All Articles Tagged "economic development"
Minorities Need To Turn To Each Other For Venture Capital, Says New Study
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Despite an increasing level of development in African American entrepreneurship, venture capitalists have yet to show real interest. A CB Insights study show that for the nine percent of all new entrepreneurship activity in 2011, less than one percent of venture capital investment went to African American-owned digital start ups. In the Huffington Post, Darrin Redus, Jump Start Inc’s chief economic inclusion advisor says that it’s up to local communities across the country to foster a greater sense of inclusion for entrepreneurs attempting to secure financial support. But how can communities help build venture capitalist interest and financial support for minority entrepreneurs?
First, they can begin to connect with executive directors and presidents of minority technical and professional groups which are steadily growing across the nation. These organizations include the National Society of Black Engineers and The American Association of Blacks in Energy. A close connection between these groups and leaders in the mainstream will assist in developing the connections and relationships needed to form tech start-ups.
Next, communities can propose educational and awareness-building conference with stakeholders. Redus notes a national Minority Biomedical Entrepreneurship Conference held last May in Cleveland, Ohio which helped promote African American and Hispanic innovation in biomedical entrepreneurship.
Communities can also promote access to capital for minority groups instead of to big corporations and white-owned businesses that generally receive the funding.
Another idea to help foster minority tech-start ups, is pilot programs. Pilot programs allow entrepreneurs to test their new products, technologies and services with established regional and national organizations. If the pilots are successful, then these organizations become the partners and customers of these new products.
Communities should also attempt to build relationships with historically black colleges and universities, specifically in technology. Reaching out to minority alumni associations also assists in fostering these connections.
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New Orleans' Treme Primed for Makeover
(AP) — Federal and city officials said Thursday the redevelopment of a public housing project at the heart of New Orleans — long considered a drag on revitalizing the city’s downtown business district — would help spur a massive makeover of the back side of the French Quarter, the area known as Treme and considered America’s oldest black neighborhood. ”It’s a huge do-over,” said Sandra B. Henriquez, the assistant secretary for the U.S. Department of Housing and Urban Development. “This is more than a public housing revitalization … It is a neighborhood revitalization in the best sense of the word, which is why it brings in educational opportunity, healthcare, job creation.” HUD officials said the $30 million revitalization project was expected to draw in $662 million in public and private investment in schools, health care, new housing, job training and other programs to transform the Iberville housing project and Treme.
D.C. Program Could Boost H Street Retail
(DCentric) — Much has been made of the changes along H Street NE as the corridor continues its transformation from a primarily low and middle income black community to one that is wealthier and whiter. Trendy bars and restaurants are increasingly opening in vacant storefronts, attracting diverse patrons en masse during late night hours. But the crowds are nowhere to be seen during the day. A new D.C. grant program is intended to draw more retail options to the street, creating an H Street that’s as bustling during the day as during the evening. That’s welcome news for many existing business owners who want more people on the streets and in their shops.
Three Cheers for the Blossoming Bronx
(Crain’) — If there was any doubt that the Bronx has put its infamous past behind it, consider this: Queens native Bill Long decided to call his new Maspeth, Queens-based company Bronx Toys. “I’m not from the Bronx, but what’s more New York than the Bronx?” he said. “It just rings of New York.” The launch of Mr. Long’s company, which makes NYPD- and FDNY-licensed toys, is just one sign of the Bronx’s shifting fortunes. The borough that lost 21% of its population in the 1970s added 52,458 people last decade, topping each of the other four, census figures show. Much of the growth occurred in southern sections of the Bronx that once were devastated. “There was a time when people were running away from this borough,” said Radame Perez, president of Mastermind Development. “But that’s an old story.” The story of today’s Bronx has been overshadowed by fallout from the City Council’s rejection in 2009 of a plan to redevelop the Kingsbridge Armory. The mall project would have created 2,200 jobs, but its developer would not agree to “living wage” mandates.
