Prosperity Now: Comprehensive Market Research Report

Background

Overview

Prosperity Now, formerly known as the Corporation for Enterprise Development (CFED), is a national nonprofit organization based in Washington, D.C., dedicated to expanding economic opportunity for low-income families and communities across the United States. Established in 1979, the organization employs a multifaceted approach that includes community practice, public policy advocacy, and private market engagement to promote financial security and economic mobility.

Mission and Vision

Mission: To inspire bold action and provide organizations with the tools, research, and resources needed to help people build prosperity so everyone can thrive.

Vision: To create a future where innovation leads to job creation, business growth, and the development of strong communities.

Primary Area of Focus

Prosperity Now focuses on advancing economic mobility by addressing systemic barriers to wealth creation, particularly for low-income and BIPOC (Black, Indigenous, and People of Color) communities. The organization emphasizes policy advocacy, research, and partnerships to promote financial security and economic opportunity.

Industry Significance

As a leading nonprofit think tank, Prosperity Now plays a pivotal role in shaping policies and programs that aim to reduce economic disparities and foster inclusive economic growth. Its research and advocacy efforts influence both public and private sector initiatives aimed at enhancing financial stability and opportunity for underserved populations.

Key Strategic Focus

Core Objectives

Policy Advocacy: Engaging in local, state, and national policy advocacy to promote economic policies that support low-income families and communities.

Research and Data Analysis: Conducting comprehensive research to inform policy decisions and program development.

Community Partnerships: Collaborating with local practitioners to implement demonstration projects that address economic barriers.

Specific Areas of Specialization

Individual Development Accounts (IDAs): Promoting matched savings accounts to help low-income individuals save for specific goals.

Children's Savings Accounts (CSAs): Advocating for financial products that encourage long-term planning and wealth building for children.

Asset Building Programs: Developing and supporting programs that enable individuals and families to build and protect assets.

Key Technologies Utilized

While specific technological platforms are not detailed in the available sources, Prosperity Now employs data analysis tools and research methodologies to inform its policy advocacy and program development.

Primary Markets or Conditions Targeted

The organization primarily targets low-income families and communities, with a particular focus on BIPOC populations, aiming to dismantle systemic barriers to wealth creation and promote economic mobility.

Financials and Funding

Funding History

Prosperity Now operates as a 501(c)(3) nonprofit organization, receiving funding from various foundations, corporations, and individual donors. Notable funders include the Bill & Melinda Gates Foundation, the Annie E. Casey Foundation, the Rockefeller Foundation, and the Tipping Point Fund.

Total Funds Raised

The organization's annual revenue has varied over the years, with recent figures indicating:

2024: $14,096,149

2023: $17,231,034

2022: $20,410,607

Notable Investors

Key investors and funders include:

Foundations: Bill & Melinda Gates Foundation, Annie E. Casey Foundation, Rockefeller Foundation

Corporations: Bank of America Charitable Foundation, Citi Foundation, Wells Fargo Foundation

Individual Donors: Various individual contributors supporting the organization's mission

Intended Utilization of Capital

The funds raised are utilized to support Prosperity Now's programs, research initiatives, policy advocacy efforts, and community partnerships aimed at advancing economic opportunity and financial security for low-income and underserved communities.

Pipeline Development

As a nonprofit organization, Prosperity Now does not have a product pipeline in the traditional sense. Instead, it focuses on developing and implementing programs and initiatives that address economic disparities and promote financial security. Key initiatives include:

Assets & Opportunity Scorecard: An annual report assessing the financial security and economic mobility of residents across all 50 states and the District of Columbia.

Policy Advocacy Campaigns: Efforts to influence legislation and policies that impact economic opportunity for low-income families.

Community Programs: Collaborations with local organizations to implement asset-building programs and financial education initiatives.

Technological Platform and Innovation

Proprietary Technologies

While specific proprietary technologies are not detailed in the available sources, Prosperity Now utilizes data analysis tools and research methodologies to inform its policy advocacy and program development.

Significant Scientific Methods

Data Analysis: Employing quantitative and qualitative research methods to assess economic conditions and inform policy decisions.

Policy Analysis: Evaluating the impact of existing and proposed policies on economic mobility and financial security.

AI-Driven Capabilities

There is no specific information available regarding the use of AI-driven capabilities within Prosperity Now's operations.

Leadership Team

Key Executives

Marisa Calderon: President and CEO. Calderon has previously served as vice president of Citi, executive director of the National Association of Hispanic Real Estate Professionals, and the National Community Reinvestment Coalition.

Cherie Collins Sims: Chief Strategy & Innovation Officer.

Mary Frances Wain: Chief Engagement Officer.

Natalie Evans Harris: Executive Director (until May 2023).

Jennifer Broome: Vice President, Philanthropy.

Douglas Ryan: Vice President, Policy Applied Research.

Chanda Lupunga Phillips: Vice President, Talent & Culture.

Leadership Changes

Gary Cunningham: Served as President & CEO until June 2023.

Natalie Evans Harris: Served as Executive Director until May 2023.

Competitor Profile

Market Insights and Dynamics

The nonprofit sector focused on economic development and financial security is characterized by a diverse range of organizations, including think tanks, advocacy groups, and community-based organizations. These entities collaborate and compete to influence policy, secure funding, and implement programs aimed at reducing economic disparities.

Competitor Analysis

Prosperity Now operates in a competitive landscape with several organizations addressing similar issues, including:

National Community Reinvestment Coalition (NCRC): Focuses on promoting economic fairness and access to credit.

Corporation for Enterprise Development (CFED): Prior to rebranding as Prosperity Now, CFED was a key player in the field.

Center for American Progress: Conducts research and advocacy on economic policies.

Strategic Collaborations and Partnerships

Prosperity Now collaborates with various foundations, corporations, and community organizations to advance its mission. Notable partners include the Bill & Melinda Gates Foundation, the Annie E. Casey Foundation, and the Rockefeller Foundation.

Operational Insights

Prosperity Now differentiates itself through its comprehensive approach, combining research, policy advocacy, and community partnerships to address systemic economic barriers. Its focus on low-income and BIPOC communities positions it uniquely in the nonprofit sector.

Strategic Opportunities and Future Directions

Prosperity Now continues to expand its impact by enhancing its research capabilities, strengthening policy advocacy efforts, and deepening community partnerships. Opportunities include leveraging data analytics to inform policy decisions and scaling successful community programs nationally.