Advancing Community & Regional Economic Success Applying a Wealth Building Framework to the Work of a Place-Rooted Foundation
Keeping the End in Mind March 16-17, 2015 Foundations practice Community Development Philanthropy when they address critical community issues and play integrating or missing roles to advance Advancing Economic Success regional economic development in ways that build enduring prosperity and livelihoods for all, especially those at the margins . 2
From a “Will” to a “Way” • You may want your foundation to play a community March 16-17, 2015 leadership role. • You may want your foundation to embrace a role as an anchor institution. Advancing Economic Success • 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! 3
Roots of Wealth Building Framework developed March 16-17, 2015 and tested through a Ford Foundation supported place-based initiative focused on Central Appalachia, Advancing Economic Success Deep South, Arkansas Delta, Lower Rio Grande Valley region in Draws from and expands upon Texas. asset-based community development and the community capitals framework. Compatible with the community-wealth framework. Community Economic Development Development 4 Reflected in stories throughout Advancing Economic Success
Goals of a Wealth Building Framework #1 – Create wealth , March 16-17, 2015 broadly defined, and aspire to do no harm. #2 – Build lasting livelihoods Advancing Economic Success by intentionally including people and firms on the economic margins. #3 – Root wealth in local people, places and firms through local ownership, control and 5 influence.
#1: Investing in and Building 8 Capitals Wealth is not just money. March 16-17, 2015 Wealth is the reservoir of all assets that can contribute to the well-being Advancing Economic Success of people, places or economies. Every place has wealth. 6
Defining Wealth Broadly The The Definition Capital March 16-17, 2015 Individual Skills, education, physical health and mental wellness Intellectual Knowledge, resourcefulness, creativity and innovation Advancing Economic Success Social Trust, relationships and networks Cultural Traditions, customs and ways of doing Natural Natural resources Infrastructure – for example, buildings, sewer systems, broadband, roads Built Political Influence on decision makers and shakers 7 Financial Savings and investment All are required to grow and sustain a healthy economy over the long-term!
#2: Build Lasting Livelihoods “Lasting livelihoods” means… March 16-17, 2015 • People, especially those on the economic margins, are doing better today. • They are earning (and saving!) more. Advancing Economic Success • 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, 9 and even treasure to the community.
Recognize Your Assets, Including Those on the Margins
#3: Ownership Makes Wealth Stick Capitals that are “owned” locally build wealth. March 16-17, 2015 • Benefits – e.g., income, know-how, better technology – flowing from local ownership of capitals can be re-invested and re- circulated locally, enriching many. Advancing Economic Success • Preserving local ownership or control over your capitals can increase the chances of preserving local jobs. • Local ownership is an anchor that helps wealth stick. Local community Locally owned foundation businesses endowment Local access to 12 Examples 2-year degrees and certificates
Wealth Building: A Way of Thinking and Doing • Put yourself in the role of a systems change agent March 16-17, 2015 • 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 Advancing Economic Success into play • Focus on tackling root causes to really transform your regional economy Prevent Treat the Cure the the Symptom Disease Disease 14
Design Elements for Wealth Building • Connecting assets to real market demand – demand driven March 16-17, 2015 • 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, Advancing Economic Success 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 15
Wealth Building Roles for Community Foundations Research and Analysis: What are the March 16-17, 2015 issues, where are the gaps Convening: Bring together Advancing Economic Success partners, build relationships Investment: Fill gaps, leverage action, support local entrepreneurs Strategic grant making: Build capacity in organizations with 16 the greatest potential leverage
Wealth Building Stories Today’s Goal: March 16-17, 2015 Share stories that lift up these different wealth building roles – in small and large ways Advancing Economic Success Experience CDP Design Elements in action within many of these stories: Analyze Your Engage Your Learn From Identify Your Mobilize For Region Community Others Niche Results And through it all… Strengthen your foundation’s capacity to effectively use and 17 sustain the fullest range of tools and roles.
A Wealth Building Movement 18 Advancing Economic Success March 16-17, 2015
To Learn More… March 16-17, 2015 wealthworks.org Advancing Economic Success community-wealth.org rootingopportunity.org 19
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