Nasdaq
Foundation
2023 Annual ReportAs we begin 2024, I want to reflect upon our continued journey to advance economic
progress for all. Through the Nasdaq Foundation, we are working to connect business,
capital, and innovative ideas to advance global economies and local communities tochampion diversity in investor engagement. This report spotlights the transformative
work of our 2023 Quarterly Grant Program partnership organizations and showcases
how the New Investor Initiative is empowering diverse communities to build a stronger
investor identity.
Driven by Nasdaq’s Purpose to advance economic progress for all, the Nasdaq
Foundation works with organizations that promote and support under-resourced
communities by reimagining investor engagement and equipping communities with thefinancial knowledge needed to share in the wealth that markets create. Through the
New Investor Initiative, the Foundation supports a portfolio of programs focused on
breaking down overlooked barriers for underserved and underrepresented communities.
The Quarterly Grant Program allows us to move nimbly to fund and help scale programs
that meet the Foundation’s strategic objectives.
Over the course of 2023, we furthered our ambitions, bringing in more than a dozen
new grant recipients and launching critical projects through the New Investor Initiativethat will help to strengthen the representation of minority investors and entrepreneurs,
as well as create a fairer and more equitable path to success. We also sought to improveaccess to financial literacy education by investing in new ideas and tools that can reachglobal audiences, optimizing use for the communities that need them the most.
We’re proud to have expanded our network of community partners who share our focus
of creating an investing culture that’s more equitable and inclusive. In 2024 and beyond,we plan to build on our progress, continuing to invest in new ideas and partnerships thatalign with our mission of making the markets work better for everyone.

Jailan Griffiths
Vice President, Global Head of Purpose at Nasdaq
President, Nasdaq Foundation

2

Table of Contents:
About the Nasdaq Foundation.......................................................4
New Investor Initiative....................................................................5
Quarterly Grant Program ...............................................................92022 Partnership Insights & Findings ........................................233

About the Nasdaq
Foundation
The Nasdaq Foundation is driven by Nasdaq’s Purpose of advancing
economic progress for all by breaking down systemic barriers faced byunderrepresented communities striving to build and sustain wealth.
Through strategic initiatives like the Quarterly Grant Program and the New
Investor Initiative, we forge collaborative partnerships with non-profit
organizations, striving to deepen our understanding of prevailing challenges
through a data-driven lens, amplify ongoing efforts, and pave innovative
pathways for impactful contributions.
Our work is:•

Empowering organizations that equip diverse investors with thenecessary financial education to participate in the capital markets, withthe goal of building generational wealth•Supporting entrepreneurs who promote diversity by equipping them withvital resources to strengthen those businesses, contributing significantly
to societal prosperity

Together, we are reshaping the perception and accessibility of financial
markets for underrepresented communities.

“After reimagining the mission of the Nasdaq Foundation in 2020, it’s been incredibly
fulfilling to see how the organization is fueling Nasdaq’s purpose to advanceeconomic progress for all. With new partnership organizations and grant recipients,
the Nasdaq Foundation is paving the path for a more sustainable and equitablefinancial ecosystem.”
Jeremy Skule
Chief Strategy Officer at Nasdaq and Board Chair of the Nasdaq Foundation
4

New Investor
Initiative
The New Investor Initiative is a fundamental step within the Nasdaq
Foundation’s strategic framework, aimed at addressing critical barriers
often overlooked in the capital markets, specifically focusing on
empowering underrepresented communities.
Thus far, the Foundation has collaborated with three organizations—
Commonwealth, digitalundivided, and Black & Brown Founders (inpartnership with My Money, My Future).
These partnerships encompass a spectrum of strategies, from cultivating
new role models to driving educational engagements and conducting
community-centered research. These initiatives are pivotal in shaping
a more robust investor identity within underrepresented communities,
fostering inclusivity and empowerment in the financial landscape.

5Commonwealth

Program Participation“Transforming Investor Identity”

Program participants were assigned
to one of the three investing platforms,
provided with seed funding, online
investment advisory services, andencouraged to invest for 12 months.

