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!