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Entrepreneurs take notice, Biomed needs millions for an EAP - KTBS.com - Shreveport, LA News, Weather and Sports

Entrepreneurs take notice, Biomed needs millions for an EAP

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SHREVEPORT, La. -

It's called an Entrepreneur Acceleration Program. A program that has boosted business markets like Austin, Texas by servicing entrepreneurs. The Biomedical Research Foundation wants to start one in Shreveport. It says the area currently doesn't have a middle-man to bring ideas and investors together. The EAP is the solution for that problem.

Biomed says the program will help North Louisiana entrepreneurs start, grow and keep their businesses right here at home. It's a plan to boost and diversify the area's economy but doesn't come cheap. Biomed needs to find $10 million to start an EAP. It's looking to the Caddo Commission for cash.

Biomed's Jay Meyers has requested the parish grant $500,000 a year for the next five years to fund the EAP. Originally the parish was asked to pay all $10 million. Meyer says, if granted, the money would be saved.

"We're in that process of fundraising so to speak from various entities," Meyers said.

Meyers says an EAP will provide various connections and services to local entrepreneurs and help their ideas reach reality.

"For example, we'll have a website where a person can introduce their idea in a way that provides the opportunity for it to actually be looked at by professionals," Meyers said.

Those professionals will only move forward ideas they feel will produce gains.

"Basically, we're looking for ideas that have the potential to create high paying jobs and, or economic prosperity for the region," Meyers said.

The EAP will then help set up a business plan with an entrepreneur and find local investors to fund it.

"So, it's business services, as well as, organized angels or high net-worth individuals," Meyers said.

The Caddo Commission will decide if it'll fund an EAP later this month. The Biomed does get a portion of your property taxes. Meyers says some of the cost of an EAP will come from that revenue source. The commission and Biomed will travel to Austin in November to view the city's EAP in action.


 

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