When compared to state and national statistics, Detroit’s unemployment rate is exceptionally high. Therefore, the Foundation strives to identify and encourage creative new approaches for the economic development of the city of Detroit, with emphasis on expanding employment opportunities for Detroiters.
With the addition of the 15×15 Strategy to the Foundation’s agenda in 2008, the Foundation’s Economic Development mission has become increasingly focused upon Greater Downtown and upon those efforts that will support economic development targeted for a young, talented population. The Foundation is particularly interested in those activities that support jobs and business opportunities for the next generation of Detroiters. As a component of the Strategy, the Foundation is interested in creating new employment opportunities for existing Detroit residents.
In 2007, the Foundation made a five-year $5 million dollar commitment to the Community Foundation for Southeast Michigan for the New Economy Initiative for Southeast Michigan (NEI). Ten funders joined this effort and pledged a total of $100 million for the eight-year project designed to speed the transition of the regional economy to be more innovation-based. Working with other partners in the region and in the state, the initiative works to:
1. Promote a successful entrepreneurial eco-system
2. Capitalize on existing regional assets and resources, and
3. Build and employ a more skilled and educated workforce
2010 Grant Highlights:
- $1,000,000 of a $5,000,000 commitment to the Community Foundation for Southeast Michigan for the New Economy Initiative.
- $50,000 of a $150,000 commitment to the Detroit Economic Growth Association for the Detroit Office of Foreclosure Prevention and Response.
- $150,000 of a $450,000 commitment to the Detroit Economic Growth Corporation for business development and economic indicators activities.
- $50,000 of a $100,000 commitment to Downtown Detroit Partnership in partnership with Inside Detroit and Connect After 5 to enhance Greater Downtown employers’ and employees’ knowledge of Detroit’s entertainment, living and recreational assets.
- $40,000 to Inside Detroit for strategic planning and organizational capacity.