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Philanthropy

Local and community foundations, along with national philanthropy, finance to advance economic regional prosperity

The role of philanthropy

A key role of philanthropy is to provide ongoing organizational support for innovation district managers. A 2020 financial analysis of nine innovation districts showed how they rely on philanthropic funding at different stages of their development. Their contributions include:

Philanthropic gifts as the impetus for launching a district.

Philanthropy purchasing land to support districts beyond their early stage—often financing programs or services to support vulnerable actors (e.g., young startups, minority entrepreneurs) or activities.

Philanthropy at a much later stage, filling important gaps, such as schools, workforce development, and mentoring programs, that were limiting a district’s ability to reach its full potential.