At the Table For All
By Norrell Thompson, Ambitio US Program Associate
At the end of April, the Center for Cultural Innovation (CCI), AmbitioUS staff, a few Ambitio US grantees, and organizational friends all rolled into Austin, Texas, for Consensus 2023, the world’s largest and longest-running crypto convening.
As a crypto conference newbie, I often found myself swimming around in a pool of coded language that was largely inaccessible and just plain hard to understand. “Blockchain,” “the metaverse,” “Web3,” “NFTs,” the “AI revolution,” — all new words to me and also all words that belong to a system that is coming at us like a freight train. Through our work at Ambitio US, we have a front-row seat to the speed and potential consequences . Things are shifting in the way that capital, power, and ownership are manifested worldwide. We can either jump in or step away and watch it turn into just another extractive system that works for the few instead of for all. Well, we have jumped in. That’s why we show up at these conferences, in community with friends and allies, with an ear to the ground and our hands at the ready. The rules are being written in real-time, and we want to be there.
This was the overall feeling expressed at the dinner table as Ambitio US hosted its first convening of 2023 in a beautiful restaurant in downtown Austin called WuChow. We gathered our friends, multimedia visual artist, composer, and musician, Paul Rucker , writer, editor, and content creator for Next City , Kelsey Thomas , and cultural producer, strategist, and Co-Artistic Director for One Nation/One Project : a national arts and wellness initiative, Clyde Valentin . We were delighted to introduce them to Sian Morson , Web3 leader, community builder, and CCI co-conspirator in PB&J: Reimaging Protections, Benefits, and Joy for all , and to two Ambitio US grantees whom we’ve followed onto the blockchain: Marquis Harmon , CEO of Gracepoint Neighborhood and Iris Nevins , CEO of Umba Daima . A true community was made among this diverse group of thinkers, movers, and shakers.
As we ate delicious dumplings and the best dry-fried local green beans I have EVER eaten, we grappled with the concepts and the experience of being in a space that talks about inclusivity and “community” in terms of profit. We each reflected on our experiences and shared our main takeaways.
Rucker reflected on the importance of attending conferences like these in community in order to “infiltrate, influence, and make small differences.” Morson wished for more diverse voices to be leading the conversations. She and CCI President and CEO Angie Kim discussed the exciting and evolving vision we are developing for a cooperative structure for aggregated benefits on the blockchain. We all agreed that the best panels, the ones hosted by artists, LGBTQ and BIPOC led organizations, were all hosted in a space called The Gallery, a small building located outside of the gigantic conference center. These sessions reflected the most diverse, inclusive, and artistic space, not to mention the most inviting of the entire convening.
We all left Austin recommitted to shifting power, capital, and ownership to historically underrepresented communities. If we want to ensure that these decentralized systems don’t exclude or perpetuate the same extractive practices that the communities we care most about have contended with for hundreds of years, then we need to be at the table, in the rooms, and in the virtual spaces where these issues are being discussed. The long-term value of our presence is worth the momentary discomfort.
This article was originally published on Medium. Read it on Medium →
A Gathering of Good People
By Cate Fox, Ambitio US Director
You know that feeling of meeting someone for the first time, but it feels like you have known them forever? That happened to me recently — but it wasn’t with a person, it was with a group of people. In May 2023, I attended my first national convening of Neighborhood Funders Group (NFG) , and I wasn’t sure what to expect. Its mission is to organize “philanthropy so that Black, Indigenous, and people of color communities and low-income communities thrive” — but there is what is said and what is done. Yes, I admit it, I was skeptical. Turns out, I didn’t need to worry — these were our people.
The opening plenary entitled, “Welcome to Wilmington [NC]! The Roots of Racial Capitalism in Eastern North Carolina and the South” provided grounding both in history and peoples’ lived experiences. We were reminded that roots don’t grow overnight and that the concept of “resilience” is a double-edged sword. Plenary speakers invited us into their communities with photos and stories to share how joy, abundance, and oppression show up side-by-side. They told us about the futures they are creating, centered in their cultural communities. Futures that include access to affordable healthy food, youth-led solutions to address gun violence, and ways in which neighbors can care for each other in times of disaster. Those are the futures we need!
