Giving Compass' Take:
- Here are four insights for rethinking how local leaders in government, philanthropy, and business can all play a role in making regional economic growth inclusive.
- How can donors encourage higher levels of engagement from local businesses?
- Read how cities can accelerate economic growth.
What is Giving Compass?
We connect donors to learning resources and ways to support community-led solutions. Learn more about us.
Cities and regions across the country are facing challenges as the pandemic worsens, including insufficient affordable housing, inefficient public transportation systems, and inequitable access to employment and educational opportunities. Traditionally, the responsibility for addressing these barriers has fallen primarily to governments, with critical support from nonprofit and philanthropic partners. But these crises call for a deviation from business as usual.
Evidence suggests cross-sector collaboration can be a powerful way to address large-scale challenges. Businesses are often absent from cross-sector conversations, but they have unique ideas, resources, and influence that could contribute to impactful change. Rethinking businesses’ role in supporting inclusive economic growth that tackles barriers to opportunity for residents represents a paradigm shift in how governments and communities view businesses.
This shift is already underway, with urgent calls for businesses to help address inequity (PDF) and an increasing number of business leaders recognizing the need for a new level of engagement. Our new brief explores how meaningfully engaging businesses in collaboration with other sectors is playing out in practice. Observations from local partnerships across the country offer four insights on how local leaders—from government, to philanthropy, to the private sector, to the community itself—can better engage local business leaders in these efforts.
- Form follows function, and local conditions and needs should determine the most appropriate model.
- Strong champions can articulate businesses’ role in addressing inequities.
- Business leaders may be more likely to support an agenda for shared prosperity if it is presented in ways that resonate with them.
- Success metrics keep stakeholders engaged, reveal whether partnerships are having an impact, and hold partners accountable.
Read the full article about local economic growth by Emily Bramhall, Matthew Eldridge, and Aaron Shroyer at Urban Institute.