We live in a city of contrasts. Memphis is home to three Fortune 500 companies, multiple world-class healthcare and university institutions, and the nation’s largest logistics hub. Our city boasts the highest concentration of nonprofits and philanthropic giving in the country.
We also have a poverty rate double the national average and a metro population that has flatlined in the past 10 years. Hit the hardest are black residents, who represent 63% of the population, own 60% of businesses, but only receive 1% of gross sales receipts city-wide.
One billion dollars in social services and charitable giving provide a much-needed economic safety net every year. But it’s not enough. Philanthropy alone can’t reverse decades of systemic economic problems. But entrepreneurs can. And they can do it with just 1% of the annual investment given to Memphis-area charities.
Here’s what it looks like: $100 million dollars over 10 years funneled directly to entrepreneurs and the programs needed to create, train, and support their businesses. Epicenter is leading this charge, providing a single point of accountability and an intentional focus on equity.
But we didn’t start from scratch. From 2005 to 2015, about $54 million in equity investments helped support more than 500 entrepreneurs and launch 150 companies in Memphis. Now, we are effectively doubling this investment amount in the subsequent decade to achieve true, tangible transformation in our city.
We are creating an environment to leverage collaboration, creation, and inclusion in order to see exponential impact across the city. The vision is big, and the time is now.
In late 2018, Epicenter announced a milestone: We raised $40 million of our $100 million goal with investments solely from Memphis-based philanthropic foundations, economic development organizations, corporations, financial institutions, and individuals. Leading this investment is FedEx, contributing a $10 million challenge grant and generating critical momentum.
