Download - Pittsburgh Wealth Building Initiative (PWBI)
Pittsburgh Wealth Building Initiative (PWBI)1
Official Launch of PWBIApril 24, 2012
William Generett, President and CEO, Urban Innovation21-Pittsburgh Central Keystone
Innovation Zone (PCKIZ)Stephen Schillo, Vice President, Duquesne
University
Pittsburgh Wealth Building Initiative (PWBI)2
Duquesne University Pittsburgh PenguinsUPMC Health Plan
UPMC MercyUrban Innovation21 McAuley Ministries
Pittsburgh Central CollaborativeCarlow University
Point Park UniversityCommunity College of Allegheny County
PNC Bank
PWBI Background3
The southwest Pennsylvania region has transformed its economy over the last 30 years. diversified economy created resilient and downturn resistant economic
base
However, our region’s economic success is not benefitting all communities.
PWBI Background4
Continuing Threat Significant wealth disparities within our region’s
African American population. Pittsburgh MSA ranked as having highest poverty
percentage for African American working age adults within the 40 largest metropolitan areas in the US (US Census Bureau) $14,399 - average African-American household annual
income 27% of children live in poverty 23% school dropout rate 34% male unemployment single mothers head 37% of households
PWBI Background5
PWBI Background6
PWBI Background7
PWBI Vision8
Vision of “community wealth building” strategy to create individual and community wealth in
underserved communities
Community wealth strategies improve neighborhoods’ and individuals’ ability to: increase asset ownership anchor jobs locally strengthen municipal tax base prevent financial resources from “leaking out” of the
area ensure local economic stability
PWBI Vision9
Collaboration led by Duquesne University between: for-profit businesses not-for-profit organizations community economic development organizations
Committed to developing and supporting small and minority owned businesses in the region
PWBI will be managed by Urban Innovation21 build upon its work to connect underserved communities to
the innovation economy
PWBI Model10
Successful models in Cleveland and Mondragon, Spain
Link small and minority owned businesses to meet identified needs and markets
Provide economic support for some of region’s most underserved inner-city neighborhoods creating wealth for residents of those neighborhoods
through employee ownership within the businesses that are established and linked to successful anchor institutions
PWBI Plan11
New community development model address the wealth gap engages key Pittsburgh “anchor institutions” commits their economic strength create opportunity within the city’s neighborhoods
Anchor institutions will work in conjunction and with support of community based nonprofit organizations
PWBI Plan12
Link business development to supply chain spending of large, locally anchored purchasers
Anchor companies will meet existing business needs while partially redirecting spending to start-ups in disinvested neighborhoods build skills, knowledge, income, and wealth of local
residents
Project managed by Urban Inovation21 formerly known as the Pittsburgh Central Keystone
Innovation Zone (PCKIZ)
PWBI will help support an inclusive Innovation Economy Ecosystem that Benefits All Communities
13
Successful Businesses that Support an Innovation Economy Ecosystem
Successful Supply Chain Businesses that Connect to the
Innovation Economy
Successful Innovation Economy
Businesses
Increase
in Number o
f
Minority an
d Women Owned
Business
es
PWBI will help create wealth
generating opportunities
Funding Organizations14
Funding Anchor Institutions: Duquesne University Pittsburgh Penguins UPMC Health Plan UPMC Mercy
Other Anchor Institutions: Carlow University, Point Park University, Community College of Allegheny
County, PNC Bank
Other Funding Organizations: McAuley Ministries Pittsburgh Central Collaborative PCKIZ - EDA SPUR Grant Contribution Urban Innovation21
PWBI15
THANK YOU!