Innovation Works - Fiscal Year 2022 Annual Report

FISCAL YEAR 2022 ANNUAL REPORT

OLD TOWN MALL

Innovation Works creatively and collaboratively connects neighborhoods, entrepreneurs, social innovation assets, and investors to build sustainable neighborhood economies in Baltimore.

Our Mission is to reduce Baltimore’s neighborhood and racial wealth divide by supporting and accompanying leaders of social enterprises working to create sustainable neighborhood economies.

Our Values HEROIC VISION // Each person, no matter their circumstance, has untapped leadership potential EXCELLENCE // Baltimore’s entrepreneurs can create grassroots, national models of quality, livable, urban community solutions DIGNITY // Work is fundamental to the dignity of the person INCLUSION // We meet community members where they are FOR THE GREATER GOOD // We encourage social entrepreneurs to see opportunity as more than about income

Welcome

This year marked our fourth year of operations here at Innovation Works (IW) and we gained valuable perspective on how we can ensure ongoing sustainability and growth well into the future by making a tangible, tactical shift in objectives and priorities.

We recognize that our mission—to reduce Baltimore’s

economy; and 3) as impact investing and mission-based

neighborhood and racial wealth divide—is ambitious, and

lending continue to grow in Baltimore, we can build

we have repeatedly returned to the question, “Where do

systems that will begin with our most vital asset in mind—

we go from here, and how do we get there sustainably?”

the talented people on every corner.

We have outgrown many of the systems built in our scrappy early days. We have placed a stronger emphasis

As we enter our fifth year and look expectantly into the

on creating a more stable foundation for the longevity of

future, we are applying the lessons learned and planning

our mission and the broader benefit of our stakeholders.

for our ongoing growth. We are developing a more comprehensive social impact model that accurately maps to

IW’s first four years were spent experimenting, adapting,

our long-term goals while building out our operational

and learning what it would take for us to achieve our mis-

systems to improve efficiency, maximize collaboration,

sion. We supported economic sectors poised for inclusive

and meaningfully aggregate data to better guide our

growth through our Strategic Initiatives, navigated the

growth. We are also in the midst of a crucial strategic

unprecedented challenges of the COVID-19 pandemic, and

planning process that will help us thoughtfully outline

grew our team from four full-time employees to 10. We

our path forward as an organization.

executed 10 structured programs and engaged with 350+ social entrepreneurs in Baltimore. Through all of this,

As you peruse this annual report, we hope you find inspi-

we have begun to build a recognizable presence in Balti-

ration, transparency, and hope in its contents: inspiration

more’s historically disinvested communities as a place for

in the stories of the members of our community, trans-

social entrepreneurs to find the support they need to exe-

parency about the path we have taken to reach this point

cute their missions.

in IW’s journey, and hope for all that the future holds for IW, our stakeholders, and Baltimore City.

Through the execution of our early launch plan, we have confirmed a few things: 1) the concept of social enterprise is widely embraced in communities across Baltimore, and we

With gratitude,

have an opportunity to help shape the field with justice and sustainability in mind; 2) access to creative, flexible, and

Jay Nwachu

Dan Rizzo

mission-oriented capital is critical to the future of Baltimore’s

President & CEO

Board Chair 1

9

4

WEST BALTIMORE

7

Community Partner: No Boundaries Coalition; Social Enterprises: Parity, Black Arts District, The VPI Firm, Fight Blight Bmore

10

3

5

2 1

6 8

LOWER GREENMOUNT AVENUE CORRIDOR Community Partner: Rebuild Johnston Square; Social Enterprises: Blue Light Junction, Oyin Handmade, Black Acres Roastery, Keppel & Kismet, Global Air Drone Academy

SOUTHWEST BALTIMORE Community Partners: West Baltimore Renaissance Foundation & Southwest Partnership; Social Enterprises: Safe Alternative Foundation for Education, MOMCares, GRASS Baltimore, Lifting Labels, WhitePaws RunMitts

TOP 10 NEIGHBORHOODS IN WHICH OUR SE’s HAVE AN IMPACT (1) Sandtown-Winchester/Harlem Park; (2) Upton/Druid Heights; (3) Penn North/Reservoir Hill; (4) Pimlico/Arlington/Hilltop; (5) Greater Mondawmin; (6) Edmondson Village; (7) Greater Charles Village/Barclay; (8) Southwest Baltimore; (9) Mount Washington/Cold Spring; (10) Belair-Edison

