Economic inequality has risen to the top of our national dialogue in recent years, garnering a lot of attention in the media, as well as from local and national leaders. This heightened interest in inequality has developed because economic insecurity is touching more and more people — not just the poor or historically disadvantaged — in a very real way. Though most of the attention has been focused on growing gaps in income and wealth, as well as how difficult it has become to climb the economic ladder, much less has been said about a more basic reality facing people every day: After accounting for inflation, most Americans’ hourly wages have grown very little in the last three and a half decades.
Unfortunately, it doesn’t look to get better in the next twelve months, but quite the opposite. That’s regardless of whether the “Feds” raise interest rates. There’s pain on the horizon. Our growing inequality –nationally and in the region– is real; our wage growth stagnation –nationally and in the region — is real; and that’s a problem. The question is what do we do about it? How do we change the prospects of upward mobility in the under-served community? Here is my answer below: MYB $$$eed TANK. If you know of a young business, or a person who has evolved their business beyond a proof of concept, he or she can apply. See below for the deadline and how to apply.
HOW DO YOU CHANGE THE PROSPECTS FOR UPWARD MOBILITY IN THE UNDERSERVED COMMUNITIES?
Answer: Attract capital to invest directly into those communities; spark entrepreneurship to be the engines of job growth; and nurture them through an incubator so that they lift the economy of the surrounding region. Thank you to Mount Vernon, Yonkers and the Bronx Chambers of Commerce and Westchester Community College for supporting and driving “MYB $$eed TANK.”
“This initiative is not about credit, it’s about having a great idea and the will and commitment to succeed.” Derickson K. Lawrence tells BW. Jan 5, 2016 is the deadline for early-stage businesses to apply and compete for seed capital of up to $10,000.
This template is not new. it’s been done before: Silicon Valley/Alley. There is no reason we cannot have the same outcome – overtime– here. The benefits are accretive to tax payers in the region, and investors have the potential to recoup their initial investment at subsequent rounds of funding. So it’s a win- win. I want to ensure that the local businesses in Mount Vernon, Yonkers, the Bronx and the surrounding region are in the running.
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To apply to be part of the competition click here.