Quantcast

BRF gets entrepreneur program funding - KTBS.com - Shreveport, LA News, Weather and Sports

BRF gets entrepreneur program funding, commission may spend more than two million

Posted: Updated:
SHREVEPORT, La. (KTBS) -

Last year, the Biomedical Research Foundation went before the Caddo Commission's economic development committee with a big request. It was seeking $10 million to start an entrepreneur accelerator program, which helps start-ups grow and thrive into big businesses through services like offering a link to investors. Often these days, entrepreneurs find banks are hesitant to loan cash. Commissioners didn't sit well with the EAP's price tag but voted to fund a reduced price on Thursday.

With infusion of taxpayer dollars from the Caddo Commission and Shreveport City Council, bio-med plans to create a synergized ecosystem entrepreneurs need. The idea for the EAP came from Austin, Texas, one of the country's top markets for tech start-ups. Austin has seen its population and wealth grow since starting its EAP in the late 80's.

Bio-med hopes Shreveport-Bossier will see similar results, a place where entrepreneurs will flock to start businesses. It sees our area's EAP as a one-stop-shop where entrepreneurs with the best ideas meet local, wealthy investors and take their start-up to the next, hopefully moneymaking, level.

Right now, bio-med has the money for the EAP. It's got enough cash to cover five years' operation costs. Shreveport's city council has already kicked in $250,000 for just one year. Thursday, bio-med requested Caddo Parish pay a majority of the cost. It asked for $2.5 million, that's $500,000 a year for the next five years. Commissioners passed the ordinance granting the money. In order for bio-med to get money from the parish each year, it must provide the EAP's progress report every 6 months.

"I think jobs and economic growth and development in the City of Shreveport and especially Caddo Parish is a very, very high top priority of the parish commission," Doug Dominick, the commission president, said. 

He says it will come from the oil and gas reserve fund. "We use money out of the oil and gas fund when we felt it was something that would be very beneficial, not to just one commissioner's district but something that was going to hopefully effect the entire parish."

Dominick says the parish should eventually see its money returned through new taxes from job creation. "This is not just giving, completely, money away," he said. "It's going to be giving incentives for people to come here, to Shreveport and Caddo Parish, to create jobs and build businesses. Ultimately, those tax dollars should be paid back through the economic employment incentives these jobs will create." 

The EAP will need to be a success for those tax generating jobs to be created. CoHab Shreveport-Bossier may be a vital part of the start-up ecosystem the EAP would create. Cohab founder John Grindley says Cohab will keep doing what it does today, offer a place where entrepreneurs can first enter the business community and learn through trial and error.

"I think an entrepreneur's biggest problem, they'll tell you it's money, but I think it's business acclamation..." Grindley said.

At CoHab, entrepreneurs can meet mentors, test out their ideas, get feedback and more before they present their ideas to the EAP.

"An entrepreneur should never get in front of an investor until they're ready and qualified," Grindley said. "Because these power people that have the funds to back an entrepreneur or start a company, they need to know the project has been vetted and gone through a system. We're going to help with system and process."

Bio-med plans to provide $250,000 a year for the EAP. It hopes to have yearly budget of around one million dollars to operate the program.

 

  • News NowMore>>

  • Bossier's 30th Young Marines class graduates

    Bossier's 30th Young Marines class graduates

    Monday, July 28 2014 8:33 AM EDT2014-07-28 12:33:50 GMT
    Photo courtesy Allen J.M. Smith, BPSOPhoto courtesy Allen J.M. Smith, BPSO
    Twenty-nine recruits ranging from eight years old to teen years earned the title as Bossier Sheriff's Young Marines as Class 30 graduated in front of a packed house of 200 people Friday night at the Bossier Sheriff's Substation in Bossier City.
    Twenty-nine recruits ranging from eight years old to teen years earned the title as Bossier Sheriff's Young Marines as Class 30 graduated in front of a packed house of 200 people Friday night at the Bossier Sheriff's Substation in Bossier City.
  • 1 Dead in Shooting in Shreveport's Highland Neighborhood

    1 Dead in Shooting in Shreveport's Highland Neighborhood

    Monday, July 28 2014 7:05 AM EDT2014-07-28 11:05:29 GMT
     One man is dead and his roommate is talking to police about what he says happened on Holly Street near East Kings Highway.
     One man is dead and his roommate is talking to police about what he says happened on Holly Street near East Kings Highway.
  • Aid Group: 2nd American has Ebola in Liberia

    Aid Group: 2nd American has Ebola in Liberia

    Monday, July 28 2014 5:54 AM EDT2014-07-28 09:54:54 GMT
    An official with a North Carolina-based aid group says another American health care worker has tested positive for the Ebola virus at the same West Africa medical compound where an American doctor became infected with the often deadly disease.
    An official with a North Carolina-based aid group says another American health care worker has tested positive for the Ebola virus at the same West Africa medical compound where an American doctor became infected with the often deadly disease.
  • KTBS 3 InvestigatesMore>>

  • KTBS 3 Investigation finds low levels of chlorine in Shreveport's public pools

    KTBS 3 Investigation finds low levels of chlorine in Shreveport's public pools

    Sunday, July 27 2014 10:00 PM EDT2014-07-28 02:00:13 GMT
    National data from the CDC reveals one in eight pool inspections found serious violations that threatened public health and safety and resulted in immediate closure. Pretty gross, right? 
    National data from the CDC reveals one in eight pool inspections found serious violations that threatened public health and safety and resulted in immediate closure. Pretty gross, right? 
  • Overton Brooks' Patient's appointment cancellation causes concern

