Building Inclusive Local Economies...• Expands from local to regional, national and international...
Transcript of Building Inclusive Local Economies...• Expands from local to regional, national and international...
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Building Inclusive Local Economies Growing Existing Small Businesses
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U.S. Conference of Mayors 86th Annual Meeting June 8-11, 2018
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SINCE 2007, WORKING WITH PARTNERS IN 73 CITIES TO GROW
EXISTING SMALL BUSINESSES…6,000+ and counting!
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INTRODUCING INTERISE
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ECONOMIC INCLUSION Mayors Want Concrete Solutions
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BRIDGING AMERICA’S WEALTH GAP Opportunity to Accumulate Wealth
Good for families, the US economy, and your city
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We cannot create or allow to be created two cities in one, of haves and
have-nots. You have to build a city for the middle class.
- Mayor Turner
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“BOOTSTRAPS” DOESN’T TELL FULL STORY
Education, marriage, family structure, full-time employment –
none of this can explain the gap, and none can close it.
Source: Traub et al, The Asset Value of Whiteness.
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WHY EXISTING SMALL BUSINESSES? Proven Impact
• >50% of new businesses don’t exist after 5 years
• 20% of small businesses are employers
• 60% of private sector’s jobs are created by existing small
employer firms
ESTABLISHED, GROWTH-ORIENTED SMALL BUSINESSES HAVE A LARGER
IMPACT ON LOCAL ECONOMIES.
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CLOSING THE WEALTH GAP
THROUGH GROWTH OF EXISTING SMALL BUSINESSES
• African-American business owners have 12x the wealth
of African-American non-business owners.
• Business ownership decreases the racial wealth gap by a factor of 3.
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UNLOCKING SECOND-STAGE GROWTH
INTERISE BUSINESSES
consistently create jobs at
6.1 times the rate of the
PRIVATE SECTOR,
with an average salary
of $52K.
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INCLUSION REQUIRES ECOSYSTEM APPROACH
An inclusive system leverages the growth of existing small businesses equitably
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SYSTEMIC CHANGE In order to optimize the whole,
we must improve relationships
among the parts.
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CAPACITY BUILDING: ON-RAMP TO INCLUSION
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• Creates opportunity to access knowledge, know-how, networks, and capital
• Grows business leaders committed to continuous learning
• Expands from local to regional, national and international markets
• Results in more resilient and adaptive businesses
• Results in quality job creation – salaries, benefits, staff development
• Strengthens your city’s economic resilience and increases local wealth
• Builds and Strengthens Social Capital and Trust
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THE CONTRACTING FACTOR
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MORE JOBS, WITH HIGHER WAGES, SALARIES, AND BENEFITS
– THAT’S THE CONTRACTING FACTOR.
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#IMPACTMATTERS in HOUSTON
• Jobs created or maintained: 292
• Average new employee salary: $59,200
• Average full-time staff hired locally: 81%
• Average revenue growth: 45%
• Average value per new contract: $390,000
JOB CREATION BUSINESS GROWTH
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2015 IMPACT IN HOUSTON
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If you are committed to
equitable and inclusive economic
development in your city,
we should talk.
Jean Horstman, Chief Executive Officer
617.350.6301
Thank you!
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