WWL>Topics>>6-24-14 2pm, Angela, Power Moves NOLA

6-24-14 2pm, Angela, Power Moves NOLA

Jun 24, 2014|

Is entrepreneurship a good way to build a strong economy? The answer is yes…and if you’re woman or minority…and the time is NOW! There's a new initiative called PowerMoves NOLA that could catapalt New Orleans into the #1 minority startup hub. GNO, Inc. partnered with the City of New Orleans, New Orleans Business Alliance and New Orleans Startup Fund to launch PowerMoves NOLA. Their goal? To increase the number of America's venture-backed minority businesses. PowerMovesNOLA is partnering with Essence Fest by having a boot camp and 3 Power Pitch events where 40 minority entrepreneurs will participate. Do you know any women or minorities with great concepts for businesses? Call in and give your pitch! There's a new initiative called PowerMoves NOLA that could catapalt New Orleans into the #1 minority startup hub. GNO,Inc. partnered with the City of New Orleans, New Orleans Business Alliance and New Orleans Startup Fund to launch PowerMoves NOLA. Their goal? To 'increase the number of America's venture-backed minority businesses.' Stats show that only 7% of the firms who presented to Angel investors in 2011 were minority-owned. Less than 1% of venture capital funded startups in 2010 had a black founder. After Katrina, NOLA saw a spike of entrepreneurial activity and is currently leading the nation by 56% in startups per capita.' PowerMoves. NOLA is partnering with Essence Fest by having a bootcamp and 3 Power Pitch events where 40 minority entrepreneurs will participate. Is entrepreneurship a good way to build a strong economy?

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Automatically Generated Transcript (may not be 100% accurate)

Wanted to mention we received a call on our election concerning -- the two laws that having difficulty in the legislature. The one where the governor has vetoed. Dogs being allowed to ride in the backs of trucks they are still being allowed to drive that -- ride in the back of trucks. The danger issue which we had a very nice call from a policeman on the north schori said he would never heard of this are never witnessed anything. In reality. It's roughly a 100000. Dogs are hurled out of cabs of fire trucks nationally. We don't know exactly how many in Louisiana. But almost every shelter will be able to tell you of dogs that have been brought him. Where this has been the case one was just I was just told literally lost -- front legs is still living but it does happen in the state. And it's it's safety and that's the bottom line and I appreciated that call sorry we couldn't get to it. We are now doing a complete mental shift I love this and you're -- -- to. It isn't just the great essence fest that will be bringing in stars to celebrate over the fourth of July weekend. Tech stars and number one business accelerator in the world will be here as part of power moves -- Today entrepreneurial extravaganza. Aimed at increasing the number of minority venture capital backed businesses. Power moves and essence fest have joined hands for what may be one of the most exciting weekends of the year. We're gonna find out more about power moves from believe me some very powerful guests. Leisle Jacobs founder of power moves -- Earl Robinson. New presidents of power -- -- And -- Miller president and CEO of the business alliance I'm thrilled that you Lawler here and we're going to be joined by Michael -- in the next half hour. This is a big deal and I just I'm always thrilled for lest we Jacobs because I think sometimes she's a victim of her own incredible imagination. Not just with the ideas. But getting it done and by golly it did it again honestly -- you you came up with this idea. We need to tell us what we -- so it really wasn't. Outgrowth of her in the prosperity Nolan economic development plan that -- business -- instant when you look in New Orleans quite honestly where abortion name if you think of new violence entrepreneur week by I did village. We have a lot of entrepreneurial talent and energy. And it's very under represented its overwhelmingly. A white man's game. Mom and so looking at that and prosperity Nolan really was -- as a city grows in the bounds we need to make certain that our quarry is not -- them. It is a prosperity said shared by everybody. So I am the CEO of the newer -- startup and it's a nonprofit. And the startup -- -- -- certain. What people do in the minority startup space so we started looking and there was nobody anywhere in the country that had -- let's focus on. And what we learned is only 1%. Of the venture backed businesses nationally have an African American -- Only 1% of the venture capital partners in this country African American. And so we said. After this and it happened very fast -- stepped up to be promotional partner Chevron stepped up to be our sponsoring. A sponsor of the event. And only sponsor and before we knew it we have a tiger by the tail. Started as -- all make you will to a -- session in essence this weekend we're gonna have. Flying forty entrepreneurs and they're coming and from around the country six of forty are from the New Orleans area. We have about 75 VIPs from around the country flying in these -- High level people in and private equity and venture capital thought leaders acted to missions. People