INVEST Chicago for female and minority entrepreneurs in Chicago
CHICAGO, IL – August 9, 2016 -Goodcity is pleased to announce the launch of INVEST Chicago. INVEST Chicago is an initiative managed by Goodcity working to mobilize individuals to give their time, talents, and finances towards a portfolio of entrepreneurs making a difference in the city. The goal will be to raise $25 million dollars in the next 2 ½ years focused on “investing” in female and minority entrepreneurs in Chicago. The entrepreneurs will be located in the City of Chicago, leading nonprofits and social enterprises working to solve complex problems in their communities.
Of the total goal, $5 million will be distributed to innovative ideas for social change, $15 million will be allotted to impact investments and $10 million will be allocated to philanthropic donations.
“We believe there is a great opportunity to work with the next generation of leaders in Chicago and mobilize them to give not just their financial capital but their human capital towards innovative entrepreneurs that are often overlooked by the larger funding community,” said Jimmy Lee, President of Goodcity Chicago and Managing Director for INVEST Chicago. “Our desire is to also work strategically with foundations, corporations, and government to come alongside these individuals as partners who will provide a match for the money raised.”
A recent report from the Initiative for a Competitive Inner City shows that women-owned and minority-owned businesses face challenges raising capital. While women owned firms were more successful in raising equity than their counterparts, they received significantly smaller investments on average. Conversely, minority owned firms were less successful in raising equity but received greater investments on average than their counterparts.
A formal announcement of the INVEST Chicago initiative will be unveiled at the annual Chicago Leadership Luncheon hosted by Goodcity Chicago on September 16, 2016. The luncheon’s keynote speaker will be Steve Case, AOL Inc. co-founder and author of The Third Wave: An Entrepreneur’s Vision of the Future.
“We are so pleased Steve Case will be joining us to announce the official launch of INVEST Chicago,” said Lee. “As a renowned philanthropist with a long-standing commitment to helping entrepreneurs, there is no one better suited to speak to the unique opportunities and challenges faced by the emerging INVEST Chicago entrepreneurs.”
For more information about Goodcity Chicago, please visit www.goodcitychicago.org.