Nexus in the News

Worker Ownership Initiative Featured in Chronicle of Philanthropy

The Nexus Worker-Ownership Initiative and Kendeda’s radical grant making strategy was featured in the Chronicle of Philanthropy! The excerpt on Worker Ownership is below and you can read the full article here.

“Some grant makers, including the Kendeda Fund, which was founded by Diana Blank, the former wife of Home Depot co-founder Arthur Blank, have made grants to organizations that give workers more say in running the companies that employ them.

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PHOTO BY KENNETH M. WEISS

The Kendeda Fund has committed more than $24 million to groups trying to increase the number and awareness of worker- owned companies, such as Evergreen Cooperative Laundry.

In August, Kendeda committed more than $24 million to four such organizations: the Fund for Employee Ownership, which buys companies from retiring baby boomers and coverts them to worker-owned outts; the ICA Group, which will support conversions to employee ownership in the home-care and child-care industries; Nexus Community Partners, which will work to promote conversion to employee ownership in industry sectors likely to employ people of color, and Project Equity, which works to raise awareness about employee ownership.

Making those changes in a few select business sectors is minor compared to the task of securing shifts among publicly traded companies that do business in the global market, admits Diane Ives, Kendeda’s adviser for people, place, and planet. Currently only about 450 worker-owned cooperatives exist in the United States. But, she says, the number of startups and business conversions is growing. She hopes Kendeda’s grants can help build a network of worker-owned businesses that advocate for employee-friendly regulations and that distribute profits to employees and benefit the cities where they work.

“There are a lot of motivations for running a business. Profit is not the only one,” she says. “Transitioning to employee ownership allows a business owner to tap into some of those other values, like an appreciation for the work force and the role the business plays in the community.”

Read the full article here

Featured: Nexus Worker Ownership Initiative & Partnership with Saint Paul Chamber of Commerce

Nexus’ Worker Ownership Initiative and partnership with the St. Paul Area Chamber of Commerce was recently featured in Finance & Commerce:

“Cooperative ownership is a solution both to the challenges facing small businesses and to larger problems in the economy…Elena Gaarder, Director of Community Wealth at Nexus, says, ‘For us, this presents this really once-in-a-lifetime opportunity to move where the bulk of the wealth is held in our country and create so many more opportunities for ownership’”

Sixty percent of small business owners were born before 1964, according to the University of Minnesota. Nexus and the Saint Paul Chamber of Commerce are working together to address the ongoing wave of baby boomer retirements, keep businesses local, and build cooperative ownership. Read the full article here!

Learn more about the Worker Ownership Initiative (WOI) here!

Bush Prize for Community Innovation 2018

Nexus Community Partners is proud to be recognized by the Bush Foundation as a 2018 Bush Prize for Community Innovation winner! Nexus Community Partners has been at the center of innovative community capacity building efforts for 15 years. Our role as a community partner has served as a vehicle to bring partners from community, government, philanthropy and community development  together to design and implement solutions to persistent challenges. The solutions have emerged over the years because of how we set the table; grounding partnerships in shared values and principles, nurturing authentic relationships, and creating intentional space for shared learning and impact. We want to thank all of our partners who we have had the honor of working with over the years. Together we are building more engaged and powerful communities of color.

Read more from The Bush Foundation

 

Nexus Community Partners: Addressing economic Opportunity on Saint Paul’s East Side

From the Mardag Foundation

Cities Building Community Wealth: Executive Summary

From Democracy Collaborative

KFAI Radio: Truth to Tell

How Nexus Community Partners Uses Cooperative Models to Tackle the Racial Wealth Gap

From Shareable

New Report: Opportunities for Impact Investing in Ownership

Review from Fifty by Fifty (published on Medium)

Schafer: Employee ownership could be answer to exit of baby boomer owners

Lee Schafer, StarTribune

Cities Building Community Wealth: A Gather at the CUNY School of Law

From Democracy Collaborative