serving on public boards folks interested in the space. And over the course of the weekend as she mentioned -- stars is doing boot camp for twenty of those entrepreneurs. A two day intensive boot camp bringing in some of the top mentors and advisors from around the country. We're gonna have three -- sessions -- are taking place and Manning's restaurant on Friday July 4. One is that the essence on stage on Saturday July 6. And there's other events going on it's it's that we now have two and a happy day to load up activities and just a lot of enthusiasm. And I think. -- if you asked media because I've been asked him what what's the vision -- -- to put its simple we want Paramount's Nolan. To be for minority entrepreneurship puts SXSW. Is -- text apps you. And so it'll be a national -- global brand New Orleans as a place for minority startup so is Atlanta is often branded as a place for good. On corporate America for African Americans we want New Orleans to be -- for minority startups and I am very pleased to say that. Earl Robinson has joined us as the new president -- -- -- and he's moving and he and his family and his business here from. From Atlanta absolutely this is a wonderful thing so when you heard from Leslie is thought. I thought quite frankly very interesting and once in a lifetime chance because if you think about. The university venture capital and private equity it's somewhat rare air. In that. Most of the firms are populated. With -- kind of -- to look at certain kind of -- quite frankly not because of inherent bias but just because. There's one model that's worked very very well well the last 125 years. What's most interesting to me about current news Nolan is that we're trying to change that models such that we -- worse. People and ideas in a fundamentally different way so that we get a larger section of the population. That are encouraged to launch companies and take calculated risk. Two X you don't what we think are really innovative ideas so long story short it was he once in a lifetime chance to do something very differently. In open up the pool of prospective talent that we can bring to the city. And so but the thought is every year there will be the special event. Yes -- Paramount snell is going to be well parent whose knowledge is an initiative and every year we'll have a power pitch weekend but apparent signal is more than this weekend. So we're going to on building a national -- attacks of people who are willing to. Donate five hours of their time to mentor advise or help. Let's start out. We are creating Chevron is sponsoring a fellowship program we are going -- pick three of the five but we are going to have five. Minority found its startups. Where we are investing in their company we're providing them technical assistance. And we are gonna help them to an Angel round. And I think for the listing an audience. I think it's real important just to differentiate that promised knowledge is about HEICO startups. So when you think entrepreneurship it's a very large continuum it could be my dad who opened up an insurance agency. Many years ago on. You know his kitchen table it could be the corner grocery store. In this space you're really talking about. People who traditionally have gotten on ideas that are meant to go -- think of a Twitter or think of a FaceBook those attacked once but they're all sorts of ones. And they taken outside capital. And outside capital comes -- as an equity. Positions so people take ownership in the company with the expectation. That it's gonna grow quickly in -- gonna get a return on their investment it's a very risky space. Most startups. No matter. No matter the color or sex of the founder -- I mean there's a high failure rate in this space apple when they make it they tend to make it and and there are and and in a spaceship real opportunity for wealth creation. And real opportunity for job creation. You make it sound so simple but it's going to be a very exciting weekend that. I love this I love the concept of -- I love that it's going to be New Orleans as rightfully should be. And that it is going to help a lot of people and you just said it it could be a wealth builder. Stay with us everyone we're gonna continue our conversation about power moves exactly what's gonna be going on during these pitches and we're talking one of them. Somebody's gonna win 50000 dollars stay with us on Angela under the WL the name is power moon power moon is saying. Brainstorm of great mausoleum. Jacobs thank you I'm looking interface. Who so innovative and is. Really the great John rob Miller with that the business group. You all are laying ground work for something that ultimately hopefully will be new world it's. But it is to help basically African American men and women and other people's color. To get -- on. The money that is out there the support that is out there the equity that is out there to expand their companies that already exist. Power -- So it's a weekend during essence fest is going to be lots of competition. But it starts with the forty that are coming in so who are they and how did you get them. So we began in September. We've looked at about 300 companies we went to New York Chicago Atlanta. The West Coast. Austin and met with entrepreneurs. I think we did our phone interviews or Skype sessions with over 120. And we invited a