In other sessions we discussed building power at a variety of intersections (climate and justice), how funders can and need to organize (both within their organizations and with other funders), moving from extractive to values-aligned investment portfolios, and the value and difficulties of building trust between movement leaders and funders.
In between sessions, it was wonderful to meet up with people — some of whom I had only met online, to take long walks, to share a meal, or to grab a late night ice cream in downtown. The conversation (and the ice cream) was top notch. We talked about moving capital differently, our families, and the things that we are dreaming about. This work is all about people and our connections to each other, and it was wonderful that the agenda itself built in purposeful time for rest and play. And the conference-goers took their end of the day dance parties very seriously!
The fact that these conversations took place with Wilmington as a backdrop was no accident. Students of history will note that it is the site of the only coup d’etat to ever take place in America, The Wilmington Insurrection of 1898 , which bore witness to a white-supremacist-led massacre, which killed more than 200 Black people and resulted in the violent explusion of the city’s powerful Black political figures.
Hope and danger seem to co-exist in building more just systems that truly work for everyone. But the promise and joy that a different way of being unlocks makes it irresistible and necessary. We have no way to go but forward.
This article was originally published on Medium. Read it on Medium →
A Message from Marquis
By Nichole M. Christian, Narrative Shifter
Since its launch, Ambitio US has prided itself on following the lead and acting in partnership with trailblazing BIPOC artists, creatives, and culture bearers.
We’re proud to support their curiosity about new alternative economic strategies and shifts and to help fund some of the transformative explorations happening in communities nationwide. But by far, the best part of our work, especially as we enter an official post-COVID world, are the instances when we can gather and learn together.
Our grantees’ lived experiences, acquired knowledge, and collaborative generosity are core reminders of why we exist. Of course, it’s all spelled out in our Theory of Change . But Ambitio US grantees like Marquis Harmon , CEO of Gracepoint Neighborhood, bring the work and its relevance to life in more critical ways. Anyone endeavoring to understand why Ambitio US and CCI are so intently studying and questioning the fast-moving world of Web 3.0, blockchain, and Crypto need only pull up a seat and listen to this self-described serial entrepreneur with his eyes locked on expanding inclusivity in these spaces.
Our recent sojourn to Austin, Texas, for Consensus 2023, was a richer and more relevant experience because Marquis agreed to join us.
“Being present and prepared to add value in spaces such as Consensus is critical for BIPOC creatives and allies,’’ he said, reflecting on the four-day conference. Marquis’ Gracepoint Neighborhood project is focused on creating a safe, secure crypto wallet4 that is constructed around the experience of BIPOC users. Gracepoint will have robust Web3, financial, and educational offerings to minimize exploitation and extraction, allowing users to access and earn utility tokens.
Marquis speaks from the point of view of a builder who refuses to be discouraged by the seemingly small numbers of others like him. Too much creative and economic possibility is at stake. “NFTs and the Web3 space offer BIPOC artists, creatives, and others an opportunity for economic empowerment, global exposure, disruption of traditional power structures, authentic storytelling, and community building. All of which have been safeguarded closely by tightlipped patriarchal gatekeepers traditionally.’’
Marquis has a message for funders and others who view the learning curve too steep to see tangible value in attending massive insiders conferences like Consensus and others.
“My hope is that many more allies and groups like Ambitio US begin to equip themselves with essential building blocks and information necessary to participate in discussions that reinforce to the majority of investors, developers, and teams in Web.3 that you in no way will be seen as the voice for our communities and will respect our views, experiences, needs and Intellectual property.’’
Harmon adds: “We need partners who are with us for the long term.’’