FARMS INVOLVED IN IW’S NATURE’S COLORS INITIATIVES Plantation Park Heights Urban Farm (plantationparkheights.com)

Parks & People Foundation (parksandpeople.org)

Strength to Love II (s2l2.intersectionofchange.org)

The Greener Garden (www.facebook.com/thegreenergarden)

Whitelock Community Farm (whitelockfarm.org)

Bliss Meadows (backyardbasecamp.org/bliss-meadows)

Farm Alliance (farmalliancebaltimore.org)

Future IW Office Location

The Innovation Works Model The work of Innovation Works is best understood within the context of Baltimore City. Decades of redlining and racially motivated policies have left many predominantly Black neighborhoods in Baltimore lacking adequate resources and investment to provide support for their community members. Social entrepreneurship is one way to address such challenges.

The IW Model concentrates our work in three strategic focus areas that build on Baltimore’s existing strengths and address the challenges facing the city through resource allocation and local social enterprises. The map to the left showcases three focus neighborhoods of our Neighborhood Strategy and the social enterprises and partner organizations within each, the top ten neighborhoods in which our social entrepreneurs have an impact, as well as urban farms we partner with through our Strategic Initiatives.

Neighborhood

Strategic

Social Enterprise

Strategy

Initiatives

Development

IW’s Neighborhood Strategy delivers

IW’s Strategic Initiatives’ goal is

With IW’s 5-stage Enterprise

social enterprise programming at

to take a macro look at economic

Development Pipeline, we meet

the neighborhood level with the

sectors with unique assets in

social entrepreneurs and their enter-

understanding that meaningful,

Baltimore to aggregate our efforts in

prises where they are and support

trusting relationships with commu-

supporting Baltimore’s disinvested

them through the full life cycle of the

nity members are needed to fulfill

neighborhoods and entrepreneurs

entrepreneurship journey.

our mission.

using the City’s existing strengths.

3

Neighborhood Strategy Partnering with local community anchors and delivering social enterprise support resources that ignite and develop local interest and capacity to transform neighborhood economies.

IW’S NEIGHBORHOOD STRATEGY

Through relationships with trusted

Centering West Baltimore

is what equips us to fulfill the

community anchors, IW is able to

All focused on reversing the effects

neighborhood component of our

identify the unique strengths and

of systemic racism in West Baltimore,

mission by ensuring the economies

challenges within each neighborhood

the following three social enterprises

we help build are rooted in commu-

in order to best support the commu-

are an example of the importance of

nity. To do this, we must be present

nity members through the creation

community-driven, entrepreneur-

and develop meaningful, engaging,

of social enterprises. We know that

ial solutions to the problems facing

and productive relationships with all

entrepreneurs present in a variety of

Baltimore’s historically disinvested

community members.

different ways and having a presence

neighborhoods. Though they share

in each target neighborhood is the

a similar vision for West Baltimore,

best way to ensure we are finding

each brings a unique model and

the entrepreneurs making a differ-

perspective, creating an abundance

ence in their communities.

of opportunities for place-based solutions to challenges facing the broader community.

FIGHT BLIGHT BMORE Fight Blight Bmore is an economic, environmental, and social justice initiative led by the community and informed by data to address the issue of blight caused by systemic racism, including disinvestment and depopulation, in Baltimore’s historically Black neighborhoods.

“If only the political, investment, and philanthropic communities would fund and execute the required disparity studies—and follow the leadership of BIPOC communities toward harm reduction and repair—Baltimore could become a powerful example to other American cities.”

— Nneka N’namdi, Founder & COO

BNIA COMMUNITY GUIDEPOST Created in partnership with the Baltimore Neighborhood Indicators Alliance (BNIA), the Community Guidepost is an online resource designed to equip anyone interested in Baltimore with relevant and accurate data to help them make informed decisions in their communities.

Originally launched in 2020, we refocused our efforts this year into maximizing the reach and effectiveness of this resource. Scan the QR code to learn more about the Guidepost, use it for yourself, and provide feedback on how we can continue to improve it.

