1Philadelphia is raising $20M for tech equity initiatives

Philanthropic dollar dispensers, take note of this one: 1Philadelphia has launched the Equitable Tech Investment Agenda with the goal to raise $20 million by 2026 for local tech equity initiatives.

Since launching in 2021, the coalition of Philly tech stakeholders has raised $4 million from Bank of America, Comcast NBCUniversal, Lenfest Foundation and other supporters.

Over the next few years, 1Philadelphia’s leaders plans to pursue funding from philanthropic partners and government to hit that goal, Executive Director Danae Mobley said.

“We’ve been in conversation with corporate philanthropy, family foundations and others, just to get them to understand what 1Philadelphia is, what our calling our big vision is,” Mobley told Technical.ly. “So we’ll continue to do that and find the right partners that are interested in this work.”

The org is also hoping to work with the newly elected mayor Cherelle Parker’s administration to set goals for tech and innovation in Philadelphia.

The $20 million would go toward supporting both new and existing organizations doing tech equity work in Philly’s tech ecosystem. 1Philadelphia’s three main areas of focus are community cultivation, talent development, and access and upskilling. The org’s leaders are thinking about how to better engage employers on equity initiatives, planning events that showcase the Philly tech community, new talent development initiatives, and resources for underrepresented founders, Mobley said.

“This vision doesn’t take just a few hands, right? It’s a coalition of doers. It’s a large vision that needs a lot of hands,” Mobley said. “We really want to showcase the work that’s already being done, the people that are contributing great things to tech equity in the city, but then just get more people on board. So we’re excited to see what partnerships come from this new announcement.”

Last year, 1Philadelphia dispersed $250,000, the ED said.

“There is so much talent and innovation right here in Philadelphia,” said Gwyneth Gaul, Comcast’s AVP of strategic partnerships and philanthropy, in a written statement about the funding goal. “We’re proud to be a founding partner of 1Philadelphia through Project UP and to help foster the growth of the tech ecosystem in our hometown and to bring unlimited possibilities to all.”

The announcement of this funding goal comes as the organization kicks off its 2023 Innovation Weekend. This second annual event series features two days of DEI-focused fireside chats, the Early Validation Academy’s demo day, an awards program and more.