APPENDIX
continue to assume important leadership roles. Foundation investments matter a great deal, but the role of foundation leaders as neutral convenors is equally important.
Diversified Funding Streams Successful and inclusive ecosystems benefit from critical investments from foundations and other sources, but no one single funding stream can sustain ecosystem development over the longer term. Successful ecosystems rely on diversified funding streams that include investment from public agencies, foundations, and local business. In addition, fees for services are also a key part of the funding mix.
Case Study: Cincinnati and the Minority Business Accelerator Background Cincinnati Ohio has emerged as a leader in its self-professed goal of becoming “the national epicenter for minority business development.”26 This effort has been underway for fifteen years, and has engaged a wide array of partners and community leaders. Minority business owners and advocacy groups are actively engaged, but so are the traditional business community and organizations like the Cincinnati USA Regional Chamber. Cincinnati’s pioneering work grew out of crisis, when major disturbances spread across the city after the police shooting of Timothy Thomas, an unarmed Black teen, in 2001. Among other things, this event sparked creation of the Cincinnati Center City Development Corporation (3CDC), a community development corporation headquartered in the Over the Rhine neighborhood, one of Cincinnati’s most diverse areas.27 3CDC focused primarily on real estate and neighborhood revitalization (as opposed to small business development), but its success helped trigger a host of follow-on activities. These include the Minority Business Accelerator (MBA), which will be further discussed below.
Key Organizations: The Minority Business Accelerator The Minority Business Accelerator first opened for business in 2003, in response to recommendations from the Cincinnati Community Action Now Commission. It began operations with a broad mission to address disparities in the region’s business community. MBA’s programs have evolved and expanded over the years, but the basic core focus areas have remained consistent around three pillars of Advise, Accelerate, and Advocate. First, the MBA and its partners provide a host of advisory and technical services to MBE firms. This includes business assessments, capacity building, and training. A smaller cohort of firms receives more advanced acceleration services, such as assistance in accessing financing, developing talent, and in building corporate partnerships. Finally, MBA advocates for the MBE community by engaging key corporate partners who invest in the program, its businesses, and who commit to more expansive supplier diversity efforts.
26
Cincinnati USA Regional Chamber, “Making Cincinnati the National Epicenter for Minority Business Development,” 2019-2020 Annual Report. Available at: https://www.cincinnatichamber.com/docs/default-source/default-document-library/minority-businessaccelerator-files/mba-annual-report.pdf. 27 Bruce Katz, Karen Black, and Luise Noring, “Cincinnati’s Over-the-Rhine: A Private-Led Model for Revitalizing Urban Neighborhoods,” Nowak Metro Lab, 2019. Available at: https://drexel.edu/nowak-lab/publications/casestudies/cincinnati-city-case/. 35