ENGAGEMENT WITH IW Spring 2021: Joined IW Pipeline Ongoing: Neighborhood Strategy Thought Partner Learn more at www.fightblightbmore.com

4

Right: A group of individuals with Parity

THE VPI FIRM

PARITY

The VPI Firm is a process and strategy design

Parity is an equitable development company in

firm focused on helping social impact initiatives

West Baltimore that acquires and rehabilitates

and community-based organizations reach their

abandoned properties by the block to create

full potential through three core focus areas: (1)

affordable homeownership opportunities.

community and real estate development; (2) entrepreneurship; and (3) social impact initiatives.

“We are addressing the problem of gaps in transformational community development through an interdisciplinary approach to complex challenges. Most people fear discomfort and ‘getting it wrong’, thinking we have to know HOW to achieve success and what it will look like. The truth is, when we’re pivoting from the status quo and creating new possibilities, the ‘how’ changes and the destination gets more refined over time.

Part of the exploration and transformation is not knowing. Scary!”

— Candace Chance, Founder & CEO

ENGAGEMENT WITH IW Fall 2020: IW+MC Boost Winter 2021: Volunteered on IW hiring panel Summer 2022: Joined IC Investment Committee

“Although we have many goals at Parity, our most foundational focus is to increase Black homeownership in the City of Baltimore— specifically in communities that have suffered the historical trauma inherent in segregation and forced uprooting of Black people. If we succeed in our mission, then we are affirming the fact that our neighborhoods—and the people in them—hold great value and are deserving of a quality of life we’d all hope to experience.”

— Bree Jones, Founder & CEO

ENGAGEMENT WITH IW Spring 2020: IW+MC Accelerator Fall 2020: Received Ignite Capital (IC) Funding Spring 2022: Joined IC Board and became IC Investment Committee Chair Learn more at www.parityhomes.com

Learn more at www.thevpifirm.com

5

Strategic Initiatives Pursuing initiatives that accelerate innovation and growth across Baltimore.

IW’S STRATEGIC INITIATIVES’ GOAL

reduce costs, elevate sales and mar-

of NCI is to maximize the natural

is to take a macro look at opportu-

keting strategies, and develop models

dye resources in Baltimore with a

nities in Baltimore to aggregate our

for sustainable compensation.

focus on economic development and

efforts in supporting Baltimore’s

job creation in economically dis-

disinvested neighborhoods and

In partnership with members of

tressed communities. This year was

entrepreneurs. Through our existing

Baltimore’s urban farming com-

NCI’s second farming season which

Strategic Initiatives, we have focused

munity and Blue Light Junction, a

engaged 21 local farmers and utilized

on particular economic sectors where

local natural dye processing stu-

approximately 6,500 square feet of

Baltimore has unique assets that

dio, IW launched the Nature’s Colors

land across 7 urban farms in Balti-

could help increase economic activ-

Initiative (NCI) in 2020. The goal

more City.

ity, create new livable wage jobs, and generate new social enterprises led by people of color. These sectors have included food, manufacturing, urban wood, and urban farming.

Centering Urban Farming The urban farming sector in Baltimore has a variety of existing strengths making it a clear economic asset for the City—whether it’s the array of existing farms, the vacant lots ready for new gardens to be planted, or the knowledgeable and dedicated farmers working in the industry every day. The urban farming community is vibrant, but the

ACRES4CHANGE Acres4Change is growing the number of urban farms and farmers in Baltimore City by assisting with land security and providing the necessary resources for beginner farmers to succeed. Their Stewardship Program provides support for members to develop their farming and business skills so that they can thrive and improve quality of life and well-being for themselves and their communities.

challenges have always been receiving equitable access to resources, maintaining a consistent level of growth and production to sustain a living wage for farmers, as well as securing contracts with buyers.

“We employ a streamlined method to promote racial justice, build coalitions, and generate income through urban farming.

We want to build a collaborative farming community that will expand healthy food access and improve soil and environmental conditions to ensure resilient and healthy communities.”

— Pertula George-Redd, Founder

In applying IW’s Strategic Initiative model to Baltimore’s urban farming sector, we are utilizing the exist-

ENGAGEMENT WITH IW Spring 2021: IW+MC Boost

ing assets in the city by tapping into resources across the value chain to find ways to increase efficiencies, 6

Learn more at www.acres4change.org

Nature’s Colors Initiative

“This project allows us the opportunity to connect deeper to the richness of plant technologies, food, color, and medicine,” said Kenya Miles, owner of Blue Light Junction and a farmer at Parks and People.

While the first two farming seasons have focused on testing the feasibility of growing and processing natural dye plants in an urban context, future goals of the NCI are to use data and insights from the two growing seasons to develop an economic and impact model to test for sustainability and work alongside the stakeholders to determine a path for future growth.

