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. 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. 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. 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. 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. 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. 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
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.
10.
11. The Center for Urban Entrepreneurship
& Economic Development
Newarkbusinesshub.com
13. 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
15. Tools and Services
Market data and predictive analytics
Real estate deal-making and transaction facilitation
Financing to get right retailer, place and moment
17. 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
18. 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