“Transforming Investor Identity” is a national, onthe-ground pilot engaging first-time investors tounderstand how investor identity forms and how
investment platforms can create a more inclusive
investing experience.
Commonwealth, supported by a grant provided by
the Nasdaq Foundation, is working with more than
800 participants across three investing platforms:
Ellevest, Public, and Stash. The research project isdesigned to understand how new investors, mostlyBlack and Latinx women earning low and moderateincome, develop an investor identity. Until now
this specific aspect of investing has been largely
unstudied. The pilot’s goal is to increase inclusivity on
investing platforms and expand access to the wealthbuilding potential of capital markets.
The participants for this program were recruited
through five partnerships with local community
organizations including Compass Working Capital,
Lawrence Community Works, Neighborhood Allies,
Union Capital Boston, and the virtual community of
SaverLife members.

•

A total of 863 participantsreceived seed funding with aretention rate of 85% at the end of
Q3 2023

Published Insights andActionable Toolkit
A report with early insights fromthe first cohort of participants was
published in Q3 2023. The research
project runs through March 2024, andadditional research insights and a toolkit
developed with actionable guidance
for institutional industry players looking
to increase financial inclusion in theinvesting space will be published later
this year.

6Black and Brown Founders, in partnershipwith My Money My Future“THRIVE Initiative”
THRIVE is a multi-year national campaign focusedon closing the racial wealth gap for Black and
Latinx investors. The initiative seeks to raiseawareness about building intergenerational wealthto ensure communities of color have access tothe tools, programs, and technology that willallow them to become investors and create longterm financial mobility. The Initiative leverages across-section of strategic partnerships and social
channels to deliver financial education workshops,
webinars, and community events focused on topics
such as retirement planning, investing, insurance,and entrepreneurship.

Community Activations and DigitalPartnerships
Successfully educated and mobilized over
15,000 investors from Black and Latinx
communities, including through the Money
Moves Financial Guide that covers essential
financial topics, providing clear overviews andpractical checklists to empower individuals totake control of their finances. The guide has been
distributed to at least 1500 people.

Community Activations•

October 2023: CHROMA Conference in
Philadelphia, with over 200 participants inperson and virtually for a financial boot camp
to provide hands-on training on financial
management, individual budgeting, andsavings.

•

March 2023: Latinx Innovation HUB
during SXSW in Austin, with over 500
Latinx entrepreneurs, innovators, funders,and students convened for a full day
programming, magnifying the financial
empowerment, entrepreneurship, andleadership in the global LatinX Community.

•

October 2023: Tejano Tech Week in
Houston, in partnership with the Latino
Startup Alliance and Dream Ventures, 70
women attended a brunch designed
to discuss small businesses, wealthmanagement, and investing, with a focus
on connecting and empowering women
entrepreneurs.

Employee Resource Groups Investment
Webinars
Webinars reaching over 130,000 employees
and teachers, including at Sandia National Labs
and the California Federation of Teachers, haveequipped the employees with essential tools
and knowledge across topics related to Health
Savings Plans, retirement planning, roll-overs,and estate planning.

7

digitalundivided“InvestHER Power Series”
digitalundivided is a leading non-profit leveraging
data, programs, and advocacy to catalyze economic
growth for Latina and Black women entrepreneurs
and innovators. The Nasdaq Foundation, in
partnership with digitalundivided, launched thelnvestHER Power Series, highlighting entrepreneurialBlack and Latina founders and investors across thecountry. Through a series of panel conversations andfireside chats, women of color share their journeys
to success and their own investment experience.
The goal is to engage women of color to overcome
the systemic barriers in place through investing to
generate and maintain wealth.
The lnvestHER Power Series has prompted
meaningful discussions with guidance that we hope
can help women of color everywhere, particularly
those piloting their own businesses. The expert
advice shared from these events has been filled with
abundant and meaningful insights.

Creating a New Set ofRole Models
Showcasing women of color who havesuccessfully invested in the stock
market, or in individual businesses
themselves, to enhance the selfperception of women of color as
investors.

Panel Conversations andFireside Chats
Multi-city events to spotlight thefounder and funder conversations
defining the future of entrepreneurshipand investing.
Third InvestHER event held on May 2,2023, in Atlanta, GA:•

Over 100 women founders andinvestors of color came together,sharing advice and experienceswith the goal of building a networkof success to change the face of
future investors and entrepreneurs.

•

Featured panelists included: Shila
Nieves Burney, General Partnerof Zane Venture Fund; Juanita
Velez, founder of Hispanic Young
Professionals and Entrepreneurs(HYPE); and Farah Allen, CEO andfounder of The Labz.