Top: Kenya Miles harvesting plants to be processed for natural dyes.

Bottom: Indigo grown and harvested through the Nature’s Colors Initiative.

NATURE'S COLORS 2022 GROWING SEASON* CAPITAL DEPLOYED

61K

$

for farm labor

19K

$

for farm land

PLANTS GROWN

5K

$

for other expenses

8 species

800 lbs

(Black Eyed Susan, Calendula, Comfrey, Cotton, Hibiscus, Indigo, Marigold, and Safflower)

*Plants to be processed and sold in early 2023

7

Social Enterprise Development Supporting social entrepreneurs in growing their enterprise from idea to scale.

MAKING RESOURCES ACCESSIBLE

entrepreneurs (SEs) where they are

to minority-led social enterprises

and accompany them through the

is vital to the economic progress of

full life cycle of the entrepreneurship

Baltimore City neighborhoods and

journey with our 5-stage Enter-

the overall well-being of the city.

prise Development Pipeline (below),

In order to make access to resources

allowing leaders to come into the

more equitable, we meet social

development cycle at any stage.

12

14

RACIAL BREAKDOWN

87% Black-led enterprises

GROW

#

CREATE

IDEATE

IGNITE

31

SNAPSHOT OF IW’S SOCIAL ENTREPRENEURS

123

GENDER BREAKDOWN

SCAL E

66%

2

Indicates number of SEs in each stage of the pipeline

led by women and gender nonconforming

PIPELINE BREAKDOWN

182 active SEs in the pipeline

59 new SEs since FY21

TOP 5 AREAS OF ENTERPRISE GROWTH SINCE JOINING THE IW PIPELINE

Broader community outreach

8

Increase in partnerships with similar orgs

Yearly increase in funding/grants

Increase in clientele

375 Increase in profit

cumulative SEs served since IW’s launch in 2017

Above: IW+MC Accelerator graduates share their program experiences at a panel for the IW+MC Boost cohort.

Right: Examples of clerical robes produced by Lifting Labels.

LIFTING LABELS

AMANI NICOL WELLNESS

Lifting Labels creates sustainable employment

Amani Nicol Wellness is a holistic wellness spa

opportunities for Baltimore’s returning citizens

integrating self-care therapy and evidence-based

through the manufacturing and production of

health education to help women at risk of or

custom ceremonial apparel, such as clergy, choral,

diagnosed with a chronic illness.

and judicial robes.

“We are impacting people who tend to be underserved. We are creating paths to a better quality of life. Without Innovation Works and Ignite Capital, we wouldn’t even be in business. They have been there since day one.”

— Chester A. France, Jr., Founder

“I honestly did not know my business was a social enterprise until I was accepted into Boost. Understanding what it means to be a social enterprise helped me to see leverage in the health and wellness space. It also helped me to see the value of data and metrics to prove and scale our impact.”

— Nik Sweeney, Founder

ENGAGEMENT WITH IW Summer 2019: IW+MC Boost Spring 2020: IW+MC Accelerator Summer 2020: IW+IC Social Enterprise Showcase Fall 2020: Recipient of initial IC funding Spring 2021: Recipient of additional IC funding Learn more at www.liftinglabels.org

ENGAGEMENT WITH IW Fall 2021: Spring 2022: Summer 2022: Fall 2022:

IW+MC Boost IW+MC Accelerator IW+IC Social Enterprise Showcase Recipient of IC funding

Learn more at www.amaninicol.com

9

Social Enterprise Programs Providing social enterprise leaders with programs designed to boost business fundamentals, strategic thinking, and growth strategies.

INNOVATION WORKS PROVIDES

SEs in all stages of the pipeline are

social enterprises with curriculum

also able to receive asynchronous

developed with the help of our part-

curriculum support that addresses

ners at the Miller Center (MC) for

the challenges facing their enterprise.