subset of them to apply and then a subset of those got into the final round and then we Skype to have them do their pitches and from that we picked the two when he. That are actually gonna come and be in one of three -- sessions open to the public. The other twenty 'cause there's forty. Is in partnership with -- stars it's the rising stars program at tech stars. That was a different process that was anyone in the country could apply it was a rigorous application process a 105 people from around the US supplied. And that program is very much targeted to early states tech entrepreneurs of color. And so they pick from -- 105 they -- twenty. So there's twenty entrepreneurs coming here part of the rising stars boot camp I attacks stars. They're going through an intensive. Three days programs -- the program actually started a month ago and have been doing readings and things remotely. And -- will have. What's called a demo day it's not up into the public but they'll have a session that's judged. One of them went 25000 dollars one of them will get a 50000 dollar investment from the New Orleans start -- fund. And five of them will be selected to be part of the national meant to ship program that rising stars does and which feeds into -- -- So it's a wonderful opportunity for some. Entrepreneurs that otherwise would not get exposed to that level of men train and technical assistance and on financial investment. The when he that are coming here to pets. We have three pitch rounds. I have to tell you it was inspiring. As we -- Skype being with these entrepreneurs 'cause it is an incredibly talented. Group coming in to New Orleans. When you think -- -- wants entrepreneur week and we get excited by that town that talents regional we were able to look at what we called deal flow. -- from around the country. And so an example. I mean there's just so many collect samples but there's a company this it's a woman found her she is a Ph.D. from MIT. Eighteen patents -- fourteen patents and she has a company that takes waste product and converts it into turmoil. We have a guy who was with apple one of their lead designers left Aniston and has built this facial recognition program for time cards which is. Just has the apple elegance and how that application works. The -- and we have it's a Tea Party come in and I mean this is just ID of the variety they have an I. -- and echo friendly paper products party supply company that's just been picked up by one of the top three retailers in the country they need capital be able to meet those orders. So and the last one which would probably be the audience favorite if you think of a vending machine. With the with soft drinks this one's called Mansour and instead a soft drinks it makes mixed drinks. So you have alcohol and you have the Coke and the and it lays -- a bar so you can go in little assembly line pitcher olives -- -- -- celery -- And all the hotels Lebanon as a way to it and it looks for ID for age -- and so I mean there's just. This some really great. Entrepreneurs. That are just inspiring and part of what -- snow was going to do is showcase. The innovation. That you can happen leverage the diversity. In our country. You know I'm looking at rob -- I'm looking at the business alliance. And your eyes twinkle because you're looking at this big picture that maybe this will all and nothing immoral it's. Some of these companies. Absolutely I mean acting opportunity for New Orleans is pretty incredible we have an opportunity here to prove to the -- the country. That the deal with number one -- that they are companies that are viable that was one of the first questions are there going to be viable minority companies that can that are in that initial thought was to do -- -- session our victory. The other thing though is that New Orleans really -- robust ecosystem. To support -- and -- historically. Ecosystem. Ecosystem for -- entrepreneurship around the country. So we're really taking latent talent -- pool and -- -- an opportunity to make talent pool are totally productive through entrepreneurship. And New Orleans is as well positioned to win some of these companies in the near term and hopefully long term position ourselves as the place to be. And that's what I find so exciting that we could be the future of something like that. Let's talk about for the for the gun is out there driving his car saying you know I've had this idea. You're not interested in that yet this is more an existing company. An existing company. But it just needs. Money to grow. What you find is there interest what you find is that the runway. For minority companies is much shorter than when runway we -- the amount of time they have to operate. And and lastly and that she wants to chime in on this but at the end of the day what we're talking about is giving these companies bandwidth so that they're connected to better resource this. Not only in terms of money but also in terms of mentors and and technical assistant. He what. Some new to the startups -- -- been in it for about 23 years and and everybody uses different terminology. This is how I would frame. What's the startup space you begin with an idea let's call that I DH. Someone needs to help that entrepreneur with that idea frame it -- that's. And an accelerator and an incubator if you think -- the idea village's motto it's trust