Grossman to head Initiative for a Competitive Inner City
2/26/2015, 6 a.m.
Steve Grossman, former Treasurer of Massachusetts has been named chief executive officer of the Initiative for a Competitive Inner City, a Roxbury-based organization that has been helping urban entrepreneurs and inner-city business for 20 years.
“Steve brings truly unique assets as a company CEO, government leader, and a person with deep commitment to communities with strong relationships across America,” Michael Porter, Harvard Business School professor and founder and chair of ICIC, said in a statement. “His energy, vision and entrepreneurial flair will elevate ICIC to a new level as we tackle economic inequality, the nation’s most pressing challenge.”
Grossman, a graduate of Harvard Business School, worked at Goldman Sachs before leaving to build his family business, Massachusetts Envelope Company, into a major enterprise now named Grossman Marketing Group. He has served as chairman of the Democratic National Committee, board chair at Brandeis University, and has been involved in numerous other community organizations. He is widely recognized for his public service and many civic accomplishments.
“I’m honored to join Mike Porter and the ICIC team as we continue to change people’s lives in our inner cities by helping small businesses grow, facilitating access to capital and creating exciting new job opportunities,” Grossman stated.
The organization’s signature event is the Inner City 100 Symposium and Awards, which highlights 100 of the fastest-growing businesses located in U.S. inner cities. Other programs, such as its Inner City Capital Connections program, have helped lenders find investment in companies in 134 different inner cities. These companies have gone on to raise more than $1 billion in capital and create about 5,000 jobs.
In addition, ICIC advises city anchor institutions, such as universities and hospitals, on strategic initiatives to revitalize their surrounding communities, and guides mainstream corporations in expanding inner city operations and investments.
The organization also devises economic development strategies for cities across the country, including Boston, New York, Newark, Oakland, Detroit and Louisville. Partners include major foundations, leaders in the private equity industry and Fortune 500 companies like Goldman Sachs, Chevron, Bank of America, Staples, and JP Morgan Chase.