Second Annual Social Entrepreneurship Conference Brings to Light Opportunities for Economic Growth in Philadelphia
At The Fox School’s Second Annual Social Entrepreneurship Conference, Investing in Urban Communities: Balancing Growth and Inclusion, Jeremy Nowak, president and CEO, The Reinvestment Fund (TRF), kicked off the conference by framing the challenge Philadelphia faces in its mission to responsibly revive its economy.
Said Nowak, “The challenge for 21st century Philadelphia is to embrace public practices that stimulate greater levels of economic and social mobility.”
At the center of those practices, he pointed out is “human capital,” which includes everyone from low income students, to workers in need of re-training, to businesses in need of workers, to social institutions that want to attract clients.
Nowak’s message initiated a rich exchange among the Philadelphia community leaders and audience that gathered on April 11 to discuss ideas for reviving Philadelphia, which Nowak said is in the middle of a 50-year decline.
The conference was cosponsored by The Innovation and Entrepreneurship Institute at The Fox School of Business, the College of Liberal Arts, and the School of Social Administration. Chip Roach, vice chairman, Prudential Fox & Roach Realtors was the moderator. Roach is actively involved in “A Better Philadelphia,” a non-profit organization that seeks to eliminate youth violence, and in the Charlie & Peggy Roach Charities.
Panelist Sharmain Matlock-Turner, president, Greater Philadelphia Urban Affairs Coalition (GPUAC) elaborated on Nowak’s point about the importance of stimulating economic and social mobility.
“Right now, poverty is crushing and draining to Philadelphia. 25 percent of Philadelphia residents are in poverty; the national average is 15 percent,” said Matlock-Turner.
Carolyn Adams, acting dean, College of Liberal Arts, who served as discussant, noted that in the past, efforts to nurture human capital have been misguided.
“Philadelphia’s development projects have targeted people who don’t rely heavily on public services; they’ve targeted empty-nesters, childless professionals and college students, instead of families with children who attend public schools or people who use public transportation,” said Adams.
“There should be more attention paid to the people who do rely heavily on Philadelphia’s resources,” she added.
In addition to Nowak, Matlock-Turner and Adams, other panelists included Omar Blaik, president and CEO, U3 Ventures; Rose Gray, vice president of Economic and Community Development, Asociacion Puertorriquenos en Marcha, Inc. (APM); Michael Lappin, president and CEO, Community Preservation Corporation; and John Westrum, president and CEO, Westrum Development Company.
Dean of The Fox School, M. Moshe Porat connected the theme of social entrepreneurship to Fox School initiatives, saying, “Social Entrepreneurship comes naturally to The Fox School. This year we introduced a graduate course in social entrepreneurship taught by T.L. Hill, who is also the organizer of this conference. Also, one third of all Enterprise Management Consulting projects—a required real-life consulting project that all MBA students must complete—revolve around social entrepreneurship.”
Dean Porat added, “We teach all students that in business there is more than one bottom line. That second bottom line is about doing good in the world.”
