word on the street | february 2017
new on the street
Mission Possible: How Foundations are Shaping the Future of Impact Investing
Chicago Food Sector Lunch
Building on a growing tradition of connecting the dots between the diverse stakeholders in the economic development space, Next Street’s Chicago office hosted a sector-specific lunch bringing together our local network.Tapping local entrepreneurs, long-standing institutional clients, and small business investors, Next Street hosted a food-industry focused lunch. We discussed the food industry’s outlook, perceived challenges from all perspectives, and how we can work together across the sector. Over delicious food provided by local business owner Nicole Jordan, the conversation helped bring together leaders from across the small business ecosystem to cross-pollinate ideas. Next Street looks forward to hosting more of these sector-focused sessions in the coming year.
Baltimore Integration Partnership
In late 2016, the Baltimore Integration Partnership (BIP) engaged a team of consultants led by Next Street to help BIP’s anchor institution members to consider economic inclusion policies and practices around procurement. Together, these policies will serve as a model approach for adoption by other industries.
Working with close partner U3 Advisors and local expert Michele Whelley, the consultant team assessed how procurement is conducted at five of BIP’s member anchors, developing detailed assessments of current practices and providing guidance on actionable ways each can lever their “business-as-usual” buying for greater local and minority impact.
In a December 2016 report-out to BIP’s procurement board, other key leaders from the City, and peer anchors, our team detailed shared challenges and opportunities identified through the work with the five anchors. It is BIP’s long term vision that other anchors and peers across the country will use these findings to improve their own practices. Read the full report-out here.
Client Spotlight: CECP
CECP is a CEO-led coalition that believes a company’s social strategy — how it engages with key stakeholders including employees, communities, investors, and customers – determines company success. Their new Strategic Investor Initiative (SII) is developing a platform for leading CEOs to communicate long-term plans that integrate financially material environmental, social, and governance-related (ESG) considerations to long-term investors. There is growing consensus among CEOs and investors that the current emphasis on short-term results deters investment in long-term value creation for companies, investors, key stakeholders and society as a whole. SII will serve as the catalyst to help forward-looking CEOs convey their long-term strategies to investors, and unlock the full potential of sustainable growth and value creation. Over the past few months, Next Street has been collaborating with CECP leardership to develop a strategy and financial plan for SII.
SII will hold its inaugural invitation-only events, the CEO Investor Forum, co-hosted with ICR, on February 27th and September 19th. The forums will serve as a platform for leading CEOs to present their long-term strategies to investors. The February forum will include keynote addresses by F. William McNabb III, Chairman & CEO, Vanguard and Michael Corbat, CEO, Citigroup Inc. followed by 10 presentations from the CEOs of leading publicly traded companies, including Allstate, BD, Dow Chemical, Nielsen, and PG&E.
Community Investment Tax Credit Innovation Forum
The CITC Program is managed by DHCD, with MACDC and LISC Boston serving as the designated Community Support Organizations. As program evaluator, the Next Street team conducted interviews with CDCs, donors, and other stakeholders across the state, and analyzed donation data and o
utcomes to complete a comprehensive review of the CITC program. The goal of the evaluation was to understand the dynamics and surface lessons learned from the first two years of the program, as well as offer recommendations to enhance administration and impact of the program in the future.
The CITC Program Evaluation report was released at the CITC Innovation Forum on December 9, 2016, where Next Street’s Adina Astor presented the findings and recommendations, and participated on a panel with (pictured right to left) Chrystal Kornegay, Undersecretary of DHCD; Joe Kriesberg, President and CEO of MACDC; Adina Astor; and Brigid Boyd of the United Way.
careers at next street
Next Street is looking for a motivated Senior Analyst in our Boston office, and a high-performing Managing Associate in our Chicago office, who will work closely with Firm leadership to support and lead engagements serving small businesses, non-profits, anchor institutions, and government agencies. Visit our Careers page to apply!