MIT and University of Maryland host Panel Discussion on How Anchor Organizations Build Community Wealth
CLEVELAND, Feb. 5, 2013 /PRNewswire/ — MIT and University of Maryland will convene a national conversation on Feb. 8 about how an innovative business model can help anchor institutions in urban cities to drive economic development and build sustainable community wealth. The panel discussion will be held on Feb. 8 from 2 p.m. to 4 p.m. (EST). Access to live-streaming video: http://bit.ly/Wt6nuB Twitter: #anchorpower
A panel of presenters will release a new MIT-University of Maryland Case Study which highlights Cleveland’s University Hospitals (UH) Vision 2010 Program, a $1.2 billion strategic growth plan.
The Cleveland-based health care system recently completed $750 million in major construction projects throughout Northeast Ohio employing a novel strategy of utilizing local and minority/female owned businesses to generate local wealth, economic opportunity and jobs. The innovative strategy was designed and implemented by UH, an anchor institution in urban Cleveland, in close partnership with the City of Cleveland Mayor, Frank Jackson, The Cleveland Foundation and local building trade unions.
Titled “The Anchor Mission: Leveraging the Power of Anchor Institutions to Build Community Wealth”, the Case Study concludes that place-based anchor institutions – like hospitals and universities – can commit to a comprehensive business approach that goes beyond the narrow framework of corporate philanthropy to create a sustainable economic advantage for their regions. Their analysis provides the framework for other organizations to engage with business, government and foundations to create healthier, stronger urban areas.
Vision 2010 included the construction of five major medical facilities which generated more than 5,000 jobs in construction and related fields, with salaries totaling $500 million over the five-year period. UH adopted a pathbreaking strategy in which its executives established aggressive goals pertaining to diversity, procurement and hiring local residents. Successful strategies included the use of an innovative Project Labor Agreement and resulted in 92 percent of spending staying in Northeast Ohio and awarding 24 percent of contracts to minority and female owned businesses.
To view the full report, go to: www.uhhospitals.org/AnchorMission
Moderator: Dayna L. Cunningham, Executive Director, MIT Community Innovators Lab Authors: J. Phillip Thompson, Associate Professor, MIT Department of Urban Studies & Planning Ted Howard, Executive Director, The Democracy Collaborative, University of Maryland Principals: Honorable Frank G. Jackson, Mayor Cleveland, Ohio Thomas F. Zenty III, CEO, University Hospitals, Cleveland Ohio Steven D. Standley, Chief Administrative Officer, University Hospitals, Cleveland Ohio Don Graves, Deputy Assistant for Small Business, Community Development and Housing Policy, U.S. Department of Treasury Experts: Philip Clay, Professor, MIT Department of Urban Studies and Planning; Chancellor, MIT Xavier de Souza Briggs, Associate Professor, MIT Department of Urban Studies & Planning; Associate Director of Office of Management and Budget Rebecca Henderson, John and Natty McArthur University Professor, Harvard University; Harvard Business School, General Management and Strategy Units; Co- Director, the Business and Environment Initiative Thomas Kochan, George Maverick Bunker Professor of Management, MIT; Professor of Engineering Systems; Co-Director of the Institute for Work and Employment Research at the MIT Sloan School of Management; Chair, MIT Faculty
SOURCE University Hospitals, Cleveland