Our 2023 Annual Stakeholder Survey provided crucial insights for our 2024 planning and beyond. 

Strengths: Key findings affirmed strong support for GroundBreak’s efforts in closing racial wealth gaps in Minnesota, showcasing the coalition’s ability to bring together diverse capital providers in service of wealth equity and economic prosperity. Respondents agreed on GroundBreak’s strengths, especially noting collaboration among cross-sector capital providers and Black wealth builders. They also highlighted the coalition’s innovative strategy for unlocking capital for financial tools and equity approach as key assets. One respondent captured these sentiments well, writing:  “GroundBreak’s ability to bring institutions together to take action at scale against a single strategy is unique. Too often, in my opinion, we rally people around a new organization with unfair expectations rather than rallying the organizations we have around a common set of outcomes that everyone can contribute to. At the end of the day, though, the alignment of capital is the key strength.”

Challenges & Opportunities: Stakeholders pushed GroundBreak leaders to double down on its inclusive engagement goals, particularly for Black wealth builders and capital providers. Doubling down on this strategy will allow GroundBreak to build momentum, increase trust, and foster strong relationships in newer networks. Similarly, respondents highlighted transparent decision-making and clear communication as essential for building trust and accountability. Finally, as it begins to deploy capital, respondents noted that GroundBreak will benefit from a more comprehensive approach to measurement, evaluation, and learning.  Comments that illustrate these challenges include: 

• “It is challenging to maintain ongoing communication and momentum for such a large effort that has a very long impact journey,” and GroundBreak should “prioritize ongoing and authentic community engagement/leadership.”
   

• “The key will be long-term success, so long-term data gathering will be key.”
   

How the Project Team is Responding to Survey Insights

These survey insights, combined with project team observations and other forms of stakeholder engagement, directly informed GroundBreak’s 2024 planning. Our responses include: 

Building on our strengths: GroundBreak will continue to engage its cross-sector leadership to identify opportunities to expand access to credit for Black wealth builders and leverage GroundBreak’s flexible capital pools. Learn more about how we’re doing this in our recent piece Advancing Black Homeownership Through Partnership, Innovation, and Scale.

Establishing transparent governance structures: In March, GroundBreak announced its inaugural Executive Council, which is providing more collective, transparent leadership of the coalition and its major decisions. 

Invest in deeper, more varied engagement: GroundBreak’s project team is working to both broaden and deepen its commitment to engagement. This is taking multiple forms, such as inviting end-users to inform and refine financial tools & products, such as aspects of down payment assistance, convening financial institutions to explore opportunities to create more equitable lending products, with the help of GroundBreak’s financial tools and products, and inviting feedback through one-on-one and small group connections. 

Enhance communications capacity: GroundBreak is also forming communications partnerships to support us in better articulating the coalition’s story and value proposition, ensuring a consistent flow of information, and connecting with multiple stakeholder groups. We hope to see this capacity grow in the second half of 2024.

We are grateful to everyone who took the time to respond to the survey request last year. We take the wisdom of coalition members seriously and have used it to inform our operations and approach in 2024. As always, we welcome additional feedback, insights, or questions. Please contact johnna@imaginedeliver.com to share your thoughts!