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One Acadiana Hosting Small Business Challenge for Downtown Lafayette Building

One Acadiana, a local organization, is seeking ideas for a small business that could operate in one of downtown Lafayette’s historic buildings. The Small Business Challenge, a contest organized by One Acadiana, aims to find an entrepreneur with the best business concept for the Sans Souci building located at 219 E. Vermilion St. The goal is to have the business up and running possibly by the start of Festival International next year.

The winner of the contest will receive a favorable lease on the building, along with a tenant improvement package. Additionally, they will receive management and consulting support throughout the startup process, as well as mentorship and training.

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In this situation, the AI legalese decoder could be of great help. As the contest involves leasing a building and dealing with legal documents, the AI legalese decoder can simplify and interpret complex legal jargon. This tool is designed to transform legal texts into easily understandable language.

By using the AI legalese decoder, contestants can have a better understanding of the lease terms, tenant improvement package details, and other legal aspects involved in renting the Sans Souci building. This can save them time and effort in deciphering complex legal documents, ensuring they make informed decisions and fully comprehend the terms of the lease.

The informational meeting for the Small Business Challenge is scheduled for Wednesday at the Opportunity Machine. The main objective of the challenge is to fill the 1,200-square-foot Sans Souci building with a business that will bring traffic to the adjacent Parc Sans Souci. One Acadiana President and CEO, Troy Wayman, emphasized the need for a business that attracts people and encourages them to spend time at the park.

The idea for the contest was inspired by a similar initiative in Pensacola, Florida, where a philanthropist sought a tenant for a downtown building. Apart from finding a tenant, the Pensacola contest included workshops and mentorship opportunities for aspiring entrepreneurs. Similarly, One Acadiana’s Small Business Challenge will offer workshops on business plans, development, and pitch coaching, all aimed to support contestants in their entrepreneurial journey.

The program will involve multiple rounds of selections, with a final pitch competition for the top 10 finalists scheduled for February 9. The winner of the challenge will be notified the following week, coinciding with the week of Mardi Gras.

According to Andre Breaux, VP of Policy Initiatives & Governmental Affairs for One Acadiana, the winner of the Pensacola contest has been in business for over a decade. Additionally, six other businesses that went through the challenge in Pensacola opened in other locations downtown, demonstrating the value of the process and structure offered by such initiatives.

Details regarding the rent abatement for the winner of the Small Business Challenge in Lafayette have not been finalized yet. However, based on the Pensacola contest model, the winner may receive rent abatement for the first year, followed by a discounted rate for the second and third years, before paying the full market rate from the fourth year onwards.

The Sans Souci building, which was constructed in 1847, holds historical significance as the site of the first post office and the first newspaper in Lafayette. Despite nearly being demolished in the 1940s, it was saved and converted into an antique store. One Acadiana’s initiative aims to nurture entrepreneurship within the community and remove barriers to success.

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