The ON TO 2050 principle of Inclusive Growth recommends strategies to grow our economy by providing opportunity for all. Throughout the region, residents, organizations, and stakeholders are already working to achieve this goal.
Manufacturing is important for inclusive economic development in the Chicago region. The manufacturing economic cluster is the second largest segment of the regional economy, employs nearly 600,000 workers, provides wages 27 percent higher than regional average, and creates the largest ripple effect of any industry in the region.
mHub, recently received $300,000 from the Economic Development Administration’s Seed Fund Grant, that will allow 60 product-based businesses to participate in mHub’s accelerated incubation program. “To truly make an impact in reducing the barriers to commercialization, we need to directly generate investment and create sticky connections between startups, investors, and corporate partners,” said Haven Allen, mHUB CEO and Co-Founder. Read more in a blog post.
Another Chicago organization, Manufacturing Renaissance, is working to advance communities through partnerships between manufacturing industries and communities. The organization focuses on justice, leadership development, a respect for workers, and wealth creation -- especially for marginalized black and brown communities with programs that bring together public and private partners, connect youth to careers in advanced manufacturing, and help workers participate in the ownership succession of manufacturing companies. Read more in ON TO 2050 about how Manufacturing Renaissance helped Torres Hughes, a young man from Chicago's Austin neighborhood find a pathway to success.