listen to this article
The deadline to apply to Idea Village’s VILLAGEx startup accelerator program for Gulf South companies looking to raise at least $1 million in funding within the next 24 months is approaching.
Applications will be accepted until November 1 at https://www.ideavillage.org/villagex.
“VILLAGEx is a highly competitive program designed to accelerate the growth of startups in ways that impact not only the companies themselves, but the entire Gulf South region,” said Idea Village Program Director , said Andrew Albert. “If you are a company that is tackling unique challenges and is at a turning point in its growth, we encourage you to apply.”
VILLAGEx is a 4-month program from January to May. The 10 selected startups will be connected with the mentorship, support, and resources they need to rapidly scale their businesses. Upon completion of the program, alumni companies will receive a $100,000 investment opportunity through the Momentum Fund if they meet the fund’s criteria.
The Momentum Fund was established by Idea Village 670 to specifically invest in VILLAGEx companies, build local founder-friendly patient capital, and provide long-term sustainability for nonprofit business accelerators. It’s a $10,000 private fund. One of the requirements of the Momentum Fund is that VILLAGEx graduate startups must be able to raise twice the amount allocated by the Momentum Fund. The average investment with the Momentum Fund is approximately $100,000.
“The Momentum Fund exists to fund breakout companies that complete The Idea Village’s flagship VILLAGEx accelerator,” said John Atkinson, CEO of The Idea Village. “This fund, supported by private limited partners and a new state SSBCI program, expands the reach of the organization while deepening its impact on the businesses it serves. This makes Idea Village a 501c3 nonprofit organization. As a VILLAGEx company, you will be able to support the company in the long term and ultimately participate in the company’s success.”
VILLAGEx alumni companies include Glass Half Full and WRSTBND. Glass Half Full, a 2023 VILLAGEx alumnus and Momentum Foundation awardee, is building a three-acre recycling plant in Chalmette on the shores of Bayou Bienvenue. WRSTBND, an event technology startup and VILLAGEx 2022 alumnus, recently made headlines after global ticket sales leader AXS acquired a majority stake in the company.
Idea Village, a nonprofit organization, champions innovation and entrepreneurship in New Orleans and throughout the Gulf South. Since its founding in 2000, Idea Village has supported more than 18,000 entrepreneurs through mentorship, coaching, and access to capital. Alumni companies have had an impact of more than $2 billion on the local economy.