This article was originally published on Medium. Read it on Medium →
AmbitioUS On the ROAD: Oakland Edition
On a recent visit to Oakland, our Ambitio US team had opportunities to connect with grantees, investees, allies, and other funders who are dedicated to building new systems often on ancestral foundations that center a different set of values. It was an amazing trip!
Standing outside the shuttered and disheveled Esther’s Orbit Room on the 7th street corridor in Oakland it became clear to us that we were on hallowed ground, a place deeply connected to Black Oaklanders and their histories. We were in front of the historic building with East Bay Permanent Real Estate Cooperative ’s Noni Session (Executive Director), Ojan Mobedshahi (Finance Director), and Annie McShiras (Investment and Fundraising Director). Passersby continually stopped our conversation to share their excitement about Esther’s reinvigoration, provide a personal story about the place, and to ask when it would open back up. We are working on it, shared Noni, and come and join us at an upcoming community event! We would love to have you.
Despite having been closed for more than a decade, the proverbial and literal tables at Esther’s remain set for a party. Once known as the Harlem of the West, 7th street was a thriving Black Business district with Esther’s Orbit Room at the center of its cultural and music scene. Like so many communities, the corridor was decimated by design through eminent domain and government-caused blight. But EB PREC has acquired property on this stretch and plans to reinvigorate Esther’s Orbit Room and some of the surrounding buildings in a way that fully represents a vibrant and resilient Black culture with its roots here though its branches reach far beyond.
EB PREC is at the vanguard of creating and developing community-controlled assets ( launching one of the first Direct Public Offerings in the country ). The organization is often mentioned as a source of inspiration by others interested in creating ownership and governance opportunities for cultural communities under threat of erasure. The nascent field (and investors) has its eyes on EB PREC’s work. While the saying that those who don’t know history are destined to repeat it is often offered up as a cautionary tale, here it feels more like an invitation to practice the principle of Sankofa, to look to the past in order to go forward. We can’t wait to see where this work goes.
We also met up with some of the RUNWAY team for lunch at Hella Nutz , one of the companies in which RUNWAY invests. In between bites of exquisite vegan food, Jessica Norwood, RUNWAY’s Founder & CEO and economic possibility visionary, let us know that she finished her book. We will definitely be ordering pre-sale copies next month (April 2023). More on that elsewhere in the newsletter.
As Jessica and Nina Robinson, the organization’s Fund Director, discussed the many ways in which they are helping capital move differently and lovingly towards Black and Brown entrepreneurs (check out its newest initiative ROOTED ). The flourishing future comes into focus in a perfect slice of strawberry cake made by Chefs Kami and Mieko. We need these entrepreneurs to succeed.
Oakland is full of friends, old and new. We were able to connect with some of our long-time Ambitio US Allies Ingrid Jacobson and Alexis Frasz whose company is always warm and intellectually invigorating. We had an invigorating dinner with some of the SELC team . Last year we became members of Solidaire and on this trip, we were able to meet its Executive Director, Rajasvini Bhansali, for the first time and yet it felt like we have known her forever. It wasn’t possible to see everyone, and if we missed you — we are sorry! But don’t worry we will be back there — especially if strawberry cake is involved.
Where can you see us?
In April we will be in Austin, TX, at the Consensus Conference (April 26–28).
In May we will be in Wilmington, North Carolina for the Neighborhood Funders Group conference (May 8–11). Or check us out at PEAK, which is happening in Baltimore, May 7–11.
We are also working on a trip up the Eastern Seaboard in late May. Stay tuned!
Hope to see you soon.
This article was originally published on Medium. Read it on Medium →
Sol Salute: CCI’s Latest Program, AmbitioUS too
At Ambitio US, we’ve always been transparent about the time-limited nature of our work on behalf of BIPOC creatives, thinkers, and arts workers. Ten years and Ambitio US sunsets.
Our promise is unchanged. But one of the prizes of this work is a commitment by our founding organization, the Center for Cultural Innovation (CCI), to ensure that the lessons we learn inspire action and continued experimentation.
