A Broader Framework for Economic Development:
Nexus Community Partners Elevates Community Wealth Building in the Twin Cities
In 2015, Nexus approved a new strategic plan that affirmed our mission of building more engaged and powerful communities of color. As part of the process, we clarified our approach to achieving the mission and identified three core ingredients to ensure just and equitable communities:
- Authorship: Engaging community
In a strong, equitable and just community, all members are engaged in and have authorship of their lives and their future. Nexus builds infrastructure for stronger community engagement learning and practice.
- Leadership: Cultivating power
In a strong, equitable and just community, all members are seen as leaders, are given ample opportunities to grow in their leadership, and are able to represent their communities in multiple spaces. Nexus invests in and cultivates leaders of color who are working to advance a broader agenda for equity.
- Ownership: Building community wealth
In a strong, equitable and just community, all members are afforded ample access points to generate wealth and to own the wealth they have helped to generate. Nexus challenges practitioners, community leaders and investors to use a community wealth-building framework to revitalize our communities.
As part of the focus on ownership, Nexus expanded our individual asset and wealth building work to include a more comprehensive community wealth building framework.
Community wealth building is a place-based, systems approach to community economic development that ensures local and broad-based ownership; develops cooperative and other reinforcing economic enterprises; utilizes culturally-based economic models; invests in assets that are rooted locally; and engages the procurement power of institutional partners. CWB is grounded in the values of equity, culture, mutuality and stewardship. (See our short community wealth building film here)
In 2016, we carried out a number of activities targeted at “Seeding” and elevating the framework, building shared knowledge and developing partnership to carry our community wealth building work forward. Over the summer, Nexus hosted a three part learning series that focused on the role of anchor institutions and worker owned business models in building community wealth, as well as a session on new financial tools being deployed to promote local and broad based ownership.
In the fall, we partnered with Oakland- based Project Equity to conduct an ecosystem mapping exercise with cross sector partners to begin building an infrastructure in the Twin Cities to support the growth of Worker Cooperatives of Color. Our work in the “seeding” phase included developing and presenting an analysis in partnership with the Center for Urban and Regional Affairs (CURA) around the potential for business conversions to worker ownership. (Read the report, “Worker Ownership A Pathway to Strong Local Economies”)
In 2017, Nexus will focus on cultivating the seeds planted in 2016. Efforts will include launching a Black Cooperative Economics Academy; convening a cohort of stakeholders to build a network of Technical Assistance providers of color; strengthening relationships with key organizations, institutions and community leaders around cooperative models, anchor procurement and financial tools; targeted regranting and finally, partnering with the Jay and Rose Phillips Family Foundation’s C3 VISTA program to develop a Community Wealth Building Cohort.
Want to learn more? Please contact Elena Gaarder at firstname.lastname@example.org to learn more.