Institute for Justice: Building Wealth Through Entrepreneurship
Entrepreneurs with means can obtain with relative ease the advice they need to pursue an idea or aspiration, but those whose incomes are more limited often must face the daunting tasks of starting and sustaining a business without such guidance. The Institute for Justice's Clinic on Entrepreneurship was created in 1998 to fill that gap by using University of Chicago law students, supervised by licensed attorneys, to provide intensive, extended assistance to low- and moderate-income entrepreneurs. Recognizing that minority-owned businesses are more likely than others to hire people of color, the Foundation decided to "bet" on this approach to making services accessible and on the idea of entrepreneurship as a potential complement to other ways of promoting the economic well-being of families living in distressed neighborhoods. The Foundation has supported the Clinic since its inception. From the Institute's perspective, this support has had symbolic as well as financial value. Characterizing itself as a libertarian organization, the Institute appreciates having diverse funding sources that reflect the common ground with those of various viewpoints that can be found in on-the-ground help for entrepreneurs from disadvantaged communities.
- Since 1998, the Clinic has provided intensive assistance that has resulted in creation or expansion of a business to 156 entrepreneurs, including current clients; several hundred others have benefited from workshops and/or brief consultations. Most businesses helped by the Clinic are minority-owned, and many employ at least several people besides the owner. Participating law students are rewarded with the sense of satisfaction that comes from helping someone bring a dream to fruition, which IJ hopes will encourage them to be advocates for low-income entrepreneurs and to do pro bono work in the future.
- IJ staff and Clinic students share their experience through presentations, publications, participation in professional forums, and consultation with those interested in starting similar programs, which likely has contributed to the substantial growth of law-school based services for small businesses in recent years. With Annie E. Casey Foundation encouragement, IJ produced a pamphlet to share its model and the lessons it has learned.
- Operating as a program of the University, the Clinic has been able to draw on the talents, skills, and enthusiasm of top-flight law students and, in some years, students from the Business School as well. Several Chicago law firms provide pro bono services to Clinic clients. In the past year, IJ has been successful in securing additional philanthropic support for the Clinic beyond what it receives from the Annie E. Casey Foundation.
For more information, read the full Institute for Justice Program Profile, which includes background on the program, why this was of interest to the Casey Foundation, and our return on investment.
Contact:
Institute for Justice
www.clinic.ij.org
773-834-3129