CCI’s launch of the Sol Center for Liberated Work (Sol) is a daring example of that commitment and a direct outgrowth of Ambitio US ’ collaborations with culture bearers fighting for more social and economic power in marginalized communities. Launched initially with the name Rustle Lab, Sol is generously supported by a grant from the William and Flora Hewlett Foundation and others. We’re especially thrilled to welcome Sol to the CCI fold.
Whereas Ambitio US has been laser-focused on identifying, investing in, and, increasing non-extractive models of support to BIPOC cultural communities and their artists, Sol intends to commission critical research, engage in collaborative advocacy, and incubate projects that reimagine social protections and shifts in power for all workers who deserve to be liberated from the precarious nature of gig work. The “all” in Sol’s universe means ALL, beginning with BIPOC, disabled, and immigrant workers historically excluded from existing social protection and systems.
But don’t just take it from us.
See what Sol is about, starting with a gorgeous new website featuring digital call-to-action tools, a raft of conventional and unconventional reports, and collaborations with movement groups already mobilized around website alternative labor and economic systems. Anyone interested is also invited to “Sol(ve)” with Sol by subscribing to their newsletter or following Sol on social media via Twitter or IG .
At Ambitio US, we’re already joyously in; we hope building with Sol inspires you too.
This article was originally published on Medium. Read it on Medium →
(Re) Shaping the Future: Yes to That
In a recent media interview with Next City , Ambitio US Director Cate Fox shares a sentiment about the initiative’s exploration of the Web3 space that’s also directly applicable to one of its founding goals.
“This is a shaping moment,” Fox declares.
Ambitio US began in 2019 with a sharply drawn plan to manage a funding portfolio of diverse, experimental projects and types of investments that crossed traditional funding silos. Much of that early promise has been realized. Our grantees are continuously reimagining models of equitable philanthropic investment and the potential impact on the economic futures and sustainability of their neighborhoods and countless other historically marginalized communities.
We encourage you to dive into the efforts and trends that many grantees and others are exploring and expanding upon. “Building the Block,’’ a series of stories produced by yes! and sponsored by our philanthropic nonprofit, is a perfect grounding point. Each story is accompanied by an independent audio report produced by Public News Service .
“From innovative, collective approaches to relieving the debt that can thwart the opportunities of a generation, to collaborative solutions combating the cultural destruction wrought by gentrification, to the rich history and ongoing efforts to restore land to Indigenous and Black people, to the quiet but essential role played by grocery stores that cater to specific immigrant and ethnic groups, “Building the Block” examines how communities are building cultural sustainability in their own neighborhoods and beyond,’’ writes Sunnivie Bynum, the editorial director at Yes!
The stories in the series elevate visionaries at the center of solutions-oriented conversations around roadblocks to systems change. “The blueprint for shifting power and resources in truly equitable ways is in our hands, embedded in the ideas and organizing principles in these stories.
But plotting a better future requires facing facts and fault lines that appear intractable partly because they need to be more widely talked about or targeted for investment.
Take as an example one of the central themes in Healing the Land and Themselves , a story by Michaela Haas.
The number of Black-owned farms has dropped from 14% in the 1920s to just 1.3% today , and in California, less than 1% of land is owned by Indigenous people . A new generation of Black, Indigenous, and/or queer farmers and foresters is working to change the narrative, both literally and figuratively.
Meanwhile, Michelle Chen’s story “ A Taste of Home: How Ethnic Grocery Stores Create Community” highlights an easily accessible gateway to supporting the economic well-being of marginalized BIPOC communities and businesses. (Listen to the audio report here. )
In PennyElys Droz’s Indigenous and Black Communities Are Finding Common Cause for Land Justice , who can reasonably argue with Nkuli Shongwe of Nexus Community Partners, an Ambitio US grantee ?She offers a clear-eyed assessment of economically aligned solidarity in communities like hers in Minnesota’s Twin Cities. There, BIPOC creatives are redefining land ownership and economic sovereignty.
