Prosperity Summit 2024 - Day 1 - Wed. 9/4

The 2024 Prosperity Summit launched with a surge of energy and optimism, sparking a wave of inspiration and action among attendees. From the very first moments, the Summit set a bold agenda, urging the leaders and change-makers in attendance to tackle the nation’s most pressing challenges around economic equity and financial inclusion. As we gathered to share insights, celebrate achievements, and champion innovative solutions, the day unfolded with a series of dynamic discussions and powerful moments.?

Watch the Day 1 Video Recap Here

Here’s a recap of the key highlights:?

Opening Session: A Call to Action?

The day began with an electrifying welcome led by Marisa Calderon, CEO of Prosperity Now. Calderon’s speech was a rallying cry for the assembled leaders and changemakers to address economic inequities head-on, especially in underserved communities. She emphasized the critical role the Summit will play in shaping solutions for financial empowerment.?

“We understand firsthand that individuals and families need owned assets to live a self-determined life. We do our work intentionally and in collaboration with others because when we mobilize and uplift one another, we create a movement.” ? - Marisa Calderon, CEO, Prosperity Now?

Carlos Monje Jr., Managing Director & Head of Policy Center at JPMorgan Chase, followed with a powerful sponsor address, underscoring the bank’s commitment to supporting underserved communities through data-driven solutions and partnerships. Horacio F. Méndez, President & CEO of Woodstock Institute, further inspired the crowd by sharing his personal commitment to financial justice and his enthusiasm for the Summit’s collaborative efforts.?

RISE Challenge: Championing Innovation?

Prosperity Now proudly announced the winners of the RISE Challenge, a transformative competition designed to uplift entrepreneurs of color by empowering Community Development Financial Institutions (CDFIs). This challenge, part of the Entrepreneurship Accelerator, is a groundbreaking partnership between Prosperity Now, Avanade, and Accenture, focused on advancing equitable lending and fostering entrepreneurial growth in underserved communities.?

The winners received prizes of $75,000, $50,000, and $25,000 to scale their innovative solutions:?

1st Place: Bianca J. Jackson, Chief Innovation Officer at BrickRose Exchange, for her virtual community, X-Campus, which equips Black entrepreneurs with essential financial literacy skills.?

“We are unlocking the potential of countless entrepreneurs who have been waiting for someone to believe in them.” - Bianca J. Jackson, Chief Innovation Officer at BrickRose Exchange?

2nd Place: Jocelyn Walters (Next Street) and Lukas Haffer (Casca), for their platform improving access to capital for small business owners.?

“Together we can help many more small businesses get funded.” - Lukas Haffer, CEO & Co-Founder of Casca?

3rd Place: Vernisha Williams (Centro Community Partners), for her AI-driven platform providing culturally relevant resources to over 8,000 entrepreneurs.?

“What would a world look like if entrepreneurs regardless of budget had access to capital and funding all from their device?” - Vernisha Williams,??

The RISE Challenge highlights the critical role of CDFIs in supporting entrepreneurs of color, offering solutions that drive sustainable, long-term growth in marginalized communities.?

Plenary 1? Navigating the Crossroads: Artificial Intelligence and Economic Mobility?

During an incredible session exploring the use of AI as a tool to expand economic opportunities, we heard from Alexandra Villareal O'Rourke, Co-Founder and CEO, of Credytu, who shared, “At Credytu, we build bilingual AI native underwriting tools and models for companies that want to reach more diverse businesses.” These incredible new tools could transform how credit and capital move through the economy.?

Moderated by Jason R.L. Wallace, Vice President of Community Impact at Prosperity Now, this session explored how AI is reshaping financial inclusion, credit access, and employment opportunities.?

The panelists—Kareem Saleh (Founder and CEO, Fairplay AI), Alex Villarreal O’Rourke (CEO, Credytu), and Gerri Walsh (Senior Vice President, FINRA)—unpacked both the opportunities and challenges AI presents. They emphasized the need for transparency and accountability in algorithmic decision-making, especially given the risk of bias affecting marginalized communities.?

“Everyone is inherently biased. Make no mistake about it, a lot of biases are in some of those AI models. To resolve it we need more representation and diverse talent.” ? - Dennis Williams, Managing Director & Financial Services Client Group Lead?

Awards Plenary Luncheon: Honoring a Legacy?

At noon, attendees gathered for a luncheon and heartfelt tribute to Bob Friedman, founder of Prosperity Now, who has spent his career championing financial empowerment and addressing wealth inequality. Andrea Levere, Prosperity Now’s President Emeritus, led the tribute, reflecting on Friedman’s lasting impact on the financial advocacy landscape.?

“The most enduring central lesson of 45 years is that when we have invested in the capabilities and dreams of people, we have never been disappointed.” - Bob Friedman, Prosperity Now Founder?

The fireside chat between Ruben Navarette and Van Jones provided an additional layer of insight, discussing how organizations can navigate politically charged environments while maintaining their mission. Their conversation underscored the need for unity and shared goals in the pursuit of financial equity.?

“Are we building a movement or a subculture? Movements function by getting more people to join in and help with the cause... I am very much on the side of grace, generosity.” - Van Jones, Host, Author and Founder of Dream Machine, CNN

Afternoon Concurrent Sessions: A Deep Dive into Equity?

Following the luncheon, attendees broke out into various concurrent sessions. Topics ranged from tax equity and credit-building to community-driven development and Black business ownership. These workshops offered practical solutions for advancing racial wealth equity and allowed participants to share innovative ideas to combat systemic economic disparities.?

For the Advancing Tax Equity: Collaborative Insights session Tamika Johnson, Chief Engagement Officer at Change Machine, and Laura Scherler, Senior Director of Economic Mobility at United Way Worldwide, presented findings from a research collaboration aimed at improving access to free tax filing, promoting financial empowerment, and advocating for policy changes benefiting low-wage workers. Johnson emphasized, “Change Machine has a suite of tools for you to lean into to have coaching conversations and training to ensure you are prepared to have those awkward conversations around taxes and how to handle predators.”?

Closing the Day: Street Fair Reception?

The day ended on a high note with the Street Fair Reception, where attendees networked and reflected on the day’s sessions, sharing their excitement for the Summit’s upcoming discussions and activities.?

Final Thoughts?

Day 1 of the 2024 Prosperity Summit laid a strong foundation for the rest of the event. From celebrating visionary leaders to diving deep into the future of AI and economic mobility, it was clear that the discussions had already sparked new ideas and inspired further action.?

As we move into Day 2, the energy from these sessions will continue to propel us toward a more inclusive and equitable financial future.?

Stay tuned for more updates as the Prosperity Summit continues!?#ProsperitySummit2024