BOSTON--(BUSINESS WIRE)--State Street Corporation today announced the launch of the State Street Foundation’s Boston Workforce Investment Network (Boston WINs) at a press conference attended by Governor Baker and Mayor Walsh. Boston WINs aligns five local and national nonprofits with a shared goal of preparing more Boston youth for 21st century careers, expanding Boston’s young, thriving talent pool and promoting economic mobility. Boston WINs is based on the concept of venture philanthropy which applies long term funding, measurement and direct involvement to philanthropic programs to expand their effectiveness.
The State Street Foundation will provide an investment of $20 million over four years to five organizations: Bottom Line, Boston Private Industry Council (PIC), College Advising Corps (CAC), uAspire and Year Up. This financial support will enable each organization to significantly scale their respective programs and together create better outcomes for Boston youth. Collectively, the Boston WINs organizations project that they will increase the number of youth served by approximately 60 percent. State Street is committed to hiring 1,000 Boston students that will have been served by one or more of the WINs organizations over the next four years.
“The goal of the Boston WINs initiative is to provide opportunities for our city’s future workforce by focusing on the creation of career paths for local youth, and supporting them in the education process,” said Jay Hooley, chairman and chief executive officer of State Street Corporation. “As an employer, we hold a critical part of the solution to workforce development. By bringing together these organizations and aligning them to a common goal, we can improve outcomes for students along the continuum from high school to higher education and beyond. The Boston WINs network model will help each organization deliver outcomes that surpass what they could have accomplished individually.”
Governor Baker and Mayor Walsh Pledge their Support
“State Street’s Boston WINs initiative takes a hands-on approach to bridging the workforce skills gap and creating new opportunities for our youth,” said Massachusetts Governor Charlie Baker. “A strong workforce and economic growth go hand in hand and Massachusetts has an opportunity to capitalize on both by ensuring our workers have the skills to meet the needs of employers in the 21st century economy.”
“I am very pleased that State Street is making this investment in the city's economic vitality and future,” said Boston Mayor Martin J. Walsh. “We share the philosophy that career pathways and work-based learning are leading approaches to expanding opportunity for young Boston residents.”
Venture Philanthropy
Venture philanthropy consists of three key aspects: longer funding terms that support programs and operations, a due diligence process for selection that includes scale of impact and an investment approach that includes direct involvement in the organizations at the board and program level to increase the investments’ impact. The WINs initiative requires the selected organizations to commit to specific growth and success metrics and to regularly interact with one another to ensure long-term commitment and strong results for the students in these programs. In addition to its financial commitment, State Street will support Boston WINs by encouraging employee volunteerism, designating executive board members and 2:1 matching employee gift support for the five Boston WINs organizations.
About State Street Corporation
State Street Corporation (NYSE: STT) is one of the world's leading provider of financial services to institutional investors including investment servicing, investment management and investment research and trading. With $28.5 trillion in assets under custody and administration and $2.4trillion* in assets under management as of March 31, 2015, State Street operates in more than 100 geographic markets worldwide, including the US, Canada, Europe, the Middle East and Asia. For more information, visit State Street’s web site at www.statestreet.com.
*Assets under management include the assets of the SPDR® Gold ETF (approximately $28 billion as of March 31, 2015), for which State Street Global Markets, LLC, an affiliate of SSgA, serves as the distribution agent.
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