Shongwe says, “When we talk about alternatives to the current systems, we are talking about building community wealth, and regenerative systems that aren’t extractive of people or the planet … Black and Indigenous solidarity means building something new together with our people.”
And what kind of measurable change might grow in cities like Baltimore and beyond if more foundations and grantmaking organizations grasped the mic-drop-like nuance in the words of Damien Goodmon of Downtown Crenshaw Rising , a 2021 Ambitio US Economic Trailblazer grantee?
“We are so very intentional about saying this is not about closing the Black-white wealth gap by making some Black people rich; this is about lifting up an entire community,”
In the work and hard-earned wisdom of leaders like Goodmon and Nexus Community Partners’ Shongwe, we find a greater understanding of the continued value of supporting economic dreamers. But we also glimpse a bit of the future bound to become more tangible l when more of their visions are unfettered. As we enter the official halfway mark of a 10-year commitment for Ambitio US, in some ways, it feels like we are just getting started.
This article was originally published on Medium. Read it on Medium →
Learning Opportunity: Next Economy MBA
By Cate Fox
An equitable, inclusive, and regenerative economy does not just happen by chance.
The work is hard and best done together. After all, it is the solidarity not the solitary economy. LIFT Economy has compiled a fantastic set of human and intellectual resources that help to demystify what it calls the next economy. I learned about them as a student in its nine month Next Economy MBA course, which combines economic theory, practice, and lived experience to illuminate the creation and reimagining of key principles and economic structures. This approach is a welcome change from most MBA programs whose education offerings are based on outdated, extractive premises developed during the industrial revolution that only deepen our social and environmental crises. Not to mention they also often require a significant amount of student debt to obtain!
The people in the learning cohort continually reminded me that this work is both ancient and new. The course provided opportunities to hear from and be in relationship with organizations that are setting the pace for the next economy, people literally building new economic frameworks. And, as it turns out, many of those voices were guides for the creation and implementation of Ambitio US . People who continue to influence our development as well as the field’s. Until recently I had not thought I had much agency in changing something as abstract as “the economy”, but this program offers an approachable and multi-dimensional curriculum that demonstrates how each of us can be part of enacting the economy we need and deserve. I am grateful and inspired to join the ranks of the Next Economy MBA alums.
This course was excellent, and especially helpful if you are trying to start or reimagine a current enterprise with regenerative values. LIFT Economy is publishing a book that captures what it has learned through its research, consulting practice, and experience with the MBA learning cohorts. It also offers an excellent podcast where it features leaders who are taking a regenerative, bio-regional, equitable, transparent, racially just, and whole-systems approach to creating the new economy.
Read a book, take a listen, and join us in the conversation!
Cate Fox (she/her/hers) is the Director of Ambitio US , The Center for Cultural Innovation’s (CCI) national pooled fund program.
This article was originally published on Medium. Read it on Medium →
Mapping Change Lesson by Lesson
We believe shared learning is the best learning.
In a co-authored essay published recently by Nonprofit Quarterly (NPQ), Ambitio US Director Cate Fox and Narrative Shifter Nichole Christian, lift the curtain on a few of the big lessons our team has gleaned, insights that we and the Center for Cultural Innovation (CCI) prize as roadmaps for new models of intentional and reparative investment led by BIPOC change makers.
The essay, How Philanthropy Can Show Up for an Arts Solidarity Economy , was published as part of a new series, “ Remember the Future: Culture and Systems Change ,” co-produced by our good friends a t Art.coop and, NPQ . The series features a new story each week throughout February.
Fox and Christian write: “Our current system of neoliberal racial capitalism is designed to perpetuate inequalities. Finding the offramp from this economy to one that serves all can be difficult work. Systems are like walls; they don’t come down easily or by themselves. If we are paying attention, however, there are guides to help with this work. Artists most affected by historic and systemic harms are showing us how to imagine and build paths to a better world, and one that will benefit us all.’’
