Impact Newark (IN) is an endeavor to attract impact investment, encourage social entrepreneurs, build public-private partnerships, and spur infrastructure growth. One aspect of this will be to help fund a new position inside the city government with the sole purpose of liaising between the City of Newark and IN. Using the reach of the city government IN will engage stakeholders and spur economic growth by creating the environment needed for impact investment to prosper. Working to find partnerships will fortify relationships and build a coalition focused on tackling urban problems.
IN will initially focus on five specific areas and ideas to develop a supportive framework. Priorities are as follows: 1) Engage local stakeholders to build a community-oriented business plan managing and focusing the capabilities of impact investment in the city. 2) Launch a cooperative workspace geared toward incubating social entrepreneurs and businesses. This hub will offer space where growing companies can collaborate with other entrepreneurs and meet with investors and clients. It will also create learning opportunities for entrepreneurs by using experts who can act as mentors on growth and best practices. 3) Build interagency working groups to pull resources and ideas from across the government encouraging public-private relationships. 4) Encourage the creation of infrastructure projects through private investment and public-private partnerships. 5) Strengthen civil society by promoting innovation and attracting talent from all over the world to Newark.
IN will emphasize policy sectors offering the greatest opportunity for social entrepreneurs. These will include urban agriculture, educating veterans on the power of social entrepreneurship and creating community-centered events. The lessons of IN will write the syllabus for other cities as momentum for social enterprise accelerates.
In its first month IN will engage with local stakeholders to build a business plan. Local business owners and potential investors will have the opportunity to guide direction and development. The process will track and weigh community needs with expectations while qualifying the desired outcomes of social enterprise. This plan will serve as a guiding document for the work of IN.
Within the first three months IN will prioritize developing inter-agency working groups with a focused dialogue on how to aid the development of social enterprise within an impact ecosystem.
Within six months IN will develop a coalition of investors to launch a cooperative workspace. This incubator will offer assistance with development and deal flow, create curricula and work with experts to teach entrepreneurs best practices and partner with veteran's organizations to emphasize the inclusion of returning soldiers into building impact oriented companies. IN is also partnering with Atlas Corps to bring innovative fellows from around the globe to volunteer and work in Newark promoting a culture of dynamism and diversity, and with Hub Cities to launch a cooperative workspace aimed at cultivating social enterprise.
IN is carefully considering the legacy of the office and what it will offer the City of Newark over the long-term. IN will create a plan of continuity within eight months. IN will also work with local, state and federal stakeholders to build public-private partnerships aimed at creating an infrastructure which supports economic and community growth matched with prosperity.
In its inaugural year IN is committed to laying the foundation for an ecosystem of social enterprise. IN's success will offer a scalable model that can be replicated for cities facing similar challenges across America.
American cities and their populations are finding it difficult to access the capital necessary to rebuild crumbling infrastructure, create jobs and nurture social innovation. Impact Newark is being created to further the vision of the City of Newark to build economic opportunity and harness social innovations. American economic growth has always been based on innovation. Creativity and agility are required if American cities are to regain their competitiveness in the global marketplace. Newark was once the bedrock of American industry. Newark is rising up again to lead America into the new economy.
Impact Newark (IN) is a vision for a Newark with a strong economy, economic opportunity, social justice and stability. IN will combine strategic philanthropic giving with economic development to cultivate unique opportunities and partnerships. This innovative approach will provide people and businesses access to capital markets which will build up the community. With credit markets tighter than ever, bright ideas are being stifled, leaving an enormous amount of human capital unrealized. Creating opportunities through market-based solutions will help solve problems often relegated to charities. IN will focus on opening the doors of innovation and empowerment needed to stimulate the community into action with an eye towards strengthening the social fabric of Newark. IN is committed to creating an ecosystem of social enterprise and an economic hub. IN will focus on the growth and development of entrepreneurs and businesses by using collaboration and innovation. IN will partner local government with corporations, foundations, non-profits, and individuals who are willing to put their knowledge and capital to work creating jobs, solving social challenges, and building a strong economic base for Newark's future.
IN is looking for corporations, foundations, and individuals interested in innovation and social enterprise. These partners will act as fiscal sponsors as well as advisors on best practices, infrastructure development, and economic growth. IN will count on these partners to help create a scalable model which can be adapted to other cities.
IN is offering to partner with government entities, states, and cities interested in tackling social problems with market-based solutions. IN is seeking to work with foundations and corporations who have developed innovative strategies and models which have helped them market products and ideas to their various constituencies.