Pittsburgh Wealth Building Initiative (PWBI) 1 Official Launch of PWBI April 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 Penguins UPMC Health Plan UPMC Mercy Urban Innovation21 McAuley Ministries Pittsburgh Central Collaborative Carlow University Point Park University Community College of Allegheny County PNC Bank

PWBI Background 3 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 Background 4 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

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PWBI Vision 8 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 Vision 9 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 Model 10 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 Plan 11 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 Plan 12 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 of Minority and Women Owned Businesses PWBI will help create wealth generating opportunities

Funding Organizations 14 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

PWBI 15 THANK YOU!