The Center for Urban Entrepreneurship & Economic Development developing a national urban innovation fund
Wednesday, December 7, 2011
Fund will aid high growth business development and stimulate wealth creation in economically disadvantaged communities
Planning to establish a National Urban Innovation Fund that will be instrumental in driving entrepreneurship in underserved communities is under way by The Center for Urban Entrepreneurship & Economic Development (CUEED) at Rutgers Business School (RBS). The fund is one of the principal outcomes of the “Gathering of Angels” Summit, an event recently held at RBS that explored ways in which investment capital is organized in developing high-growth businesses in urban centers and minority communities.
Developed and hosted by CUEED and the America21 Project, the two-day event focused on the creation of an action program that would spread the participants’ vision of high growth entrepreneurship, start-up business strategies, effective networking, and wealth creation. “These and other goals” said Dr. Jeffrey Robinson, Assistant Director of CUEED, “will hopefully enable urban American communities to participate in and succeed in the 21st century innovation economy.”
“There has rarely been a wealth-creation consciousness in minority communities,” commented Dr. dt ogilvie, Founding Director of the CUEED who was among the principal participants, along with Mike Green of the Huffington Post, and Dr. Chad Womack and Johnathan Holifield of America21. “We have to dispense with that mindset and come together to change the economic scenario that keeps people trapped in cycles of poverty. If we’re to have an ‘Innovation Nation’ that includes blacks and minorities, that there’s a lot of heavy lifting to be done, not only just at the national level, but in our own communities as well."
Professor ogilvie continued, "We need to connect with angel investors, local entrepreneurs, and successful innovators in our neighborhoods. We need to know who is mentoring, who is investing in start-ups, and who is a model of success for others. Hopefully, establishing a National Urban Innovation Fund will support these activities and help teach our communities that wealth and entrepreneurship are learned processes that need cohesive networking and individual effort if they are to have a positive and sustainable impact.”
Another outcome of the Summit will be to have a series of Angel Network Forums throughout the country to connect entrepreneurs to investors. There are also plans being put into place to educate entrepreneurs to understand deal flow issues and how to pitch to potential investors, skills that are typically taught in MBA programs.
About The Center for Entrepreneurship & Economic Development (CUEED)
The Center for Urban Entrepreneurship & Economic Development at Rutgers Business School (CUEED) is the first of its kind in the nation to integrate venture capital and city resources with university research to study and promote economic development and entrepreneurship. The organization concentrates on building strong corporate and community partnerships to support the revitalization of Newark and other urban areas in New Jersey, educating students by providing real world experience in urban entrepreneurship and economic development, and taking a multidisciplinary approach to research that will aid economic policy.
Rutgers Business School-Newark and New Brunswick is an integral part of one of the nation's oldest, largest, and most distinguished institutions of higher learning: Rutgers, The State University of New Jersey – founded in 1766. Rutgers Business School has been accredited since 1941 by AACSB International – the Association to Advance Collegiate Schools of Business – a distinction that represents the hallmark of excellence in management education. Today, Rutgers Business School educates more than 5,000 undergraduate and graduate students at two main campuses in New Jersey as well as six satellite locations in New Jersey, China and Singapore. Steeped in academic excellence, with a distinguished faculty and a corps of over 33,000 successful alumni, Rutgers Business School is highly ranked by the Financial Times, Bloomberg Business Week and The Wall Street Journal. According to U.S. News & World Report, the MBA program is the No.1 public MBA program in the Northeast, and is ranked No. 31 nationwide for the employment rate of its graduates three months after graduation.
About America21
The America21 (A21) Project seeks to link disconnected and underserved communities throughout urban America to the 21st century Innovation Economy through a combination of projects, programs and initiatives focused on:STEM education and workforce development, high growth entrepreneurship, and capital formation and investment. A21 will accomplish its goals by leveraging strategic relationships with local and regional stakeholders that share our mission and vision, and are willing to work collaboratively to achieve exponential impact.