your crazy idea. So you have. A group -- comment and help that entrepreneur with an idea what you have the idea and you frame did not. He now need money to prove that that idea actually can exist if that's an -- if that's an application have to building applications it's a product he needed to -- That first stage of money is call friends family and fool around. And the reason is typically the only people that can invest -- a great idea that people really investing people who know you. While you don't have rich family and you don't have rich friends it's kind of hard to raise that friends family people around so what power on the personal wants to do is engage in that theory early round. Is take people who had the idea. Gone through an accelerator incubator frame that idea and now they need some money to prove that idea -- Because a lot of this talent isn't it doesn't happen network of people who can -- -- 25000 dollar check on a very risky venture and it's okay. Because a lot of again a lot of these companies will go out of business because their risky. Why should get to the friends family in full ram that's showing how they typically what will call an Angel. And the game around us now you're raising money from people who don't know you. And you're gonna you gonna do the proof of concept that's telling you this product or service -- now I've got to prove that concept -- So what rounds we're doing at Manning's and it's from ten to twelve on Friday is an Angel -- so these earlier states early on early companies for a fourth. July 4 all looking to raise their first real round of money from other people. And when you -- pitch they're gonna stand on -- stage. And they are going to have a certain length of time. To sell the cons could have six minutes six minutes OK and then they're gonna be a panel of judges that have locked up four minutes task -- questions. Okay and they'll be eight of them pitching and one of them when a 25000 dollar prize all of them will get exposure. Because you've got some very good people in the audience watching them and investors. Did that an -- do you -- cut you've got it first you have to have that. First proof of concept and you go to the Angel round which is your customer validation. Then you have to go and -- market penetration. And that really becomes generally that's a series a round in your raising more than a million -- -- -- have to new round I'm more of I'm more mature early stage companies are all going to raise three to five million dollars and they are. Every one of them is very exciting their further along the likelihood that those companies staying in business is much greater. As a party been in business to three years developing the product. Whereas if you look at the rising stars boot camp which is -- early that's closest to the idea patient. Those people must have been in business less than a year. Okay so the first year you need that boot camp he needs help with your idea as she got a frame an up. And you have to raise your friends and Stanley rapper proof of concept. And -- -- change around to get some customer validation. And then you go racing series around to prove he can take -- scale and an early you're coming from a background of past the angels. Exactly sell you my investment experience he's so what printer but also a lot of slightly warmer to war in passing. So long that private equity continuing meaning from the IPH in her early. Too well developed older companies. -- -- stepping back for a little bit with what Wesley said as the vast majority of companies growing companies in in this country. Are financed in a couple of ways to finance with inherited wealth. Very deep rollodexes. And venture capital. We hope to level the playing field in. Because the complexion of the ethnicity of the founder wouldn't have access to users those buckets. So if I think about my career and some of the things I've seen. There's a prototypical. Usually usual man who walks in who receives funding for the media or tech company. We'd look at the world that are very different way we look beyond that prototypical man and we look for people they don't naturally look like him with just as green an idea. In week rode him we nurtured and we Foster it and bring it into here into moral. Stay with us everyone -- in -- we'll be right back. We -- back talking with Wesley Jenkins Earl Robinson. -- Miller with the business alliance talking about something very exciting that's happening. During essence -- partnered with essence fest. And it's called power moves in it's all about getting. African Americans people of color into the game. Into the mainstream. Of not being funded for their entrepreneurial. Efforts. And Michael Hecht is also joining us by phone and of course Michael is. World renowned for his. Wonderful work that he doesn't think you just won another award like it goes on and on but we appreciate you joining us and just your thoughts on. What this could mean for new world it's. Well what it means for want ads on IQ and a kind word he around all the time. Arm is a couple of things first if we're going to truly have a sustained recovery it's going to be critical that we get full participation in the recovery. Across all demographics sectors and so. Our mood is an attempt to address that dinosaurs are her real surge which we've documented so widely is really