Dr. Edward Summers, President and CEO of The Thinkubator, a Bronx Native, Marist College and The New School alum named to Robin Hood’s Power Fund. The Fund comes with catalytic investment in The Thinkubator and Dr. Summers leadership. “I am excited, humbled, and honored by this opportunity to elevate the work and impact of The Thinkubator. I look forward to the transformational impact this opportunity will have on The Thinkubator and the youth and communities we serve” said Dr. Summers.
The Thinkubator is a Bronx-based innovation and workforce development nonprofit organization founded by Dr. Summers and his colleagues. The Thinkubator was founded with the support of Judy Dimon, the James and Judith K. Dimon Foundation, HERE to HERE, DreamYard, The Bronx Borough President’s Office, and more than 20 employer partners.
More about the Power Fund
The Power Fund is a new initiative to fund and elevate nonprofit leaders of color who share Robin Hood’s mission of increasing mobility from poverty, while addressing the interplay of racial and economic injustice through their work.
The Power Fund invests in leaders of color who are reflective of the communities they serve. Over the last twenty years, only 10% of philanthropic dollars have gone to organizations led by people of color despite giving increasing nearly 400 percent over the same period. Robin Hood is addressing a critical funding disparity while funding leaders who bring perspective, proximity, and expertise to the fight against poverty.
Their investment also represents a response to a disparity within a disparity. While leaders of color receive fewer philanthropic dollars, organizations led by women of color receive even less support.
The Power Fund was seeded with an initial investment of $10 million by Robin Hood. Early investors, like the Stavros Niarchos Foundation (SNF), the Charles and Lynn Schusterman Family Foundation, BlackRock, Capital One, and the Macquarie Foundation, in addition to employee matching program support from Bridgewater Associates and Goldman Sachs have made its growth possible.
WHAT WILL THE POWER FUND DO
◊ Increase funding to New York City nonprofits led by people of color who share our mission of increasing mobility from poverty while championing racial and economic injustice.
◊ Elevate nonprofit leaders of color through self-directed leadership support and capacity-building to help their organizations and programs grow, thrive, and succeed.
◊ Drive systemic change in the fight for economic mobility that elevates people from poverty.
◊ Eliminate a funding disparity in philanthropy that has marginalized and undervalued leaders in the communities we serve, especially Black and Latinx female leaders. These leaders best reflect community needs and priorities and are often some of the most effective and innovative leaders because their solution-based approaches reflect racialized experiences.
◊ Spark the integration of a racial justice lens in all of Robin Hood’s work.
◊ Learn from peers and partners in the field who have long worked to advance racial justice and provide leadership on how philanthropy can shift its practice in this moment of national reckoning.
◊ Expand the portfolio of Robin Hood leaders of color-led organization. Robin Hood will continue to fund our community partner network, which includes more than 250 nonprofit organizations across the city working to support New Yorkers escape poverty and hardship.