SOCIAL ENTERPRISE METRICS*

120K+

Social Entrepreneurship. Programs support SEs in the later stages of the

In FY22, 26 social enterprises and

pipeline with enterprise development

12 mentors were involved with the

curriculum in the form of structured

Boost program, while 24 social

modules, a timeline with concrete

enterprises and 17 mentors were

deliverables, and a cohort of SEs and

involved in our Accelerator programs.

mentors to work alongside.

lives directly impacted

75% provide access to educational and professional development opportunities for their employees

65%

CUMULATIVE PROGRESSION OF SEs THROUGH IW PROGRAMMING & SERVICES

maintain frequent contact with an IW Mentor

58% 108

57

27

use their home as a primary base of operations

15

74%

IGNITE CAPITAL FUNDING RECIPIENTS IW + IC SOCIAL ENTERPRISE SHOWCASE PARTICIPANTS

desire to expand their working space

IW + MC ACCELERATOR PARTICIPANTS

*as reported through the FY22 Social Enterprise Survey

IW + MC BOOST PARTICIPANTS

TOP 5 INDUSTRIES REPRESENTED BY IW MENTORS

Finance/ Accounting

10

Investment/ Venture Capital

Academia/ Education/Training

Technology

Nonprofit

Right: IW’s Summer 2022 Boost cohort.

Mentor Network A diverse group of accomplished leaders volunteering their time by providing hands-on support to aspiring and established social enterprise leaders across the city of Baltimore.

SNAPSHOT OF IW’S MENTORS (FY22)

2,426

mentor hours volunteered

88

total active mentors

BILL BRUNS

50%

of mentors have participated in a structured program

24

new mentors since FY21

TINA WILLIAMS

Bill Bruns is the COO and Partner at Berman

Tina is the Owner and President at TCecure and

McAleer and has been an IW Mentor since 2020,

has been an IW Mentor since 2019. This year she

participating in IW’s Boost and Accelerator pro-

worked closely with Chester France of Lifting

grams. Most recently, he has been a long-term

Labels as a dedicated enterprise mentor and

mentor to Ana Rodney, founder of MOMCares.

board member.

“My relationship with IW, MOMCares, and Ana have changed my life… I feel as if I am doing something to help the Baltimore community during a tumultuous time. I find myself looking at situations differently and have become more understanding of situations going on in Baltimore and all over the world.”

“Chester’s idea to help returning citizens earn wages that are at least market rate while leveraging the skills and experience they gained while incarcerated was very exciting to me. That’s really why I got behind Lifting Labels and [why I] continue to use my network to provide donations, find opportunities, and add value to help move the organization forward.”

11

Ignite Capital IW’s subsidiary social impact fund that invests in Baltimore’s historically underserved entrepreneurs.

IGNITE CAPITAL IS A UNIQUE

neighborhood economies through

their business and periodically mea-

solution that boldly addresses the

social entrepreneurship.

sure the business’s performance

critical gap in access to capital nec-

in achieving its social impact goals

essary to lead and grow sustainable

IW works together with Ignite

throughout the term of the Ignite

enterprises. By design, Ignite Capital

Capital to provide support and edu-

Capital loan. In addition to access

(IC) intentionally supports entre-

cation to these entrepreneurs and

to IC funding, investment-ready

preneurs based in and/or serving

strengthen their impact in their

entrepreneurs have the opportunity

Baltimore’s economically distressed

communities. Entrepreneurs receive

to present their pitches to poten-

communities, connecting them to

an initial impact assessment that

tial co-investors at the annual Social

the resources required to spur eco-

will help them develop short- and

Enterprise Showcase.

nomic activity and rebuild their

long-term social impact goals for

IGNITE CAPITAL CUMULATIVE IMPACT METRICS

18 SEs with direct investments

FUND CAPITALIZATION TO DATE

12

1.1M

$

direct investments committed

1.9M $610K

$

in investment notes

794K

17

$

in grants

direct investments deployed

SEs with microgrants

83% 72% POCled

89K

$

Womenled

microgrants awarded

PORTFOLIO DEMOGRAPHICS

Ana Rodney (left), founder of MOMCares, and Sabrina Thompson (standing, right), founder of Girl In Space Club, at the 2022 IW+IC Social Enterprise Showcase.

Investment Portfolio Enterprises* Amani Nicol Wellness Health & Wellness

Girl in Space Club STEM Education

Baltimore Read Aloud

Parity

Adult Workforce Development, Real Estate Development

SewLab USA

Arts & Culture, Early Childhood Education

Apparel, Manufacturing

Imagine Me Ministries Youth Development

SpreadKarma

Fundraising Technology

Black Acres Roastery

Adult Workforce Development , Manufacturing, Retail

Jazmine Kionna

Apparel, Manufacturing

Blue Light Junction

Stem & Vine

Manufacturing, Urban Farming

Horticulture, STEM Education

Learning How, Inc.

