CENTER FOR SOCIAL VALUE CREATION SMITH EXPERIENCE: COMMUNITY WEALTH BUILDING PRACTICUM SARA HERALD, ASSISTANT DIRECTOR October 1, 2014

Community Wealth Building Practicum  Learn about the worker cooperative business model  Work collaboratively across disciplines to start real businesses with transformative social implications  Cultivate relationship-building and leadership skills  Apply project management principles in real, dynamic situations  Present your work to multiple stakeholders across the public, private, and nonprofit sectors

Community Wealth Building? A new approach to Economic Development that:  promotes broader ownership of capital  anchors jobs locally  stops the leakage of dollars from communities  supports individual and family wealth building  reinforces stewardship  leverages anchor institutions for community benefit  contributes to local economic stability

BUILDING COMMUNITY WEALTH TO TRANSFORM CLEVELAND AND CHANGE LIVES EVERGREEN COOPERATIVE INITIATIVE Create Jobs Generate Wealth for Residents Stabilize Neighborhoods

Bringing it to Baltimore: Background  2013: Initial research conducted  90 anchor and stakeholder interviews  40 potential business ideas generated  Spring 2014: First practicum (MBA/MSW)  Initial feasibility studies on 12 business ideas  Basic community outreach  5 ideas recommended for further analysis  Fall 2015: Cultivating a vision  Legal research on worker cooperatives in MD  Collaborative proposal

Bringing it to Baltimore: CWB Practicum  Work with business, law and social work students, along with a local community partner, to lay the foundation for one of the following businesses in West Baltimore:  Greenhouse  Furniture Recycling/Refurbishment  Compost Collection, Processing, and Sales  Interior Property Demolition  Stormwater Management

Logistics (4 credit experience)  3 teams of 6 (2 business, 2 law, 2 social work)  6 MBA slots total, likely mix of FT and PT MBAs  Mixture of class time and independent work  Business launch plan for one business per team  Financials, capital requirements, financing options  Site identification and regulatory requirements  Identifying and educating community workforce  Presentation to wide array of stakeholders  Possibility for summer work

THANK YOU FOR YOUR TIME TODAY! P.S. Get Connected to CSVC facebook.com/creatingvalue twitter.com/creatingvalue blogs.rhsmith.umd.edu/creatingvalue