By Hillary Strobel

Now in its second year, the Idea Village Water Challenge, in partnership with the Greater New Orleans Foundation, is a unique endeavor that may become a new trend for problem solving. The goal of the program is to identify and promote various opportunities for businesses to profit from the most abundant and critical resource on the planet: water. Project Coordinator Thomas Rush, a consultant with The Idea Village, says, "If New Orleans can take advantage of this resource, we can use it as a major tool for economic development. We are asking entrepreneurs to make money while also solving an environmental problem."

Here's how it works. 13 entrepreneurial water-focused businesses applied to The Idea Village's IDEAxcelerator Program and three were selected as finalists to participate in the Water Challenge. These three fit the program requirements: start-ups operating within the nine-parish district served by the Greater New Orleans Foundation, which provides the funding for the Challenge. The winning business, to be announced on March 12 during New Orleans Entrepreneur Week, will receive $50,000 to help them launch their venture. The focus for this year's Challenge is flood management, and the winning business will have successfully pitched to an expert panel of judges, proving to them that they have a creative, integrated, and financially sustainable approach to that issue. Flood management is near and dear to the hearts of all New Orleanians, to be sure, as it constantly affects our lives.

New Orleans Entrepreneur Week takes place March 10-16, 2012, and the Water Challenge winner will be announced the afternoon of Monday, March 12. This year's competing businesses are Tierra Resources, Bayou Native, and AMPS. No matter the outcome, however, participating in the IDEAxcelerator Program is an outstanding opportunity to connect to the business community within New Orleans, around the country, and hopefully throughout the world. The runners-up benefit from The Idea Village's support, mentorship, education, and access to funding networks.

These businesses have the power to drive economic growth in Southeast Louisiana, abundant in water. "We hope to see these businesses positively impact water-related industries," says Rush, "which is important- after all, water is a pre-requisite for life."