Early Childhood Education

Clymb

Educational Technology, Youth Development

The Urban Oyster

Food Access, Manufacturing

Lifting Labels

Adult Workforce Development, Manufacturing, Returning Citizens

G-haven eSports STEM Education

WhitePaws RunMitts Apparel, Manufacturing

Meat the Mushroom

Food Access, Manufacturing

* Not including microgrant recipients

13

Donors & Contributors We express our deep appreciation and thanks to the organizations and individuals who support IW, Ignite Capital, and our social enterprises.

Corporations

Foundations

Jacqueline Caldwell

Berman McAleer Foundation for Education and Economic Development

The Abell Foundation

Janet & Dixon Harvey

Bunting Family Foundation

Jim & Mimi Piper

Goldseker Foundation

Jim & Sandy Smith

The Reginald F. Lewis Foundation

John Ciccone

T. Rowe Price Foundation

John Springer

Transparent Fish/Chao Foundation

The LeAnn and Stuart Tobin Kindness Fund

Communications Electronics FNB Community Foundation Good Green Howard Bank Jordan Brand, a division of Nike, Inc. M&T Charitable Foundation PNC Foundation

West Baltimore Renaissance Foundation

M. Sigmund and Barbara K. Shapiro Philanthropic Fund

Individual/Family Offices

REEA Global

4K Foundation

The SAGE Foundation

Matthew Seward

Andy Russem

Institutions Baltimore Development Corporation Loyola University Maryland USA East Province of the Jesuits

Manus Christi Charitable Foundation

Anonymous

The Murray Dalziel & Elizabeth Rogers Family Fund

Anthony Day

Nick Napolitano

Baltimore Homecoming

Nkenge Yasin

Baltimore Tiger21 Group

Pamela Roussos

Bill Cole

Sabrina Depestre

Bill Heiser

The Scott B. and Kimberly L. David Family Fund

Earl & Darielle Linehan Eileen O’Rourke Elbow Fund Fr. Bill Watters, SJ

Senator Frank & Janet Kelly Tom & Rosemary Peddicord, Jr. The Trevelyan Family The Wiese Family Charitable Fund

Frank & Carolyn Knott

“ Three years ago, we and other founding funders provided seed funding to launch Innovation Works as a unique approach to develop locally owned sustainable social enterprises in Baltimore’s most marginalized neighborhoods. Results have been well beyond our expectations.

We recently increased our funding of Innovation Works to build on its early successes.

We are hopeful that other local funders and investors will help this proven model grow its impact on more social entrepreneurs and neighborhoods.”

— George L. Bunting, Founder of the Bunting Family Foundation

14

Staff & Leadership

Innovation Works Staff SHELLEY BROSIUS

Development Consultant

MARINA BUTLER

Manager, Strategic Initiatives

HANNAH CORRELLI

Manager, Experience Design

MADI DUFFY

Manager, Marketing & Communications

KELSEY JONES

Manager, Enterprise Development, Programs

JAY NWACHU

CEO & President

LAMONTRE RANDALL

Manager, Neighborhood Strategy

SALLY RATRIE

Director, Operations & Culture

KRIS REYNOLDS

Executive Assistant

JOHN SPRINGER

Manager, Mentor Network

DAN STOKES

Manager, Enterprise Development, Pipeline

BILL HEISER, PHD

BREE JONES

FRANK KNOTT

FR. RICHARD MCGOWAN

President, Cristo Rey Jesuit High School Fundraising Chair Founder, Innovation Works Founder & President, ViTAL Economy Co-Founder, Weaving Impact

NICK NAPOLITANO

MARY ANN SCULLY

VP of Business Banking Relationship Manager, M&T Bank

Partner, Margrave Strategies

ANTHONY DAY

President & Head of School, Loyola Blakefield

SABRINA DEPESTRE

Director of Marketing & Recruitment, MICA

Board Chair, Innovation Works Innovation Fellow, Inovalon Dean, Loyola School of Business & Management

DAN RIZZO

Board Chair Innovation Fellow, Inovalon

TINA RODRIGUEZ

Vice Chair CFO, General Counsel, & Founder, SAGE Dining Services

PAMELA ROUSSOS

Senior Advisor, Miller Center for Social Entrepreneurship CEO & Co-Founder, Weaving Impact

TERRENCE M. SAWYER, JD

President, Loyola University Maryland

NKENGE YASIN

Founder & Child Development Specialist, Learning How!, Inc.