The series showcases the voices of queer, trans, and BIPOC artists and cultural bearers, all sharing reflections on the tapped and untapped impact of arts workers activating and enacting structural change — as they build or create an economy that works for them..
Sincere gratitude to Art.coop for welcoming Ambitio US ’ voice.
This article was originally published on Medium. Read it on Medium →
(Re) Shaping the Future: Yes to That
In a recent media interview with Next City , Ambitio US Director Cate Fox shares a sentiment about the initiative’s exploration of the Web3 space that’s also directly applicable to one of its founding goals.
“This is a shaping moment,” Fox declares.
Ambitio US began in 2019 with a sharply drawn plan to manage a funding portfolio of diverse, experimental projects and types of investments that crossed traditional funding silos. Much of that early promise has been realized. Our grantees are continuously reimagining models of equitable philanthropic investment and the potential impact on the economic futures and sustainability of their neighborhoods and countless other historically marginalized communities.
We encourage you to dive into the efforts and trends that many grantees and others are exploring and expanding upon. “Building the Block,’’ a series of stories produced by yes! and sponsored by our philanthropic nonprofit, is a perfect grounding point. Each story is accompanied by an independent audio report produced by Public News Service .
“From innovative, collective approaches to relieving the debt that can thwart the opportunities of a generation, to collaborative solutions combating the cultural destruction wrought by gentrification, to the rich history and ongoing efforts to restore land to Indigenous and Black people, to the quiet but essential role played by grocery stores that cater to specific immigrant and ethnic groups, “Building the Block” examines how communities are building cultural sustainability in their own neighborhoods and beyond,’’ writes Sunnivie Bynum, the editorial director at Yes!
The stories in the series elevate visionaries at the center of solutions-oriented conversations around roadblocks to systems change. “The blueprint for shifting power and resources in truly equitable ways is in our hands, embedded in the ideas and organizing principles in these stories.
But plotting a better future requires facing facts and fault lines that appear intractable partly because they need to be more widely talked about or targeted for investment.
Take as an example one of the central themes in Healing the Land and Themselves , a story by Michaela Haas.
The number of Black-owned farms has dropped from 14% in the 1920s to just 1.3% today , and in California, less than 1% of land is owned by Indigenous people . A new generation of Black, Indigenous, and/or queer farmers and foresters is working to change the narrative, both literally and figuratively.
Meanwhile, Michelle Chen’s story “ A Taste of Home: How Ethnic Grocery Stores Create Community” highlights an easily accessible gateway to supporting the economic well-being of marginalized BIPOC communities and businesses. (Listen to the audio report here. )
In PennyElys Droz’s Indigenous and Black Communities Are Finding Common Cause for Land Justice , who can reasonably argue with Nkuli Shongwe of Nexus Community Partners, an Ambitio US grantee ?She offers a clear-eyed assessment of economically aligned solidarity in communities like hers in Minnesota’s Twin Cities. There, BIPOC creatives are redefining land ownership and economic sovereignty.
Shongwe says, “When we talk about alternatives to the current systems, we are talking about building community wealth, and regenerative systems that aren’t extractive of people or the planet … Black and Indigenous solidarity means building something new together with our people.”
And what kind of measurable change might grow in cities like Baltimore and beyond if more foundations and grantmaking organizations grasped the mic-drop-like nuance in the words of Damien Goodmon of Downtown Crenshaw Rising , a 2021 Ambitio US Economic Trailblazer grantee?
“We are so very intentional about saying this is not about closing the Black-white wealth gap by making some Black people rich; this is about lifting up an entire community,”
In the work and hard-earned wisdom of leaders like Goodmon and Nexus Community Partners’ Shongwe, we find a greater understanding of the continued value of supporting economic dreamers. But we also glimpse a bit of the future bound to become more tangible l when more of their visions are unfettered. As we enter the official halfway mark of a 10-year commitment for Ambitio US, in some ways, it feels like we are just getting started.
