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New Inclusive Creative Economy Strategy to Demonstrate That the U.S. Creative ...
Foundation: Marguerite Casey Foundation, Marguerite Casey Foundation, Rockefeller Philanthropy Advisors, Skoll Foundation, Target Foundation, Ford Foundation, Philadelphia Foundation, Rockefeller Foundation
"The US creative economy was most recently valued at over $1 trillion by the National Endowment for the Arts," per a press release, "even before considering film, fashion, video games, beauty, food, and other key commercial creative industries."
Now, thanks to a $15 million investment from 14 funders, including the Andy Warhol Foundation for the Visual Arts, the "first dedicated impact investment portfolio for the US creative economy" is coming to life.
Upstart Co-Lab, a sponsored project of nonprofit Rockefeller Philanthropy Advisors, says the Inclusive Creative Economy Strategy will focus on investing in the creative industriesincluding film, fashion, video games, beauty, food, and other key commercial creative industriesthrough funds and companies to "secure blended value."
"The creative economy values merit and originality, it can help to build a more inclusive economic future," says Michael Quattrone, co-founder of the Skoll Foundation and Upstart Co-Lab.
"By demonstrating that putting more money to work in the creative economy can generate both attractive financial returns and positive social impact, this initiative can help break new ground for impact investing and build a more equitable and vibrant creative landscape in the US," says Roy Swan, director of mission investments for the Ford Foundation, one of the 14 funders.
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