Ignite Capital Investment Committee CANDACE CHANCE

Founder & CEO, The VPI Firm

PATTI CHANDLER

Finance & IT Consultant

BONNIE CROCKETT

Director of Small Business Lending, Baltimore Community Lending

BREE JONES

Committee Chair Founder, Parity

JAY NWACHU

President, Ignite Capital CEO & President, Innovation Works

GREGORY HUNTER

BILL COLE

President, Ignite Capital CEO & President, Innovation Works

JIM PETERSON

JACQUELINE CALDWELL

Governance Chair President, St. Ignatius Loyola Academy

JAY NWACHU

DAN RIZZO

Ignite Capital Staff

JOHN CICCONE

Treasurer, Jesuits USA East Provinces

Finance Chair Director of Social Ministries, Jesuits USA East Provinces

Innovation Works Board Members President, Whittier-Monroe Community Neighborhood Association

Founder, Parity

Fund Coordinator

JAY NWACHU President

DAN RIZZO

Board Chair, Innovation Works Innovation Fellow, Inovalon

CHRIS GRANT

Partner, Yoke Management Partners

KEN MALONE

Co-Founder, Early Charm Ventures

Ignite Capital Board Members PATTI CHANDLER

Board Chair Finance & IT Consultant

MURRAY DALZIEL

CHRIS WARMAN

Program Officer, Baltimore Community Foundation

MAGGIE VILLEGAS

Executive Director, Baltimore Creatives Acceleration Network

Dean, University of Baltimore School of Business 15

Financials As of and for the period ended June 30, 2022

Statement of Financial Position

Statement of Activities

INNOVATION

IGNITE

WORKS

CAPITAL

COMBINED

ASSETS

INNOVATION

IGNITE

WORKS

CAPITAL

COMBINED

$2,761,075

$388,864

$3,115,055

$2,370,484

$487,429

$2,823,029

$390,591

($98,565)

$292,026

REVENUE

current assets

$1,096,827

$996,826

$2,089,952

property & equipment

$84,933

-

$84,933

other assets

$65,079

$81,260

$146,339

Total assets

$1,246,839

$1,078,086

$2,321,224

$94,409

$6,267

$96,975

-

$1,064,938

$1,064,938

$94,409

$1,071,205

$1,161,913

unrestricted assets

$695,405

$6,881

$702,286

restricted assets

$457,025

-

$457,025

Total net assets

$1,152,430

$6,881

$1,159,311

$1,078,086

$2,321,224

LIABILITIES current liabilities

EXPENSES Total expenses

NET REVENUE

long-term liabilities Total liabilities

Total revenue

NET ASSETS

Total liabilities and net assets $1,246,839

Expenses

Revenue Administrative

Interest Income

5.9%

0.3% Earned Revenue 1.3%

9.6%

In-kind 49.4%

16

Programs

Contributions

84.5%

49.0%

Design by: Lynde Pratt // LP Design Collaborative

Fundraising

Moving Forward

Building on the successes of FY22, we are looking forward to expanding our impact within Baltimore City through all of our programmatic areas in FY23. We also look forward to these three milestones in the evolution of Innovation Works and Ignite Capital.

Celebrating

Office Move &

Strategic

5 Years

Expansion

Planning

While IW was founded in 2017, we

The IW team is excited to be moving

Our strategic planning process

began public facing engagements in

into our new home in Southwest

kicked off in the fall of this year

2018 and launched our programming

Baltimore in the spring of 2023.

with the assembly of an advisory

in 2019. In FY23, we look forward to

We are relocating in an effort to be

group representing all of our closest

celebrating our five year anniversary

closer to many of our entrepreneurs

stakeholders to help us reflect on the

as an organization with reflection,

who serve that area, and to pursue

last four years and discern what the

celebration, and planning for our

opportunities to partner with local

journey ahead looks like. We hope to

next five years and beyond.

organizations doing place-based

have a completed plan by June 2023

work in the community.

and look forward to sharing it with our community upon its completion.

Please join us in working collectively towards a thriving Baltimore!

We appreciate your continued support.

Learn more about how you can support our work at www.iwbmore.org/join-us.

1400 Greenmount Avenue, Ste. B01 Baltimore, MD 21202 USA

www.iwbmore.org // @iwbmore