Companies across the country are realizing the value of investing strongly in the communities that they call home. Prudential, a national insurance company founded in Newark, is a leader in this area. Not only do they invest in Newark via grant funding resources, they also invest in Newark through strategic partnerships with anchor institutions.
Lata N. Reddy, Senior VP of Diversity, Inclusion & Impact, recently noted that doing CSR (corporate social responsibility) work is not about how a company spends its money, it is about how it earns that money. One powerful strategic decision that the company made was choosing to stay in Newark. They also follow a "three pronged" approach by making an effort to hire, buy and and live local whenever possible. Click here to read more.
Newark Regional Business Partnership exists to connect business for a greater Newark and we support efforts that serve to bolster our home city beyond the scope of 9-5 business. That's why we're excited to share that member company Audible, Inc. has decided to expand its innovative residential incentive and buy-local lunch programs.
These programs encourage Audible's workforce to fully integrate with the Newark community by choosing to live here, or to stay here if they already live here, and encouraging them to explore new eateries at lunchtime.
"Newark Now! Live Local", as the residential incentive program is called, was launched in 2017 with an initial group of 20 employees being selected at random to get a free year of rent at the (then newly opened) residences at the Hahne & Co. building. To incentivize even more employees to live in Newark, the program was scaled to provide all Audible employees living in Newark a $250/month subsidy, and combined the programs increased the number of Audible employees living in Newark by 40%. Audible just announced that starting this June, the program has increased to $500/month, thus allowing employees to keep even more of their income with the hope that they will put some of those dollars back into the local economy.
"Lunch Out Wednesday", as the buy-local lunch program is called, will subsidize 300 employees each week through the end of 2018 (for a total of 9,000 meals) to explore the city and eat at participating Newark restaurants.
These initiatives underscore Audible's commitment to Newark and scale its economic impact on the city by helping to catalyze further retail and residential demand.
Audible is open to engaging other Newark employers and brainstorming on ways that they too can encourage their employees to have a direct, positive impact on the city. If you're a member of NRBP, contact one of our Member Relations Managers today so that we can facilitate an introduction to the appropriate person at Audible!
For the last three years, Newark Regional Business Partnership has sponsored and operated the Newark Young Entrepreneur's Academy (Newark YEA!) program. Designed to educate business minded youth and young adults about what it takes to actually start and run their own business, Newark YEA! has transformed multiple Newark middle and high school students into genuine, confident entrepreneurs. Through the 21-week program, students generate business ideas, conduct market research, write business plans, pitch to a panel of investors, and launch their very own companies.
As a student who is pursuing a career in business, participating in Newark YEA! was a great way to learn how to do what I love, which is making clothes. I have always been interested in fashion and have made some items in the past so when I heard the news of an after-school program that caters to youth and helps them create and launch their own businesses I was elated and couldn’t wait to apply. Being a part of this program has taught me how a business actually operates. I learned how to calculate gross profit, labor costs etc... Things I wasn't learning in school.
I joined the Newark YEA! program with the mindset of just creating my business, I didn't think that I would be selected to go to the Saunders Scholars Competition in Rochester, NY to represent the program and the city of Newark.
EisnerAmper LLP's Jaclyn Greco and Ryan Raben outline why the demand for co-investment is likely to continue. Citing a recent report from CEDPRES and building upon experience with clients, Greco and Raben highlight the benefits for both the investor and their manager. Click here for more.
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Fun Fact: there are over 550 ports in the US and Newark's port is the 3rd largest!