8

Quarterly
Grant Program
Driving Impactful Change and Empowering the
Next Generation
Our Quarterly Grant Program epitomizes our agile approach to funding andfostering the expansion of programs aligned with the Foundation’s strategic vision.
This initiative allows us to support and amplify impactful efforts that align with ourcore objectives.
Through this program, the Foundation collaborates with dedicated organizationscommitted to delving deep into today’s prevalent challenges, reinforcing ongoing
initiatives, and pioneering innovative avenues for meaningful contributions.
In 2023, the Nasdaq Foundation forged partnerships with 13 esteemed nonprofit organizations dedicated to supporting underrepresented founders andentrepreneurs, making steps toward an inclusive economical landscape.

9Babson College

Financial Literacy Workshops“Closing the Financial Knowledge Gap forStudents at HBCUs”

68 workshops will be held with an averageclass size of 30 students.

The Babson Financial Literacy Project will run
a pilot financial literacy program, beginning
in January 2024, in collaboration with a selectgroup of HBCUs nationally. Utilizing a series
of interactive online workshops developed by
Babson College finance professors, the programaims to teach critical financial skills using realworld situations. Participants will build lifelong
strategies for budgeting, building credit, saving
for retirement, investing, and more. Participating
HBCUs will receive “train-the-trainer” instruction
and use of all program modules and teachingguides, allowing them to continue offering
financial literacy programming for many years to
come.

Workshop Participant Goals•

92% will be extremely or very likely toapply the lessons learned.

•

94% of participants will find theworkshops extremely or very valuable.

10Black Innovation AllianceWhite House Webinars“Ecosystem Building Advocacy Initiative”

Four quarterly, 90-minute webinars are
expected to be held, with at least 300
participants each quarter, to illuminate theimplications and opportunities of technology
policy for the Black community, incollaboration with the White House Initiative.

Black Innovation Alliance has significantly influenced
policies for Black entrepreneurs, leveraging theirvast network of 116 Black Innovator Support
Organizations. The Ecosystem Building Advocacy
Initiative, reflecting their dedication to improving
Black access to the innovation economy, includes
three pillars:
1.

collaborating with the White House via webinars,

2.

launching a digital platform for Black innovators,
and3. empowering ecosystem builders as advocates.
Through these efforts, they demonstrate ourcommitment to reshaping the innovation landscape,providing resources to entrepreneurs, fostering
dialogue, and advocating for systemic change.

Digital Repository
The Digital Repository for Black Innovators
will have 10,000 registered users by theend of 2024, with 5,000 repeat visitors. Five
to seven agency partners will be secured tohelp populate and consistently refresh thesite with current opportunities.

Advocacy Training
At least 100 members will receive policy,
advocacy, and movement building training
through live sessions and recordingson the BIA Connect HUB. At least 10-15
members will attend at least two of the Hill
Day segments, which offer an educational
tour for members to understand the policy
landscape and its impact on their workwithin local communities and ecosystems.

11Defy Ventures

Entrepreneurship Bootcamps“Pathways to Entrepreneurship for
Formerly Incarcerated People”

The program’s goal is to enroll at least
110 Entrepreneurs in Training (EITs) in
Entrepreneurship Bootcamp programs
nationally; between September andDecember 2023 60 entrepreneurs had beenenrolled.

Defy’s Pathway to Entrepreneurship programprovides formerly incarcerated BIPOC men andwomen across eight states with the tools to develop
a business concept and launch a small business. It
includes:1.

entrepreneurial training programs (bootcamp,pre-accelerator and accelerator programs);

2. coaching and executive mentorship frombusiness community volunteers;
3. access to seed capital; and4.

a supportive community of peers.

These program components are designed to help
formerly incarcerated women and minorities launchand build successful, full-time minority- and womenowned business enterprises that will allow them tosustainably employ themselves, and where possible,
other formerly incarcerated individuals.

Pre-Accelerator and Accelerator
Programs
At least 30 EITs will be enrolled in in PreAccelerator Programs nationally and at
least 20 EITs will be enrolled in Accelerator
Programs nationally.

Small Businesses Launched
Defy Ventures will support the launch ofat least 10 small businesses, defined as
making 5 sales or $500 in sales in a month.