shared by everyone. In the community. Secondly it's also about brand. What we've done in the war on now as network known project challenges internment opportunity and the com. Becoming national leaders we've done this in terms of what protection we've done -- the terms of education reform. Now with -- an opportunity out partnership. Chick minority just patient not partnership which is not -- -- locally but -- sure that -- there are a lot of talk about this but nationally. And for a UBA model to replicate across country and that's gonna position to warrant Apollo Theater once again it could crawl. It absolutely is I'd like to talk to all of you I don't know how to phrase this correctly but it's. As we see more African Americans in corporate America in law in medicine etc. Why do you feel it might have lagged in this area. -- -- -- -- -- I only have my experience of wine but we talk to young people ninety MP we talked entrepreneurs in September and October we were sourcing deal. And the come back to them in -- -- they would really like it apply and they had to go back to their corporate job working with. High level consulting firm like they mean our MacKenzie. Because as rob mentioned earlier they didn't have enough runway so I have two children my brother has three all five of them are in and start ups. But they accident college with no debt. They had a car. My daughter said to bomb that's a money. And they came with the resource is that an and they know that if something happens we're there to help them with a -- They weren't expected to send money home they had -- college debt to pay off. And so they entered the startup space with more we column from a more maneuver building more time to find a job or in Destin -- opportunity. So. I think that it's. Then I think entrepreneurship in the space is hard for anyone to succeed and getting that runway at time is really critical to 'cause. When you have a ninety happy generate and that idea and try it out and experiment. We saw a lot of really good people. That didn't make. That didn't have enough runway and so and on the side when we look at the folks who are looking for their series around those are the ones that are really taken to scale. It's better than the other I don't know how the judges are gonna -- It was almost that they were to -- mean every one of these entrepreneurs has unbelievable credentials went to top flight schools have MB a.s Ph.D.s. Patents to their names. As unease is sound there wasn't just an average person and -- should have been more of the average it's like. Because there's not the runway really outstanding. Can make it through but there's not enough space that the person who may just. Beaten a player who. Does a good idea but can't get through it but you know something. The 75 people you're bringing in the powerful people the moneyed people the people who can guide these people. Half to be jumping in because they see this is going to be an untapped area and and wanna be part of that. The quick frankly I think they also receive themselves if you think about the roster folks who we have coming in or VIPs were what. I'm calling -- visionaries dinner. -- yet so Monica Kathy Hughes. Who's twenty for thirty years ago cobble together money and a group of investors in bought her first previously. Now she's tens of reducing container and soon I think if she looks at the profiles. For the folks we have coming in for boot camp for pitching. She'll see a reflection of herself on -- Johnathan Rodgers who's coming in. China's own board of Nike he's on the board of in BC universal he just left the board of Procter & Gamble and he's the founding C. EO of I TV one which was to get the time one of the largest on African American. Television channels. I'm Jonathan in deaths in as an Angel investor. African American producers and directors had hoped in green light films and want to media products. So again these people these are folks who are investing. He and our pool of talent because -- he reflections of themselves. Very very exciting offensive from the very beginning. For them. And and four -- and I think that's what's very important stay with us everyone we're gonna continue our talk. About power moves right after this financial on WW while it's again it's called power moves and it's gonna make. It's gonna make a big difference in the lives of African American onto ignores. It's gonna make a big difference and hopefully help people perceive New Orleans as the as the future place where. Sort of the entrepreneur or breeding ground. We are joined by -- Jacobs who was the founder of this Earl Robinson who is moving here to run it. Thank you very much from Atlanta Michael -- by phone always always our friend and brought Miller with the business alliance. Let's talk about. We've talked about. All of these young entrepreneurs or entrepreneurs coming in we're talking about the judges phenomenal. People who are coming him. What is open to the public that we can all cheer these people wrong. So there at three -- sessions open to the public. If you're and I -- mentioned senator and a sense on Saturday July 5. At 1210. We will have on the Chevron power pitch they'll be four women pitching Sherri shepherd is unseen. You that if mom Melinda Emerson is one of the judges and we're gonna have an hour -- off -- -- on the things. The -- session on July 2 with her so any -- -- -- you can join us on that. That -- session we have two more pitches on and on July 4 Friday July 4 at Manning's restaurant. One is ten to two noon and one is two to 42. To four is -- later stage entrepreneurs the ones we kind of mentioned here. And from ten to twelve is here -- around there are three New Orleans companies pitching and that Angel round it is. Let me get this behind its education every time. It is community health care. And it is crescent -- man it's so those three will be pitching. And again when you. -- pitching these people will talk for six minutes to present to the judges. Why they should win -- some Immelman 25000. Normally try 5000 and what I'll be teen is what -- business. They're not gonna get financial data but why is this a good investment -- why should you believe in my company at the end of the day. -- -- charts of the judges is very simple 25000 dollars to invest which one of these would you invest -- for the best return on your. So simple. Before we run out of time I think we were talking in the commercial that. Every idea has to be burst and I always look at less -- Jacobs because she is so innovative in her thinking. And so important to New Orleans because you do it selflessly. And you have done it consistently over the years weathered the education or this and it won't work unless you have people like this it. Absolutely won't work this year people with Leslie really. Early on in the conversation -- -- working with proper you know defy your plan when equity at the growth strategy emerged recognizing kind of disparity between -- and had not in this city. We've looked at if she nationally and it was nation actually lastly. Pretty much took this conditional on her back. And has pulled together really diverse cross section of business leaders throughout New Orleans to make this work what to -- to about it I mean there has not been. Any negative. Kind of push back. Every time we call someone that you know this from you should be part. They they respond favorably and a lot of that has to do with at least on commitment to -- her work ethic and her investment in in in the finish. You Mickey said that beautifully. Early want to welcome you to the setting is an extraordinary place to live by -- transitioning is always difficult that you will never regret coming here. We're very very excited to be here as my wife and I looked out at the next ten years of our life and thought about cities to raise our son. -- rose and top of the list for a number of reasons but the core reason is something that both Rodney Leisle touched on as. Is one of the only cities who we thought about the places we were gonna move to where. People from diverse backgrounds. In not just kind of complexion ethnicity in this deepened the first backgrounds all rowing in the same direction to address a problem. So is we've thought about the dialogue around. Intellectual pursuits to proceed or or issues regarding race in -- for new ownership. In understanding what we wanted to be part of going forward we talked at New Orleans -- -- for a us in -- and we're very excited about it. That is thrilling I just wanna say to our our listeners out there if you are driving along and you say you know something I do have a business. This is what I need this is the help I need goal and watch one of those pitches. On Friday or Saturday during watch it learn the process and then join up for the next time. Is -- is help out there and there are people who want to encourage people might think that's the bottom line. You -- -- extraordinary thank you very very much Michael -- any final thoughts. -- -- He's tweeting on knowing he has. Look I wanna thank each and every one if you would. And I both are in the -- the -- I'm -- you do it. -- you know and I appreciate it like you Leslie great catalyst for the community. Is just another example what we can do in the -- -- solve a challenge for ourselves but I'll challenge within our country church I think. Beautiful lady and show. Thank you everybody stay with -- everyone will be right you know when something just feels right feels goods this is what the power moves Nolan says to me. Something it's time has come that it's come locally that's really a national movement but housed right here in New Orleans. Is is very very exciting. Once again it's going to be this national initiative ride into world creating power the opportunity. And it's opportunity. A high growth minority entrepreneurship. We have an opportunity to cheer these people -- who were coming for the fourth of July weekend who will be pitching. The ideas that they have the companies have already started for very big prizes. On July 4 at Manning's from 10 AM there will be one of them and that's going to be hosted by Roland Martin. This is where they pitch they pitched their ideas then there's another one to also Manning's with Paul Bronson. Is going to be -- post he's the guy on Oprah who's the relationship expert we love him. And then on Saturday July 5. The big one at the essence fest at the -- convention center and that's going to be hosted by Sherri shepherd. It's exciting it's happening here we cheered them on. Thank you so much for listening to stay with it because the next hour and a very different. We're talking about state budget. I'm Angela I'm that you.