Some Ward 8 Leaders Wary about Mayor’s Plan
(Afro) — D.C. Mayor Vincent C. Gray’s economic plan for Ward 8, which he announced on June 27, struck a sour note with some of his campaigns supporters. Activists claim Gray quickly abandoned campaign promises to include leaders from the area in key positions to oversee all projects and programs and to be part of the decision-making. At the announcement, Gray called for a one-day summit on July 9 at Savoy Elementary School for the Ward 8 community to meet with cabinet members, agency heads and developers for input into the proposed ventures such as the rebuilding of Ballou Senior High School, several housing projects and a massive development for the U.S. Coast Guard and Homeland Security Department. “There is great enthusiasm in the pipeline of Ward 8 developments. Residents must play a role in shaping these developments,” said Gray.
State Looks Abroad for Jobs
(AJC) — In the six months since he became governor, Nathan Deal has already been to Germany, England and Canada on state business. Following in the footsteps of predecessor Sonny Perdue, who traveled abroad 13 times between 2007 and the end of his term last December, Deal and the Georgia Department of Economic Development are hunting for jobs with big salaries — the kinds often found overseas. A U.S. Department of Commerce report earlier this month said the nation imported 5 million jobs over the past decade and that, on average, those jobs paid 30 percent more than other jobs.
Future of D.C. Development Will Be in Ward 8, Gray Says
(The Washington Times) — Nearly six months into his term, D.C. Mayor Vincent C. Gray is striking a firm tone on the economic pillar of his One City plan and looking to rebound from the scandals that have surrounded the John A. Wilson Building. Mr. Gray on Monday announced plans to revitalize the job market, real estate prospects and businesses in key portions of the District, highlighting long-stagnant Ward 8 as the epicenter of new growth. The mayor laid out his economic vision at Yards Park, a part of Ward 6’s Southwest waterfront that is considered a “sign of what’s to come” for the District. A tangible portrait of the effects of the economic recession, the area has been a disappointing work-in-progress to those hoping a vibrant community will emerge around Nationals Park.
Up Close: Patrise Perkins-Hooker
(AJC) — In her professional life, Patrise Perkins-Hooker is helping shape the future of Atlanta Beltline Inc. by leading real estate purchases to enable the group’s vision of a 22-mile ring of parks, trails and transit in the city. But outside the office, the Beltline’s vice president and general counsel has a passion for cooking, dancing, public speaking and helping those who are less fortunate. The mixture of interests is part of the balance Perkins-Hooker has honed over the years as her career has evolved from representing businesses as an attorney to acting as an advocate for sexually exploited teen girls to acquiring real estate for the Beltline. If she’s not on the road for work, her family — which includes a husband, two children, seven grandchildren and various siblings and in-laws — knows that Sunday is dinner at “Patrise’s house.”
Size of Eastern Market Neighborhood Development Project Stalls Approval
(Washington Examiner) — A major development planned near Eastern Market that neighbors call too overwhelming will have to jump through a few more hoops before it wins approval from a historic preservation panel. The Historic Preservation Review Board gave partial approval to a development that includes four buildings on one city block on the site where the shuttered Hine Junior High School sits. But developer Stanton-Eastbanc must justify the height of the project, planned to include one of the tallest buildings on Capitol Hill. ”This is time to prove you can make an exception — if not, those floors are coming off,” said the board chairwoman, Catherine V. Buell, referring to the office building planned for Pennsylvania Avenue between Seventh and Eighth streets that is 88 feet tall at its highest point.
Atlanta Wins Two ‘Opportunity Zones’
(Atlanta Business Chronicle) — State officials have selected two parcels of industrial property inside Atlanta as “opportunity zones,” a designation that will let businesses in those areas receive tax credits. The Atlanta Development Authority received word Wednesday that the Georgia Department of Community Affairs (DCA) has approved opportunity zones for the City Hall East property on Ponce de Leon Avenue and for Southside Industrial Park in the southeastern corner of the city. The two sites are the smallest and largest of 33 parcels in the city’s application. City Hall East covers a mere 18 acres, while the Southside tract sprawls over 1,151 acres.