12

Global Entrepreneurship Network in
partnership with Hello Alice
Equitable Access Program
In 2023, the Global Entrepreneur Program andHello Alice unveiled the Equitable Access Program,
aimed at enhancing credit access and financial
education to underserved entrepreneurs facing
credit challenges. As part of this initiative, Hello
Alice introduced the Business Health Score, anassessment tool that offers a comprehensive
evaluation of a business’s financial health.
This tool will serve as a new industry-widemeasurement, enabling entrepreneurs to makeinformed decisions regarding their financial
performance. The grant provided by the Nasdaq
Foundation to the Global Entrepreneur Program
will expedite development of third party data
integration, enhancing the user interface, andimproving scoring accuracy, leading to more
personalized recommendations for entrepreneurs.

Business Health Assessments

80,000 Total Business Health
Assessments will be completed over theentire program.

Business Health Score Improvement
Aiming for at least 60% improvement ratefor Business Health Score retakes.

Educational Content Engagement
Rate

At least 25% of score takers will engage
with educational content on the platform.

13

The GO Project“GO Families Financial Literacy Workshop
Series”
The GO Families Financial Literacy Workshop Series
will equip under-resourced parents and caregiversof New York City public school students with theknowledge, skills, and tools to make smart financial
decisions and investments for their families. The
series introduces a new component to the holistic
support that the GO Project provides to the familiesof its students. The GO Project will offer a minimumof three financial literacy sessions—nine in total—
at each of its three independent host-site school
campuses in Lower Manhattan and Brooklyn during
the 2023-24 school year.

Families Attending GO Project Sessions
While students are in GO classrooms, approximately
100 families will attend sessions focused on
breaking down barriers to economic stability andinvestment.

100% of Families are expected to:•create a personal spending and savings budget•

create their own investment portfolio•

develop a college savings plan

14

Mujeres Latinas en Accion

Level 1 and 2 Participants“Empresarias del Futuro (Entrepreneurs of
the Future)”

At least 300 participants will take part
across Levels 1 and 2; by the end of 2023,
there were 125 participants across both

The Empresarias del Futuro (EF) program is a
training program and curriculum designed to support
budding Latina entrepreneurs across Chicagoland,
especially those on the southwest side of Chicago
and in the western suburbs, who want to initiate or
expand a small business and improve their financial
literacy skills. The EF training program is divided
into two levels that focus on instilling knowledge ofbasic business practices, financial management andself-empowerment through financial literacy. The
curriculum has three sections: Financial Literacy,
Business Development and Personal Development.
The EF program is entirely in Spanish, the primarylanguage of the majority of participants, and the
popular education model engages all participants,
regardless of formal education or literacy levels.

levels.
•••At least 75% of EF Level 1 participants:◦

improve their knowledge of businesspractices◦

improve their knowledge of basic
financial systems and services◦

improve their personal development
skillsAt least 75% of EF Level 2 participants:◦

complete a business plan and review
it with a financial coach◦increase their knowledge in
the areas of marketing andadministration

Across both Level I and Level 2, 75% ofparticipants will:◦

increase communication skills,
confidence and self-esteem◦

improve their knowledge of basic
financial systems and access tocapital thanks to the program’s
entrepreneurship component

15

National Coalition of 100 Black Women,
San Francisco Chapter“Sister-nomic$”
Sister-Nomic$ is a financial literacy program
aimed to provide underserved Black Women andgirls the tools necessary for self-sufficiency anda better quality of life. Each chapter across eight
California counties will host a six-week financial
literacy course, a single two-hour workshop, andone 90-minute webinar in the areas of financial
education, first-time homeownership, or small
business education.

At least 70% of participants will:•

open and maintain a bank account, increasesavings, and understand how to establish/
improve credit/lower debt•

gain a better understanding of thehomebuying process•

understand the process of financing asmall business*Grant funds to be disbursed in 2024

16

Opportunity International“Women as Agents of Change”
Opportunity International will implement the Womenas Agents of Change program in India, empowering
local women to serve as financial service agentsfor other women in their communities. Women inrural India show high demand for financial services
but face social and economic barriers to accessingthese services. The Agents of Change program aims
to train, equip and empower women as certified
Business Correspondent Agents to provide last-milefinancial services.

Business Correspondent Agents
A total of 2,000 women will be certified BusinessCorrespondent (BC) Agents, serving 3 million
people, mainly women, with financial services
and advice; between April and December 2023,
a total of 1,224 women were registered on the
training platform, and 98% of women who took thecertification program have passed.

