Here’s one way an economy can begin to turn around: a business person sees an opportunity. Maybe it’s a building that’s been sitting empty, or a block corner that’s looking run down. The business person gets together with investors, and maybe lands some government tax incentives. It becomes a public-private partnership.
But sometimes, an economic turnaround starts not with investors or public money. It starts with philanthropy. Dustin Dwyer recently reported for Changing Gears from Grand Rapids, Mich., on the role that philanthropy is playing there, and elsewhere in the Midwest.
Philanthropists are fueling Grand Rapids' growth.
Here’s his look at the role of philanthropy.
All over downtown Grand Rapids, there are major projects that came about because of philanthropy, such as the Amway Grand Plaza Hotel. One block north, sits the convention center. A few blocks south is the Van Andel Arena. To the west, there’s the Grand Rapids Public Museum, the Meijer Broadcast Center, and the YMCA.
To the east, up Monroe Avenue Northwest is what’s called Medical Mile. $1 billion dollars went into building the medical and bio-research facilities over there – much of that in the form of private donations.
Without these developments and without philanthropy, Grand Rapids’ downtown would seem pretty empty.
Podcast: Play in new window | Download