shows off. Thank you so much that day. Governor Bill Gates of sodium five the -- No goal of the Angeles angels show is that so I think it's food is sitting in today ago lot of great topics. This is that a deal bigots ebony -- at the re open.