Leading with Purpose 

I’m thrilled to introduce Purpose in Action, a quarterly newsletter focused on the advancement of inclusive growth and prosperity – the defining pillar of Nasdaq’s Purpose Initiative. We’ve seen first-hand how the capital markets can be a powerful vehicle for fostering new ideas in building a more inclusive economy and creating wealth, and we are committed to fueling investor engagement and providing increased support to our communities.

Over the past several months, we have made meaningful strides toward the Nasdaq Foundation’s mission to equip under-represented communities with the knowledge and solutions to create long-term wealth and financial security. Through this newsletter, we hope to provide not only insights but also transparency into what’s driving change inside Nasdaq and the work we’re doing with our partners.

We’ll also spotlight leading organizations that are making an impact by removing barriers that are undermining growth and potential.

Since announcing the Purpose Initiative and relaunching the Foundation in 2020, we have:

• Unveiled the Foundation’s Quarterly Grant Program.
• Announced new research collaborations with the Aspen Institute’s Financial Security Program and Commonwealth. 
• Started a new series of stakeholder roundtables geared toward financial security and diversifying entrepreneurship. 

We’re excited by the progress we’ve made and look forward to continuing to share the journey in our mission to advance inclusive growth.

Jailan Griffiths 

Head of the Purpose Initiative, Nasdaq

Purpose in Action 

Every day, we are working to further our mission. While we’re only just getting started, I’m pleased to share a few highlights from recent months.

Quarterly Grant Program

Nasdaq Foundation recently announced that 1863 Ventures is the first recipient of its Quarterly Grant Program. 1863 Ventures, an organization on a mission to accelerate Black and Brown entrepreneurs from high potential to high growth, is committed to creating $100 billion of new wealth and economic power through rigorous leadership training and strategic market access. Over the past several years, 1863 Ventures has worked with over 2,500 early-stage and growth-stage founders across a multitude of sectors and industries. The organization’s program graduates represent nearly $300 million in aggregate revenue and several thousand jobs.

With the $100,000 grant, the organization aims to TKTK, which aligns with the Foundation’s mission. 

Quote from 1863 Ventures? 

The Foundation is currently accepting applications for grant requests for the second quarter.

Stakeholder Roundtables 

Earlier this year, we held the first in a series of stakeholder roundtables, bringing together leaders whose mission it is to diversify entrepreneurship and enhance financial security. In the virtual gathering, we explored how we can activate meaningful and lasting change to advance inclusive growth and prosperity, particularly for women of color.

The discussion, held under Chatham House Rules, underscored the immediate need to address the systemic inequities that limit disposable income and access to the capital markets. Participants agreed that support for minority entrepreneurs through funding, mentoring and resources must continue to be a key area of focus in reducing the racial wealth gap. 

Going forward, Nasdaq’s stakeholder roundtables will invite important voices to stimulate new ideas and fresh thinking. Our next roundtable will build upon this first discussion, focusing on the cultural and socioeconomic behaviors limiting participation in the markets, particularly the difference in participation between the generations.

Profiles in Purpose

Each quarter, we’ll spotlight champions of inclusive capitalism that are supported by Nasdaq or the Nasdaq Foundation. In this inaugural edition, we are profiling Operation Hope and its One Million New Black Business & New Black Entrepreneurship Initiative (1MBB). Operation Hope is a nonprofit for-purpose organization working to disrupt poverty and empower inclusion for low- and moderate-income youth and adults by providing financial tools and education. To accelerate and expand upon this work, Operation Hope and Shopify launched 1MBB – with a mission as clear as its name. 

Through 1MBB, Operation HOPE aims to help create one million new Black businesses by 2030. John Hope Bryant, CEO of Operation HOPE, called the initiative a “community-based stimulus from the bottom up.” And he means it – the initiative includes:

• business plan builder program,
• entrepreneurship training,
• coaching for small-business owners, 
• and 700 credit score training. 

These resources are more crucial than ever, as Operation HOPE research has shown that 58% of Black businesses were deemed at risk or distressed and suffering from low profits, low credit scores, or income shocks in the months immediately following the onset of the COVID-19 pandemic. Furthermore, as a result of the pandemic, the number of working Black business owners has fallen more than 40% -- a far deeper drop than other racial groups. 

Addressing the racial wealth gap in America is critical in fighting racial inequality and social injustice. Nasdaq is proud to support Operation HOPE and the 1MBB initiative, pledging financial support, employee hours and mentorship to the organization.

Powering Progress 

In a virtual fireside chat with our partners, we discussed establishing equal access to the public markets and how the Foundation is taking a data-driven approach to understanding where the challenges are greatest.

Perspective

“This past year, for all its tremendous burdens, gave us a sense of purpose and a common objective that fostered urgent action. Let’s use that framework of cooperation in some critical areas to drive the multiplier effect for decades to come.” 

ADENA FRIEDMAN

President and CEO of Nasdaq

WWW.NASDAQ.COM/PURPOSE