“We’ll take big bets for the public good.” The phrase caught our attention. We were at Cornell Tech’s 2024 HealthNext Summit in New York, and Susan Coller Monarez was describing the role of ARPA-H. It’s a sticky idea, and especially powerful coming from the Deputy Director of a federal government agency.
ARPA-H makes “pivotal investments in breakthrough technologies and broadly applicable platforms, capabilities, resources, and solutions with the potential to transform important areas of medicine and health that cannot readily be accomplished through traditional research or commercial activity. ARPA-H solutions aim to benefit everyone.”
They select projects that aren’t easily commercialized, acting as a first-position, long-game investor without a profit extraction motive. The returns on their investments are impact, especially for marginalized stakeholder groups. Grantees can leverage risk-tolerant funds to raise more place-based, outcomes-oriented investment (like social impact bonds).
It’s a great example of what government can do with public dollars: funding the ecosystem for transformative work that is otherwise unlikely to emerge.
At Field States, we focus on place, so we couldn’t help but wonder… what if we had an ARPA-x* for cities?
Downtowns already struggling with the “urban doom loop” are about to get hit with a wave of building foreclosures as pre-Covid leases expire. Now is the moment to write a new chapter in the book of cities—questioning everything from zoning, to rent, to transportation. We need to explore new models, pushing the boundaries of who uses downtowns, for what, and who benefits. In short, we have to reimagine cities: https://lnkd.in/gtZuqVDv
We believe a better future requires outcomes-oriented investment in transformative projects. Projects as much about social as built infrastructure, that benefit populations deprioritized by recent decades of urban design and development, with effects that ripple out to support constellations of small businesses and inspire new projects in their wake.
Conventional financing’s expectation of returns make these projects difficult to launch. Enter ARPA-x for cities! Making pivotal investments in breakthrough technologies, new patterns of urban development, capabilities and resources with the potential to transform urban cores and their social infrastructure in ways traditional commercial developments won’t. Its solutions would aim to benefit everyone.
Like ARPA-H, funding would be first-position, risk-tolerant, long-game—and it would have massive social implications, reversing the doom loop and changing how we think about urban futures.
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Can you imagine (or do you already see) this happening where you live?
Also: since 'C' is taken by Climate, what letter do you think ARPA-x for cities should use?
#ARPAforCities