    Overton Brooks' Patient's appointment cancellation causes concern

    Friday, July 11 2014 2:28 PM EDT2014-07-11 18:28:29 GMT
    We've been told by many veterans that they receive quality care at the V.A. hospital in Shreveport. But for some getting an appointment to see their caregivers is the challenge. According to our V.A., they do not have a problem getting patients seen quickly - and the numbers they report echo that conclusion. We’ve uncovered concerns, however, over how their numbers look so good - while patients are still waiting to be seen.“Certainly from my viewpoint here, as a veteran, as a physician, the c...
    We've been told by many veterans that they receive quality care at the V.A. hospital in Shreveport. But for some getting an appointment to see their caregivers is the challenge. According to our V.A., they do not have a problem getting patients seen quickly - and the numbers they report echo that conclusion. We’ve uncovered concerns, however, over how their numbers look so good - while patients are still waiting to be seen.“Certainly from my viewpoint here, as a veteran, as a physician, the c...
  • Overton Brooks Patient says V.A. is lying about access to care

    Overton Brooks Patient says V.A. is lying about access to care

    Friday, July 11 2014 2:14 PM EDT2014-07-11 18:14:50 GMT
    So far we've brought you a whistle blower employee, and then, after two weeks of waiting, you heard the official V.A. response. But it's said that there are three sides to every story.“We're not challenged for access at Overton Brooks, we can provide same day access, that's why we're encouraging same day access, that's why we're encouraging veterans to enroll into our system.” Those are the words from Interim Director at Overton Brooks V.A. Medical Center, Toby Mathew, during the news confere...
    So far we've brought you a whistle blower employee, and then, after two weeks of waiting, you heard the official V.A. response. But it's said that there are three sides to every story.“We're not challenged for access at Overton Brooks, we can provide same day access, that's why we're encouraging same day access, that's why we're encouraging veterans to enroll into our system.” Those are the words from Interim Director at Overton Brooks V.A. Medical Center, Toby Mathew, during the news confere...
  • ArkLaTex SlideshowsMore>>

  • Bossier's 30th Young Marines class graduates

    Bossier's 30th Young Marines class graduates

    Monday, July 28 2014 8:33 AM EDT2014-07-28 12:33:50 GMT
    Photo courtesy Allen J.M. Smith, BPSOPhoto courtesy Allen J.M. Smith, BPSO
    Twenty-nine recruits ranging from eight years old to teen years earned the title as Bossier Sheriff's Young Marines as Class 30 graduated in front of a packed house of 200 people Friday night at the Bossier Sheriff's Substation in Bossier City.
    Twenty-nine recruits ranging from eight years old to teen years earned the title as Bossier Sheriff's Young Marines as Class 30 graduated in front of a packed house of 200 people Friday night at the Bossier Sheriff's Substation in Bossier City.
  • KTBS 3 St. Jude Dream Home opens for public tours

    KTBS 3 St. Jude Dream Home opens for public tours

    Friday, July 25 2014 9:24 AM EDT2014-07-25 13:24:04 GMT
    KTBS 3 St. Jude Dream Home photos courtesy of Courtney Avery.KTBS 3 St. Jude Dream Home photos courtesy of Courtney Avery.
    The 2014 KTBS 3 St. Jude Dream Home is now open for weekend tours.
    The 2014 KTBS 3 St. Jude Dream Home is now open for weekend tours.
  • ArkLaTex Adoptable Pets

    ArkLaTex Adoptable Pets

    Friday, July 18 2014 8:15 PM EDT2014-07-19 00:15:59 GMT
    There are lots of animals in the Ark-La-Tex who are looking for that perfect home.
    There are lots of animals in the Ark-La-Tex who are looking for that perfect home.
  • NationalMore>>

  • Mom on teen's 9-month absence: She isn't pregnant

    Mom on teen's 9-month absence: She isn't pregnant

    Monday, July 28 2014 8:27 AM EDT2014-07-28 12:27:07 GMT
    The mother of a 15-year-old New Hampshire girl reunited with her family nine months after she vanished says rumors that she was pregnant aren't true.
    The mother of a 15-year-old New Hampshire girl reunited with her family nine months after she vanished says rumors that she was pregnant aren't true.
  • Sarah Palin launches online subscription channel

    Sarah Palin launches online subscription channel

    Monday, July 28 2014 7:25 AM EDT2014-07-28 11:25:32 GMT
    Sarah Palin is starting her own subscription-based online network.
    Sarah Palin has started her own subscription-based online network.
  • It's all over but the arguing in Sterling trial

    It's all over but the arguing in Sterling trial

    Monday, July 28 2014 6:06 AM EDT2014-07-28 10:06:34 GMT
    Only final arguments and a ruling remain in the trial to determine whether Donald Sterling's estranged wife can sell the Los Angeles Clippers to former Microsoft CEO Steve Ballmer for $2 billion.
    Only final arguments and a ruling remain in the trial to determine whether Donald Sterling's estranged wife can sell the Los Angeles Clippers to former Microsoft CEO Steve Ballmer for $2 billion.
  • KTBS 3 News Tips

    Send your news tip or story idea to the KTBS 3 Newsroom.  Enter your email address below to get started.

    * denotes required fields
    We're sorry, but only one entry is allowed per person.
    Thank you for your continued interest.

    Thank you for your submission to KTBS 3 News.  A member of our staff may contact you for more information.

Share Your Images
Powered by WorldNow
    Powered by WorldNow
    All content © Copyright 2000 - 2014 Worldnow and KTBS. All Rights Reserved. For more information on this site, please read our Privacy Policy and Terms of Service.
    Advertising | EEO Public File | KTBS 3 Public File | KPXJ 21 Public File