Advancing Community & Regional Economic Success Applying a - - PowerPoint PPT Presentation

Advancing Community & Regional Economic Success

Applying a Wealth Building Framework to the Work of a Place-Rooted Foundation

Keeping the End in Mind

Foundations practice Community Development Philanthropy when they address critical community issues and play integrating or missing roles to advance regional economic development in ways that build enduring prosperity and livelihoods for all, especially those at the margins.

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From a “Will” to a “Way”

• You may want your foundation to play a community

leadership role.

• You may want your foundation to embrace a role as an

anchor institution.

• But, how do you help your foundation become a

change agent for community and regional economic prosperity?

Apply a Wealth Building Framework to Your Foundation’s Work!

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Roots of Wealth Building

Framework developed and tested through a Ford Foundation supported place-based initiative focused on Central Appalachia, Deep South, Arkansas Delta, Lower Rio Grande Valley region in Texas. Draws from and expands upon asset-based community development and the community capitals framework. Compatible with the community-wealth framework. Community Development Economic Development

Reflected in stories throughout Advancing Economic Success

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Goals of a Wealth Building Framework

#3 – Root wealth in local people, places and firms through local

• wnership, control and

influence. #1 – Create wealth, broadly defined, and aspire to do no harm. #2 – Build lasting livelihoods by intentionally including people and firms on the economic margins.

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#1: Investing in and Building 8 Capitals

Wealth is not just money. Wealth is the reservoir of all assets that can contribute to the well-being

• f people, places or

economies. Every place has wealth.

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Defining Wealth Broadly

The Capital The Definition

Individual Skills, education, physical health and mental wellness Intellectual Knowledge, resourcefulness, creativity and innovation Social Trust, relationships and networks Cultural Traditions, customs and ways of doing Natural Natural resources Built Infrastructure – for example, buildings, sewer systems, broadband, roads Political Influence on decision makers and shakers Financial Savings and investment All are required to grow and sustain a healthy economy over the long-term!

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#2: Build Lasting Livelihoods

“Lasting livelihoods” means…

• People, especially those on the

economic margins, are doing better today.

• They are earning (and saving!) more.
• They have improved skills to qualify for

higher-paying jobs and to build their careers.

• They are putting something aside for the

future, e.g., building assets, so they are more resilient.

• They have better future prospects so

they can give back their time, talent, and even treasure to the community.

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Recognize Your Assets, Including Those on the Margins

#3: Ownership Makes Wealth Stick

Capitals that are “owned” locally build wealth.

• Benefits – e.g., income, know-how, better

technology – flowing from local ownership

• f capitals can be re-invested and re-

circulated locally, enriching many.

• Preserving local ownership or control
• ver your capitals can increase the

chances of preserving local jobs.

• Local ownership is an anchor that helps

wealth stick.

Locally owned businesses Local access to 2-year degrees and certificates Local community foundation endowment

Examples 

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Wealth Building: A Way of Thinking and Doing

• Put yourself in the role of a systems change agent
• Work with partners to find the gap that you are best suited to fill
• Consider how all the tools and roles of a foundation come

into play

• Focus on tackling root causes to really transform your regional

economy

Treat the Symptom Cure the Disease Prevent the Disease

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Design Elements for Wealth Building

• Connecting assets to real market demand – demand driven
• Look at the broader system to find the leverage points – where

is the foundation uniquely positioned to play a role or have impact?

• Build relationships – trusted, flexible, boundary-crossing,

inclusive

• Think regionally – wealth building opportunities may be

anchored in place but regional in scope

• Measurement – tool for planning and strengthening your

wealth building impacts

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Wealth Building Roles for Community Foundations

Research and Analysis: What are the issues, where are the gaps Convening: Bring together partners, build relationships Investment: Fill gaps, leverage action, support local entrepreneurs Strategic grant making: Build capacity in organizations with the greatest potential leverage

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Wealth Building Stories

Today’s Goal: Share stories that lift up these different wealth building roles – in small and large ways Experience CDP Design Elements in action within many

• f these stories:

Analyze Your Region Engage Your Community Learn From Others Identify Your Niche Mobilize For Results And through it all…

Strengthen your foundation’s capacity to effectively use and sustain the fullest range of tools and roles.

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A Wealth Building Movement

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To Learn More…

wealthworks.org community-wealth.org rootingopportunity.org

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