2022 Impact & Inspiration Report

Unlocking Capital

Unlocking capital is about investing in new people, new places, and new ways. Ascend partners with entrepreneurial leaders across the public, social, and private sectors to create equitable platforms that grow power along with pathways to grow prosperity. Our visionary philanthropic partners are taking the long view, recognizing that financial, intellectual, and social capital are interlocked — and that, ultimately, unlocking capital can unleash human potential.

From Unlocking
to Investing

2018 Ascend Fellow Kwame Anku’s investment strategy is building long term wealth in the Black community

Man standing outside against life-size letters that spell IDEAS with mountains in the background

Credit: Kwame Anku

What do an athleisure clothing brand, a digital license plate innovation, and a food allergy brand all have in common? They are each part of the Black Star Fund portfolio. 2018 Ascend Fellow Kwame Anku founded Black Star Fund, a venture capital firm whose portfolio of primarily Black-led businesses has raised more than $180 million in capital.

We spoke with Kwame about the results of investing in Black-led companies.

On how Ascend has influenced his leadership

The first community Ascend provided was a personal community of leaders and planet shakers involved in the Fellowship who inspire, challenge, and teach me in my own professional and personal growth. The second community came through what I call "success by association."

Being an Ascend Fellow is like having an international VIP card of credibility, so it's opened a ton of doors and helped motivate potential partners to want to become partners just because Ascend had endorsed me. Access to this broader community has been critical in our building of this historic and groundbreaking fund.

On what happens when you invest capital

Before Ascend, I had a theory that investing in Black-led high-growth companies would produce outsized returns. Four years and 20 companies later, the data is irrefutable. A portfolio with all Black founders, 50-50 gender parity, and geographic diversity across the United States not only survived the global pandemic, supply chain disruption, and a severe economic downturn — it thrived. We now have Black-led companies generating millions of dollars in revenue and changing corporate culture, workplace culture, and how business is done in general.

On the rise of Black women entrepreneurs

Black women have always had an uncompromising grit, and the cultural and shared lived experience of Black women has produced a group who excels at making a dollar out of 15 cents. That uncompromising grit remains today, but what has changed is the positioning of Black women. Over the last 30 or 40 years, as Black women have had more access to education, particularly higher education, we've begun to see a critical mass emerge of highly talented, skilled, well-networked, driven, sophisticated Black business women. When you add in social media and the communities that Black women often lead, drive, and leverage, it's no surprise that we are seeing such exciting momentum and successful results.

On a company that made a leap in 2022

I witnessed a very poignant success story this year with one of our Black Star portfolio companies: Reviver. Neville Boston is the founder of this digital license plate company, and they had been conducting a pilot program with the California Department of Motor Vehicles for several years. But Reviver was only allowed access to less than 0.5 percent of vehicles in California while under evaluation. After Governor Gavin Newsom signed the Motor Vehicle Digital Number Plates bill (AB 984) in the fall of 2022, all 40 million vehicles in the state of California were approved for Reviver's digital license plates. Reviver's sales jumped 30 percent in just the two months following that legislation, and we can't wait to see the domino effect this has on other states.

The Case for Cash

2015 Ascend Fellow Dr. Aisha Nyandoro is a groundbreaking leader, launching what has become the nation’s longest-running guaranteed income program, the Magnolia Mother’s Trust in Jackson, Mississippi. In recognition of her trailblazing work, Aisha was named a 2022 McNulty Prize recipient.

Credit: The McNulty Foundation

Competitive
Edge

How a Memphis-based organization has helped 19% of families in their community rise above the federal poverty level.

5 people sitting on stage in conversation

(From Left) Erica Phillips, Sarah Stripp, David Jordan, Ana Morales, and Nick Jones at the 2022 Family Prosperity Innovation Community Convening (Credit: Dan Bayer for Ascend at the Aspen Institute)

In Memphis, a nonprofit called Agape has identified an untapped resource to combat the city’s double-digit unemployment rate: school youth and young adults ready to enter the workforce. Through its new Competitive Edge workforce development program, Agape, an Ascend Network Partner and Family Prosperity Partner, is providing young people with resources that can help them unlock new employment opportunities.

Competitive Edge, which started in 2022, helps participants by offering access to practical tools, like credentialing and access to employers in targeted industries like healthcare, construction, information technology, and logistics. In keeping with Agape’s 2-Gen approach, wraparound services are available too.

“It's about eliminating whatever the barriers are,” said Agape COO Julie Sanon. “When we talk about our 2Gen model, it's cradle to a career and beyond. So, whatever those issues or barriers are that prohibit that person that we're serving from being able to be a part of this Competitive Edge strategy, we're addressing those barriers for success for them so that, ultimately, they're at a point of thriving.”