Translation of Training Materials
All training materials have been translated into
Malayalam, establishing an effective curriculum anddelivery mechanism for additional geographies inIndia, bringing the total of states targeted by the
project to 10; five trainers have been recruited inthis additional language and have trained over 300
aspiring agents.

17

Propeller

Strategy Sessions“Propeller Inclusive Capital Access
Program”

At least 18-20 ventures will receive morethan 375 hours of strategy sessions towork towards top financial and social impact
goals.

The Inclusive Capital Access Program includes
the Impact Accelerator, Financial Wellness
Workshops, Technical Assistance, and Impact
Fund II components that aim to increase thecapacity of their current suite of services
that strengthen socially and economicallydisadvantaged entrepreneurs in the New Orleans
metro area. They emphasize local, industrybased programming, access to capital, curriculum
and connections, racial equity curriculum, andproviding accessible work and collaboration space
through their coworking space. Propeller’s mission
and technical assistance programming is focusedon supporting BIPOC entrepreneurs, many ofwhom lack adequate access to capital and otherresources for business success.

Coaching and Technical Assistance10 consumer packaged goods businesses
will receive coaching and technicalassistance on their pitch deck as theysubmit applications to receive equity funding
through the Propeller Impact Fund II.

Financial Wellness Workshops
75 individuals will attend a financial wellness
workshop, with 35 receiving up to 10 hoursof 1:1 technical assistance to complete
their loan packages and generate accurate
financial statements.

18

The Rosie Network“Service2CEO Program”
Service2CEO is a 12-week, eight module, highly
individualized entrepreneurship training program
designed for military spouses, veterans, andtransitioning service members. Rosie Chapters
focus on the needs of female military-affiliatedentrepreneurs to support and address the uniqueneeds they face in the market. The programprovides financial literaccy counseling as wellas support for concept feasibility, business plandevelopment, business operations, government
contracting, marketing and social media, leadershipand team building, and pitch deck development, in
addition to one-on-one mentorship. The goal is to
reduce the wealth equity gap for this underserved,
highly skilled population.

Target Graduation Rate
At least 95% of accepted applicants will graduate
the program.

Business Plans
All graduates will complete and present a businesspitch deck and business plan.

19

Savvy Ladies

Mobile Portal Clients“The Savvy Ladies Free Financial HelplineApp”

The mobile portal is currently serving 150200 clients per month, steadily increasing
monthly, with the goal of reaching 600
clients per month.

Savvy Ladies seeks to expand its reach andimpact by creating a personalized, digitizedmobile portal experience for women to readily
access financial education resources and pro
bono advisors and help create a roadmap toachieve financial security and build wealth. This
mobile portal will extend the Savvy Ladies Free
Financial Helpline resource, allowing for quarterly
check-ins and ongoing support, and will advancethe financial empowerment and independence of
women who seek financial guidance. The Savvy
Ladies Helpline aims to directly improve women’s
financial confidence, equipping women withfinancial guidance and tools to make decisions
on their own behalf in ways that enhance theirfinancial well-being and security.

Financial Wellness Check-ins
The Helpline will offer Financial
Wellness Check-ins 60-90 days post
first engagement; 82% of clients have
responded yes to a follow-up financial
check-in session.

Increased Client Confidence Levels•

54% of helpline clients are “Anxious,with no idea what to do” upon intake•

Post-session, their financial anxiety
levels improved by 66% and financial
confidence by 75%•

60% reported taking action on theirfinancial plans, with 40% getting readyto start and “now know what to do*Grant funds to be disbursed in 2024

20

Social Good Fund in Partnership with the
San Francisco Disability Business“Future Entrepreneur Training Program”
The Future Entrepreneur Program was establishedby the San Francisco Disability Alliance in 2020, andin its second year developed a strategic partnershipwith The Arc of San Francisco. The Arc is a national,
legacy organization dedicated to supporting people
with intellectual and developmental disabilities in
the Bay Area. The Future Entrepreneur Programis a cohort-based training program that provides
individuals with disabilities the knowledge and skills
to start a small business. It covers how to financea business, develop a mission statement, write abusiness plan, develop a marketing strategy, choosea business model, and the importance of networking.
It also offers 1:1 technical assistance, resources,referrals, and mentoring.

Cohort-based Entrepreneur Trainings•

Three cohort-based trainings, each eight weeks
long, with 10 participants each that will display
strategies to take their business plan to the next
phase of development.

