ICA Fund Good Jobs CEO, Sean Daniel Murphy, is featured on the Aspen Institute's Job Quality Fellowship blog. Sean recently chatted with the Aspen about his vision for our work, his perspective on the role of Good Jobs, and his reflections as a 2017 – 2018 Job Quality Fellow with the Institute.
In the piece, Sean shares how he sees the organization's unique position as both a community-based organization and investor evolving over the years, his learnings from the first five years of directly "funding good jobs" and the role equity will play in future deals (hint: it's an important one).
Here are some highlights:
On the success of our Good Jobs Accelerator:
In 2017, our Good Jobs Accelerator cohort collectively employed 303 workers and paid workers an average wage of $20.82. Eighty percent of workers in these 10 companies had access to health benefits, and the companies have grown their revenues and jobs, year over year, by 31 and 24 percent, respectively. Average annual revenue increased by $491,000 per company, and 59 new jobs were created. Through our relationships with other funders, we were also able to direct participating businesses to $6.9 million in capital to support their growth, meeting 85 percent of their combined capital need.
Highlighting the power of leveraging the capital stack:
We are proud that, for every dollar of our initial investment, Seed Fund businesses have unlocked an additional $10 in capital. That’s more than $20 million going to good-job-creating companies that otherwise struggle with securing investment. With results like these, imagine the impact an investment fund with $100 million or $1 billion could make on quality jobs.
How the Fellowship spurs collaboration:
What stands out to me most are the unique relationships I have formed and the true spirit of collaboration that the Fellowship embodies. For instance, I am currently collaborating with Christine Curella of the New York City Mayor’s Office. Christine is not only a partner through the Fellowship, but also a thought partner to ICA Fund Good Jobs as part of the Ascend network funded by JPMorgan Chase. There’s a lot of learning to be had, from coast to coast, and that’s powerful.