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As an impact investor and philanthropic advisor, I have the unique opportunity to see firsthand the unprecedented pace of change happening in cities around the world. From Shanghai to Paris, every major city seems to be facing a set of unfamiliar challenges marked by globalization.
San Francisco, the great American city I call home, has benefitted enormously in the last 25 years from globalization and technology innovation. This has resulted in incredible job and population growth and unprecedented wealth creation for those lucky enough to be on the right side of these trends. Unfortunately, the story hasn’t been positive for everyone, and all boats didn’t rise. Gentrification has been overbearing, increasing rents and pricing out lower-income workers, making it necessary for some teachers, firefighters and Uber drivers to commute up to four hours a day to work. Even when positive, change hasn’t been easy to integrate.
One beacon of hope that has proven relevant across the country can be found in the nationwide organization Year Up, which works to build a bridge between unemployed young adults and the increasing corporate demand for high-skilled workers. Year Up empowers low-income young adults to go from poverty to professional careers in a single year.
As cities continue towards innovation, there will always be room for professionally trained workers to relocate and take advantage of this trend. However, the biggest opportunity for inclusive prosperity exists in developing the youth who are already in our neighborhoods but lack the social networks and education to seize the opportunities that innovation brings. That’s a call to action for philanthropists and corporate leaders to work together for a brighter future.
Read the full article about trying to restore economic balance in the U.S. by Allison Duncan at Worth magazine (via medium.com).