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.

 

  • KTBS 3 InvestigatesMore>>

  • Living on the taxpayer's dime: 3 Investigates state official perks

    Living on the taxpayer's dime: 3 Investigates state official perks

    Monday, August 18 2014 12:18 PM EDT2014-08-18 16:18:15 GMT
    The Superintendent of Louisiana State Police, Colonel Mike Edmonson, has been thrust into a different limelight recently, after a new law gave him a pension boost given to almost no one else. And now we're learning of another perk he enjoys. 
    The Superintendent of Louisiana State Police, Colonel Mike Edmonson, has been thrust into a different limelight recently, after a new law gave him a pension boost given to almost no one else. And now we're learning of another perk he enjoys. 
  • Documents obtained by KTBS indicate compliance issues not a problem until University Health takeover of LSU

    Documents obtained by KTBS indicate compliance issues not a problem until University Health takeover of LSU

    Friday, August 15 2014 4:20 PM EDT2014-08-15 20:20:00 GMT
    The most controversial allegation by University Health hinted at in official documents is the "dual system of care for insured versus uninsured." 
    The most controversial allegation by University Health hinted at in official documents is the "dual system of care for insured versus uninsured." 
  • 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? 
  • ArkLaTex SlideshowsMore>>

  • UPDATED: More BACK TO SCHOOL Pictures 2014

    UPDATED: More BACK TO SCHOOL Pictures 2014

    Tuesday, August 19 2014 10:24 PM EDT2014-08-20 02:24:15 GMT
    2014 Back to School cuties ! Still time to send them to in to #KTBSBTS and UShare@ktbs.com
    2014 Back to School cuties ! Still time to send them to in to #KTBSBTS and UShare@ktbs.com
  • Updated: Latest pictures of Friday in Pink!

    Updated: Latest pictures of Friday in Pink!

    Monday, August 18 2014 11:09 AM EDT2014-08-18 15:09:28 GMT
    Check out the latest pictures of the Friday and Pink Event last Friday where there was a sea of pink in Shreveport,. It was all part of the Friday in Pink campaign. Susan G. Komen of Northwest Louisiana hosted a Friday in Pink, a 12 hour live remote with TownSquare Media and KTBS 3, designed to create breast cancer awareness.
    Check out the latest pictures of the Friday and Pink Event last Friday where there was a sea of pink in Shreveport,. It was all part of the Friday in Pink campaign. Susan G. Komen of Northwest Louisiana hosted a Friday in Pink, a 12 hour live remote with TownSquare Media and KTBS 3, designed to create breast cancer awareness.
  • ArkLaTex Adoptable Pets

    ArkLaTex Adoptable Pets

    Friday, August 15 2014 7:17 PM EDT2014-08-15 23:17:40 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.
  • Assignment EducationMore>>

  • 40 percent of Texas graduates took ACT

    40 percent of Texas graduates took ACT

    Wednesday, August 20 2014 5:52 AM EDT2014-08-20 09:52:27 GMT
    A report from the organization that produces the ACT college entrance exam says about 40 percent of Texas' graduating class this year took the test.
    A report from the organization that produces the ACT college entrance exam says about 40 percent of Texas' graduating class this year took the test.
  • Judge rules against Jindal in Common Core lawsuit

    Judge rules against Jindal in Common Core lawsuit

    Wednesday, August 20 2014 5:48 AM EDT2014-08-20 09:48:58 GMT
    A state judge has ruled against Gov. Bobby Jindal in a lawsuit filed by Common Core supporters, lifting a contract suspension Jindal enacted to derail the multi-state education standards.
    A state judge has ruled against Gov. Bobby Jindal in a lawsuit filed by Common Core supporters, lifting a contract suspension Jindal enacted to derail the multi-state education standards.
  • Caddo Parish School Board talks about possible pay raise

    Caddo Parish School Board talks about possible pay raise

    Tuesday, August 19 2014 10:42 PM EDT2014-08-20 02:42:13 GMT
    The Caddo Parish School Board met for the first time since the start of the new school year.
    The Caddo Parish School Board met for the first time since the start of the new school year.
  • NationalMore>>

  • Metropolitan Opera reaches deal with stagehands

    Metropolitan Opera reaches deal with stagehands

    Wednesday, August 20 2014 6:17 AM EDT2014-08-20 10:17:00 GMT
    New York City's Metropolitan Opera has reached a deal with its stagehands and says it expects to avert a lockout by reaching agreements with the remaining unions as well.
    New York City's Metropolitan Opera has reached a deal with its stagehands and says it expects to avert a lockout by reaching agreements with the remaining unions as well.
  • Dan Sullivan wins Alaska's GOP US Senate primary

    Dan Sullivan wins Alaska's GOP US Senate primary

    Wednesday, August 20 2014 5:25 AM EDT2014-08-20 09:25:00 GMT
    A whistle-stop tour of the state in an RV. An endorsement from the second man to walk on the moon. Even one of the most polarizing figures in American politics found cause to weigh in on the state she used to lead.
    A tea party attempt to overcome a mainstream Republican came up short in Alaska as former state Attorney General Dan Sullivan won the GOP primary to become his party's candidate to take on U.S. Sen. Mark Begich in the...
  • Virginia prepares for possibility of gay marriage

    Virginia prepares for possibility of gay marriage

    Wednesday, August 20 2014 5:04 AM EDT2014-08-20 09:04:59 GMT
    Virginia officials are preparing for the possibility that same-sex couples will be able to wed in the state Thursday by drafting a revised marriage license form for courthouse clerks to use as soon as they open...
    Virginia officials are preparing for the possibility that same-sex couples will be able to wed in the state Thursday by drafting a revised marriage license form for courthouse clerks to use as soon as they open their doors.
  • 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