This EDA investment funds the propeller: creating an equitable economy through equity investments in new orleans project, to scale the organization's initial pilot venture investments into a…

The Economic Development Administration awarded a $3.27 million Project Grant to Social Entrepreneurs of New Orleans Inc., doing business as Propeller: A Force for Social Innovation, to scale venture capital investments that support minority-owned businesses through the BUILD TO SCALE federal grant program (CFDA 11.024). Over a three-year period, Propeller and its partner New Orleans Startup Fund will build capacity for due diligence, fundraising, and technical assistance to grow their initial seed fund into a multimillion-dollar evergreen venture capital fund. They will conduct outreach events and review 625 business concepts to make at least 45 seed investments in minority-owned companies headquartered in the Greater New Orleans region. Technical assistance will be provided to 75 companies, projected to create an estimated 45 new jobs locally. The funding aims to strengthen the regional technology entrepreneurship ecosystem through expanded support for BIPOC entrepreneurs.

This EDA investment funds the propeller: creating an equitable economy through equity investments in new orleans project, to scale the organization's initial pilot venture investments into a multimillion-dollar evergreen venture capital fund that will increase capital deployment capacity and post-investment support capacity for black, indigenous, and people of color (bipoc) entrepreneurs. The project will build out propeller's and nosf's technical assistance and administrative capacity (i.e., due diligence, fund administration, networking with investors, partnership development with other private sector funds, and fundraising), allowing the organizations to scale their initial venture seed fund investing activities to a multimillion-dollar evergreen fund. Once completed, propeller and nosf will collectively host 10 educational and outreach events per year to help recruit applicants and prepare businesses for success. By the end of the 3-year project period, propeller and nosf will review 625 business concepts, making at least 45 seed investments in companies headquartered in the GNO region. Propeller and nosf will provide technical assistance and/or mentorship to 75 companies over the project period. Funded companies and those receiving technical assistance will create an estimated 45 new jobs in the GNO region during the project period, though the long-term impact will be even greater.