This article was originally published on Medium. Read it on Medium →
DeFy Expectations
AmbitioUS Director Cate Fox on the Future of Web 3.0 and Inclusion
By Cate Fox
E ight in the morning seemed an odd time for a dance party but the music was on, and the lights were pulsing purple and blue in a largely dark cavernous convention center hall. The man sitting next to me in the folding chairs had his computer open and was writing code. Others around me were on their phones.
Spoiler alert: there was no dancing. That was probably for the best.
Instead, we were treated to a series of conversations that featured mostly white men expressing concerns about how our personal data is owned and commoditized by third parties and that Web3 and Blockchain technology provided a remedy that would liberate us from oppressive corporations and regulatory bodies. This emerging economy, referred to as decentralized finance (defi for short), we were told is the key to freedom and personal liberation. Our team was at its first Blockchain industry conference — billed on its website as “The cultural event of the year.” We knew we would be out of our comfort zone, but it was actually feeling a little closer to the Twilight Zone.
Just a month previous to this conference, we were walking around a predominantly Black neighborhood that had organized into a collective in Jackson, Mississippi, as a way of exerting self-determination, self-reliance, self-respect, and self-defense as gentrification and cultural erasure encroaches. Cooperative New West Jackson has built a community and an economy that protects and celebrates threatened cultural identities. Later that week we stood on the sacred ground of a Civil Rights monument, Historic Clayborn Temple , with its Executive Director Anasa Troutman and talked about the fact that when the Black community of Memphis gathered here for the historic Sanitation Worker Strike in 1968 it was not just peoples’ identities that were under threat but their physical safety as well.
There is a through-line to more recent events, to the murders of George Floyd, Breonna Taylor, Freddie Gray, of shoppers at a Buffalo grocery store, and people attending a Bible study in South Carolina just to name a few. There certainly are identities at risk not just theoretically but literally. In that way, the conference felt like it was operating in a parallel universe. Race was not mentioned at all until the third and final day toward the end of the last plenary session. The fact that the vast majority of thought leaders presenting to the thousands of Web3 builders, developers, and investors in attendance did not appear to come from those cultural communities should give us all pause about how much repair and justice is possible when key voices and perspectives are missing from the conversation.
Not only that but the insider love language that is designed to bond early adopters and boosters of defi to one another (and break the thumbs of those of us outsiders who show up to these conferences and have to search up what each of these terms mean), is full of problematic language (i.e. whitelist — a list of allowed or trusted individuals, computer programs, or cryptocurrency addresses versus blacklist — a list of banned or excluded entities suspected of bad behavior) — which creates more barriers to entry.
While the days were full of aspirational visions that defi would be the equalizing economy that Web2 was supposed to be, it felt like many of the problematic structural problems of our traditional finance system (known in the defi space as tradfi) are simply replicating themselves as power consolidates and the risks are unevenly distributed to those with the most to lose in this supposed decentralized system. Not to mention all the troubling issues related to fair labor practices and worker protections that are intentionally missing. It is hard to imagine the same type of thinking that created these problematic systems is going to be the kind of thinking that solves the problem.
Which leads us back to Nia Umoja at Cooperative New West Jackson, Anasa Troutman at Historic Clayborn, and many others in the Ambitio US portfolio who bring together BIPOC communities to create new systems that promote ownership, resiliency, and power.
Their willingness to lead change against hard odds and sometimes against harder hateful history testifies to the truth of something the late writer Langston Huges said, “I have discovered in life that there are ways of getting almost anywhere you want to go, if you really want to go.” What a wonder it might be if this new economic system was more willing to set a braver, less stark course, one where the future of finance was openly committed to welcoming and liberating all.
Cate Fox is the Director of Ambitio US , a national initiative of the Center for Cultural Innovation, that is focused on strategically shifting economic power and opportunities to BIPOC communities and artists
This article was originally published on Medium. Read it on Medium →