utilizing data to inform its work and to promote an inclusive economy and ownership of wealth in Atlanta. In addition, through its ecosystem strategy, AWBI sparks creative, disruptive community wealth building solutions and serves as a network facilitator developing innovative approaches grounded in inclusion and cooperation ultimately advocating for localized economic flows, fostering and financing broad-based ownership, sustaining communities and rebuilding democracy from the ground up.
THE MANDATE The Atlanta Wealth Building Initiative believes community wealth building strategies represent an opportunity to systematically address Atlanta’s crisis of wealth inequality. Furthermore, it is well documented that there are few wealth creation strategies more potent than entrepreneurship. Black entrepreneurs in particular have higher wealth levels and more upward wealth mobility than do Black workers. These findings are consistent with Black entrepreneurship reducing the wealth disparity between Blacks and Whites. Atlanta has a rich history of cultivating minority small business. Accordingly, in 2017 as part of its relaunch, AWBI, with the
support of The Annie E. Casey Foundation, The Kendeda Fund and Prosperity Now convened a Community of Practice (CoP). The CoP is a multi-sector coalition, representing more than thirty community-based organizations, public agencies and institutions in Atlanta, committed to systemic, collective intervention to strengthen Black entrepreneurship and to address the wide-scale racial wealth inequality that is pervasive in Atlanta. The Community of Practice was tasked with shaping recommendations for a more vibrant entrepreneurial ecosystem to support African
American businesses in building community wealth. Following the guidance of the CoP and the principles of community wealth building, AWBI’s initial strategy is rooted in business ownership and enhancing the capacity of those businesses to stabilize changing communities in Atlanta. Over the next three years, AWBI will concentrate its effort to align resources and access to capital to grow a strong black business ecosystem. In addition, consistent with place-based community wealth building principles, AWBI’s entrepreneurial strategy will begin in partnership with the Atlanta Beltline. Given the Atlanta Beltline’s role as an 1
1 Frequently touted as the largest and most comprehensive infrastructure project in the Southeast, the Atlanta Beltline comprises 22 miles of previously abandoned rail lines that is being converted into walkable, bike-friendly light-rail with 33 miles of trail. The project encircles 45 contiguous neighborhoods in the heart of the city and is
4
Made with FlippingBook - Online magazine maker