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Urban Entrepreneurship - Lyneir Richardson

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This presentation was part of the Growing Entrepreneurial Communities Summit, a practitioner-focused summit designed to help economic development and small business practitioners effectively create economic growth through entrepreneurship in local communities. The 2018 Summit, subtitled Entrepreneurship on the Edges, focused on providing information and practitioner insight in how to effectively develop disadvantaged urban and rural communities using entrepreneurship-led development strategies.

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Urban Entrepreneurship - Lyneir Richardson

  1. 1. Growing Entrepreneurial Communities Summit 2018 Federal Reserve Bank of Kansas City Lyneir Richardson, Executive Director Center for Urban Entrepreneurship & Economic Development lrichardson@business.rutgers.edu
  2. 2. The Center for Urban Entrepreneurship & Economic Development • Executive Director, Rutgers CUEED • CEO, Chicago TREND (a MacArthur Foundation funded social enterprise) • Former CEO, economic development corporation in Newark; Vice President of Urban Development, GGP; Founder, Lakeshore Development (recognized as a "Young Entrepreneur of the Year“); Attorney, First National Bank of Chicago • Bradley University; University of Chicago Law School • IEDC, ULI, ICSC and numerous boards and committees Lyneir Richardson
  3. 3. The Center for Urban Entrepreneurship & Economic Development My Entrepreneurial Journey • Started Business - Age 27; $70,000 - Grew to $9M in Revenue - Highs and Lows - Fire Sale • Owners View/Better Employee • Back to Corporate Job • Government • Academia • Return to Entrepreneurship
  4. 4. The Center for Urban Entrepreneurship & Economic Development • Cultivate entrepreneurial thinking, foster economic development and illuminate profitable business investment and social venture opportunities • Help small entrepreneurs get to the next level by leveraging Rutgers resources • Make the connection between entrepreneurship and urban community revitalization CUEED
  5. 5. The Center for Urban Entrepreneurship & Economic Development EducationEducation ResearchResearch Economic Development Initiatives Economic Development Initiatives CUEED ActivitiesCUEED Activities • Courses: • Urban Entrepreneurship & Economic Development • Social Entrepreneurship • Student Consulting Projects • Programs • MBA Concentration • Undergraduate (Minor/Concentration) • Newark Projects • Regional Research • Academic Papers & Conferences • Fellows Programs • Entrepreneurs In Residence • Entrepreneurship Pioneers • Media and Arts Business Hub • Craft, Youth and Disabled Entrepreneurs • Minority Tech Initiatives • Retail and Restaurant Owners Program • 30 Events Annually
  6. 6. ECONOMIC DEVELOPMENT INITIATIVES • Entrepreneur Pioneers – 1st Generation Entrepreneurs – Doing business in New Jersey – 9 month program in collaboration with regional entrepreneurship advocates and program – Two International Awards
  7. 7. Local Urban Impact 370 Businesses Directly Supported or Strengthened Survival Rate 79% Annual Revenue $137MM 7 580 Jobs Created
  8. 8. 8 MARTIN (MARTY) WEBER OWNER OF THE GREEN CHICPEA IN NEWARK EPI GRADUATE HILDA MERA OWNER OF S&A AUTO REPAIR LLC IN NEWARK EPI GRADUATE JAE QUINLAN OWNER OF ARTISAN COLLECTIVE IN NEWARK EPI AND ETSY CRAFT ENTREPRENEURSHIP PROGRAM GRADUATE JEFF BILLINGSLEY OWNER OF COBBLESTON MULTIMEDIA NEWARK BUSINESS HUB GRADUATE LERON LEE OWNER OF LEE PRODUCTIONS / NEWARK FILM NEWARK BUSINESS HUB GRADUATE
  9. 9. The Center for Urban Entrepreneurship & Economic Development Newarkbusinesshub.com
  10. 10. Practitioner Perspective
  11. 11. A Social Enterprise  Launched in 2016 with $7M of PRI and grant capital from MacArthur Foundation and Chicago Community Trust  Social impact intrinsic to our business model of inclusive economic development through strengthening neighborhoods and investing in minority and local entrepreneurs  Aiming to be a mission-oriented business that creates and captures value to become self-reliant
  12. 12. OUR MISSION Strengthen neighborhoods by catalyzing and accelerating strategic retail development
  13. 13. Tools and Services Market data and predictive analytics Real estate deal-making and transaction facilitation Financing to get right retailer, place and moment
  14. 14. “Dequity” Flexible Subordinate Loan Upside / Contingent Compensation Patient $1M Maximum 8%+5%
  15. 15.  Closed / Approved: $2,150,000 (3 deals)  Committed / Underwriting: $4,150,000 (5 deals)  Pipeline: $3,900,000+ Financing Executed via Loan Program Management by Local CDFI $5 Million Portfolio
  16. 16. Neighborhood Project Summary Investment South Shore Strategic Urgent care center + daycare center at critical intersection $800,000 Woodlawn Catalytic Street-level restaurant + retail in mixed-used building adjacent to CTA station $350,000 Uptown Transformative Acquisition of strategic property for mixed-use development opposite Black Ensemble Theater $1,000,000 Pullman Strategic Sit-down restaurant + junior dept. store + other services in transformative mixed-use development $1,000,000 Bronzeville Transformative Acquisition of strategic parcel for mixed-use development $1,000,000 All Deals Include Contingent Compensation Agreement Overview: Deals

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