From pitch competitions and panel discussions to networking events and awards ceremonies, the Capital City was awash with all things entrepreneurial this week as Baton Rouge Entrepreneurship Week returned for its fourth year.
The Baton Rouge Area Chamber kicked off the week by delivering an overwhelmingly positive economic forecast for the Capital Region over the next two years, saying the nine-parish area is expected to add about 9,000 jobs in 2015 and another 8,400 the year following. The forecast growth would represent employment expansions of 2.3% in 2015 and 2.1% in 2016. The forecast also shows the residential and commercial real estate markets are benefiting from the Capital Region’s economic boom, but a lack of vacant office space could be a hurdle in the future.
At Wednesday evening’s big Pitch Night competition, which has become a highlight of BREW each year, all four companies that pitched at the Shark Tank-style event walked away with high hopes of landing some capital. United Networks of America had initially said they’d be willing to invest up to $1 million in and offer business assistance to the entrepreneurs behind the winning pitch. But aside from a crowd favorite cash award of $5,000, which went to MasteryPrep, no money actually changed hands on stage. United Networks is now discussing additional investments in MasteryPrep, while other competing firms—Bottoms Up, CommitChange and Spotter’s Fast-Fit-Food—are also hopeful they’ll land investments from some of the event judges.
Also this week as part of BREW, BRAC honored six local companies that have moved out of that nascent period and into a period of growth at its Companies to Watch ceremony.
Meanwhile, over on the LSU campus, construction management major Peter Palma took top prize at the Student Pitch Competition on Tuesday evening with his idea for a gun-magazine-shaped rifle cleaning kit for military use. LSU business students also heard from several local entrepreneurs at a BREW event held on campus Friday morning.
At yet another BREW event this week, a number of successful company presidents and CEOs who spoke to an Entrepreneurs’ Organization luncheon encouraged startup businesses to benefit from having a support group. And organizers of the Positively Powerful Women’s Morning said the BREW event could be the launching point for an even larger women-focused event in Baton Rouge next year.
Aside from all the BREW events this week, the East Baton Rouge Redevelopment Authority’s board also met for the first time since president and CEO Walter Monsour submitted his resignation. The board OK’d hiring Gwen Hamilton as interim CEO, and at a salary that will be a fraction of what her predecessor earned.
But Hamilton will not be devoting all her energies to the RDA, which is paying her $75,000 per year. She will continue to work full time as director of community affairs with New Schools for Baton Rouge, a nonprofit organization dedicated to bringing in top-quality charter school operators to the city’s achievement zone.
—Steve Sanoski Read the complete Daily Report Week in Review.
