Last updated on April 17, 2014 at 17:30 EDT

MIT and University of Maryland host Panel Discussion on How Anchor Organizations Build Community Wealth

February 5, 2013

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

    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

                                   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

Source: PR Newswire