Diversity in Entrepreneurship Initiative
This initiative provides support and resources to help minority- and woman-owned businesses in Louisiana grow and scale their operations effectively.
The document provided is lengthy, so let me extract key details and compile a concise summary. If you have specific questions or need a detailed breakdown of any aspect, let me know. Meanwhile, I will focus on creating a comprehensive description of the grant opportunity titled "Diversity in Entrepreneurship Initiative - LED | Louisiana Economic Development." One moment. The Diversity in Entrepreneurship Initiative is a program launched by Louisiana Economic Development (LED) in partnership with the Edward Lowe Foundation. It is designed to support the growth of minority- and woman-owned businesses in Louisiana by addressing the unique challenges these entrepreneurs face. The program aims to help participants identify what scaling means for their businesses and communities, refine their business strategies, and provide access to tools and expertise to execute these strategies effectively. Funding is fully provided by LED, so participation in the program is cost-free for eligible businesses. Services include a virtual kickoff retreat workshop, which spans two hours daily over three consecutive days, three monthly virtual roundtable sessions for peer-to-peer learning, and a customized Strategic Research engagement. Participants can expect to dedicate 12 hours to group sessions and an additional 10-12 hours working with specialists over four months. Eligibility criteria require applicants to have their principal place of business in Louisiana, generate annual revenues between $600,000 and $50 million, and employ between five and 99 people. Companies must also provide products or services beyond their local markets or demonstrate a capacity and desire to expand. Additionally, applicants must be for-profit entities engaged in lawful, commercially useful functions. Participants should hold key decision-making roles within their companies, such as CEO or business owner. The program does not guarantee acceptance, as demand exceeds capacity. Applications are accepted annually between September 1 and September 30, with the initiative commencing in November. LED reviews and selects participants from the applicant pool, and those accepted will collaborate with the Edward Lowe Foundation for pre-program preparations. The evaluation process prioritizes companies that demonstrate both past achievements and future growth potential. A strong emphasis is placed on expanding market reach, particularly outside of Louisiana. However, applicants already receiving other LED incentives are still eligible to apply. For detailed guidance or further inquiries, potential applicants can connect with LED directly. Comprehensive information about the program's structure and objectives is accessible via their official website.
Award Range
Not specified - Not specified
Total Program Funding
Not specified
Number of Awards
Not specified
Matching Requirement
No
Additional Details
The Diversity in Entrepreneurship Initiative provides funding in the form of fully sponsored services and resources, rather than direct financial grants. Below is a breakdown of the funding details, including specific requirements and restrictions for its use: Funding Nature: The funding covers participation costs in the program, including access to workshops, peer-learning sessions, and customized consultations. There is no monetary award provided directly to participants. Use of Funding: Participants benefit from professional development and strategic support services. These include: A virtual kickoff retreat workshop (two hours per day for three days). Monthly virtual peer-learning roundtable sessions (three sessions total). A personalized Strategic Research engagement focusing on specific business growth challenges. Eligibility Requirements: Participants must meet the following criteria: Location: Principal place of business in Louisiana. Revenue: Annual revenue between $600,000 and $50 million. Workforce Size: Between 5 and 99 employees. Market Scope: Operate beyond local markets or demonstrate potential for expansion. Business Type: For-profit organizations conducting lawful and commercially useful activities. Participation Expectations: Participants are required to dedicate approximately 12 hours for group activities and 10-12 hours for one-on-one strategic research engagements over four months. Restrictions: The funding cannot be used outside the scope of the program's provided services. Only businesses that meet the eligibility criteria and are accepted into the program will benefit from the funding. Priority is given to businesses demonstrating strong potential for market expansion and sustained growth. No Cost to Participants: LED provides the funding fully, meaning there are no costs, matching funds, or cost-sharing requirements for eligible and selected participants.
Eligible Applicants
Additional Requirements
In order to be considered for participation in the Diversity in Entrepreneurship Initiative, a business should meet the criteria described below. Company Location – The company must have its principal place of business in Louisiana. Annual Revenue – The company should have annual revenue between $600,000 and $50,000,000. Employees – The company should employ at least five but not more than 100 employees. External Markets – The company should deliver products or services to customers outside their local market or demonstrate the capacity and desire to do so. Lawful Function – The company must be organized for profit to perform a lawful, commercially useful function. Growth – Additional consideration will be given to companies that can demonstrate past and potential growth. Participant Profile – Participants must be a CEO, business owner or key decision maker in the company.
Geographic Eligibility
All
Application Opens
Not specified
Application Closes
Not specified
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