Cities need these 5 things to become hubs for social entrepreneurship - Generocity Philly

Results

Jan. 5, 2016 10:35 am

Cities need these 5 things to become hubs for social entrepreneurship

Apparently, Kansas City is doing it — and they followed these steps. It seems that most of the pieces are in place for Philadelphia.

Does Philly have what it takes?

(Photo by Flickr user Ron Reiring, used under a Creative Commons license)

Philadelphia has gained a reputation as an eds and meds town. Could it become a hub for social entrepreneurship, too?

According to this piece in MiLLENNiAL (and recently shared by Fortune), there are five necessary components to turning a city into a hub for social entrepreneurship.

Read the full story

1. “Capitalize on the strengths of area universities”

Philly’s strong on this front, led inside the city by University of Pennsylvania‘s Wharton Social Impact Initiative and followed by pushes within Temple University (Net ImpactInnovation & Entrepreneurship Institute) and Drexel (Lindy Institute, Close School of Entrepreneurship). Institutions right outside the city limits can be just as influential.

2. “Rally local foundations”

The article argues that foundations can be a key driver for social entrepreneurship if they’re on the same page — hosting events, making grants to nonprofits and social enterprises and working together to “equip social entrepreneurs with cutting-edge research.”

Still, there are some who say Philadelphia’s largest foundations don’t really do too much for Philadelphia anymore.

3. “The effort must be driven by the social entrepreneurs themselves”

John Moore, president at local impact investing fund Investors’ Circle Philadelphia told us something similar last spring, adding an important caveat: There needs to be a community supporting those social entrepreneurs. They can’t power the engine themselves.

From our Partners

4. “Embrace the startup culture”

Philly’s got this one in the bag.

5. “Remember this is a long term play”

It may seem like Philadelphia has most of these components in place, but it takes time to build something sustainable. It will take a cohesive community with a collective vision for the future.

-30-
VIEW COMMENTS
  • Lawanda Horton

    Agreed. I think foundation support and community buy in are key.

From our Partners

How Challah for Hunger mobilizes volunteers on 40+ college campuses

Why unrestricted funding? Two Barra Award winners dish on the benefits

TeenSHARP is making its ‘long overdue’ expansion into Philly

SPONSORED

Generocity Philly

For immigrants, civic engagement is essential to success

1330 N. 5th Street,Philadelphia, PA 19122

http://www.bicycletransit.com/

Brand Ambassador

Apply Now
Philadelphia, PA

Knight Foundation

Summer of 2018 Paid Internship at Knight Foundation

Apply Now
4355 Orchard Street, Philadelphia, PA 19124

Rebuilding Together Philadelphia

Development Director

Apply Now

Here are some future-focused takeaways from the 2017 Philanthropy Network conference

15 social impact folks on Philly mag’s list of 100 influential Philadelphians

Does the Philly United Way have a Ferguson problem?

SPONSORED

Generocity Philly

This Philly Venezuelan wants to encourage ‘participation, not isolation’ among immigrants

Philadelphia

William Penn Foundation

Program Associate, Creative Communities

Apply Now
Philadelphia

Fairmount Ventures Inc

Project Manager

Apply Now
Center City Philadelphia

The Chamber of Commerce for Greater Philadelphia

Coordinator, Member Engagement

Apply Now

Sign-up for regular updates from Generocity