At Agape, thriving does not mean minimum-wage employment. Agape CEO David Jordan says they focus on finding jobs that pay hourly rates between $20 and $25, a pay range that can help families achieve economic mobility. To date, Agape’s full spectrum of services is leading to success; as of the end of 2022, 19 percent of families working with Agape are living above the poverty level, an important first step on the way to economic mobility.

As Competitive Edge develops, Agape will look to its Ascend Network Partners to learn how its program operates compared to others in similar cities like Detroit. The Network is a source of support for Agape, but also encouragement to push the organization further.

“It's educating us on the importance of having families in the center of the conversation,” said Julie, who has also made meaningful connections at Ascend convenings. “I am just blown away every time I go to a convening. I've never in my life seen such intentionality on being inclusive and having people on the stage of all colors. You come back so charged up about the work.”

Graphic that shows that, in 2017, 2.86% of those served by Agape for one year or more are economically above the federal poverty level

Graphic that shows that, in 2018, 3.8% of those served by Agape for one year or more are economically above the federal poverty level

Graphic that shows that, in 2019, 6.35% of those served by Agape for one year or more are economically above the federal poverty level

Graphic that shows that, in 2020, 7.41% of those served by Agape for one year or more are economically above the federal poverty level

Graphic that shows that, in 2021, 8.86% of those served by Agape for one year or more are economically above the federal poverty level

Graphic that shows that, in 2022, 19% of those served by Agape for one year or more are economically above the federal poverty level

Power of Innovation, Partnership, & Flexible Funding

Ascend is breaking new ground by co-creating participatory grantmaking models and catalytic funding with our visionary philanthropic partners.

Aspen Parent Powered Solutions Fund

The first student parent-led fund advances the work of organizations focused on student parents’ postsecondary success. The six inaugural awardees each received $25,000 to pursue strategies, from creating student parent advisory councils and offering mental health counseling supports to providing emergency financial resources and compensating parents for their expertise. In 2023, the latest cohort of Ascend Parent Advisors will be leading the next round of funding.

Black & Native Family Futures Fund

Through this new capacity-building fund Ascend is deepening our partnership with eight Historically Black Colleges and Universities (HBCUs) and Tribal Colleges and Universities (TCUs) that are committed to improving the success of their student parents. Each institution receives $75,000 and expert technical assistance to seed solutions for student parents on their campuses. Each institution’s work will be informed by the expertise of an enrolled student parent, who will play an advisory role in the project.

Family Prosperity Parent Voice Fund

The Parent Voice Fund grew out of the shared desire among Ascend’s 20 Partners in the Family Prosperity Innovation Community to elevate parent voice through a participatory grant-making process. Ascend developed a request for proposals informed by Partner feedback and a 10-Parent proposal review committee. Ultimately, the Parents selected five parent voice initiatives across the country to receive grants of $30,000 to $50,000 to strengthen their reach and impact.

Ascend Fellows Impact Fund

Ascend makes up to $300,000 in strategic resources available to each cohort of Ascend Fellows to fuel their leadership. By design, the Fund provides catalytic capital to accelerate aspects of Ascend Fellows’ action plans to help close gaps and facilitate far-reaching results.

Funders Embracing Two-Generation Approaches

“We’ve historically invested in curriculum and the preparation of highly effective teachers and school leaders — and we still believe those things are important. However, we also know that if children are to thrive at school, we need to invest in whole families, removing barriers created through systemic inequities that have prevented students from being able to come to school ready to learn.”
Daniel Williams, President and CEO of the Steelcase Foundation and 2021 Ascend Fellow

Members of the 2Gen Funders Learning and Action Community (LAC) at the 2023 FunderXChange. From left to right Anne Mosle, Nisha Patel, Maicharia Weir-Lytle, Raquel Hatter, John Farnam, Quanic Fullard, Marjorie Sims, Paula Collins-Sammons, Daniel DuHamel, Nicole Witherbee, Marie Hocker, David Daniels, and Daniel Williams (Credit: Ralph Alswang for Ascend at the Aspen Institute)

“The Kresge Foundation has supported Ascend since our founding. The Foundation is intentional and generous about sharing its strategies and outcomes with the 2Gen field, aiming to accelerate learning across the country. Its National Next Generation (NextGen) Initiative is a recent example. Foundations are well positioned to capture innovations and challenges as they emerge as well as trends. We all benefit when they share their learnings.”
Marjorie Sims, Managing Director, Ascend at the Aspen Institute