•

The first cohort was completed in September
2023 with 10 participants, and each developed alogo, business plan, and mission statement, andpitched their business idea; all participants arereceiving ongoing technical assistance.

21

We Are Enough“3.3.3 Challenge”
We Are Enough is launching a suite of programs to
educate women at every economic level, aroundthe world, on why and how to invest in women-led
businesses and/or with a gender-focused lens in
the public markets. The objectives are to educate
women on: investing in women through smart anddiversified investments, increasing wealth, andbeing empowered to use the invested funds forthings that matter most.

Online Educational Portal Launch
Educational portal, developed with funding from the
Nasdaq Foundation, to be launched at the Global
Women’s Economic POWER summit in June 2024.

Engagement with Women Investors
3 million women are planned to be engaged globallyover three years.

Three Billion Dollars Will Be Invested Over3 Years
Goal of three billion dollars invested in women-led
businesses and/or with a gender-focused lens in
the public markets (with an average investment of$1000).

22

A Glance at
Our Insights
and Findings
from 2022 Grantees
Partnerships

23

Boston Public Library Fund•

Dr. Allana Da Graca was selected as
the first Entrepreneur-in-Residence forthe period of September 2022 – April
2023. Dr. Da Graca held 198 one-onone appointments during that period,
with 14% attending four or more officehour sessions•

Over the eight-month residency of theEiR, approximately 723 patrons sought
entrepreneurial services at the library•

The EiR delivered 36 entrepreneurfocused events and workshops, withan average of 15 patrons at each
workshop•

All fellows in the NYC cohort had
a 100% module completion rate
for their training. Modules include
Entrepreneurial ecosystem, Engaging
your ecosystem, Leadership in yourecosystem, Business relationships,
Leadership in business, andCommunication•

The NYC fellows identified andconnected with 325 womenidentifying founders in their ecosystemand hosted 10 community events,
including local networking sessions in
Brooklyn and the Bronx, as well as pitch
practices for local founders•

The NYC cohort hosted its pitchcompetition on December 1, 2022, witha live audience of 150 people, and BGVraised more than $30,000 in capital forthe finalists“Entrepreneur-in-Residence”
The Boston Public Library piloted an Entrepreneur-InResidence (EiR) program that provides entrepreneursof color and minority-owned businesses mentoring,
advice, feedback, financial assistance, andopportunities to grow their skills and prepare theirown innovative endeavors. The EIR was available forone-on-one mentoring appointments, designed andpresented entrepreneur-focused programs, including a
Business Plan Competition, and performed navigation
for hundreds of patrons to a broad range of workforce
and business services. The EiR helped put in place
programs, curricula, and services which will be utilized
by future EiR staff as the program continues.

Black Girl Ventures“Community or Nothing: Building Ecosystems
for and of Black and Brown WomanIdentifying Entrepreneurs”
The Black Girl Ventures Foundation (BGV) strives toprovide Black and Brown woman-identifying founders
with access to community, capital, and capacity
building in order to meet business milestones that leadto economic advancement through entrepreneurship.
Black Girl Ventures’ Change Agent Fellowship was anine-month leadership skills development program that
expanded the capacity of early-stage entrepreneurs
and created an ecosystem within their city. In sevendifferent cities, fellow cohorts developed their own
leadership skills through BGV curriculum as wellas created learning and professional development
opportunities for other founders in their cities. At theend of the fellowship, the fellows hosted a regional
pitch program where eight to ten Black and Brown
women founders were selected to receive capital.

24

Central European University•

The Energeia Community of Practicesupported approximately 200
underrepresented women from
Hungary, Poland, and Ukraine•

16 founders received bespoke
mentoring and support in building andincubating their startups•

A demo day was held at the Warsaw
Stock Exchange. The success of allparticipants was celebrated, and one
outstanding team received the EnergiaAward for Women in Entrepreneurship,a competition judged by several
partners including the Nasdaq
Foundation•

The Kinship Lending Program
welcomed 38 participants to its sixmonth financial training program tocreate a strong business foundation.
Participants also received 12 months ofbusiness coaching and the opportunity
to engage and learn with other Native
American entrepreneurs•

Approximately 90% of borrowers are
up-to-date on repayment•

In September 2023, a cohort of 21
Native American entrepreneurs andtheir businesses were launched at
Change Labs’ Tuba City E-ship hub. An
additional cohort will be launched in
January 2024

“The Energeia Project”
In its inaugural year, The Energeia Project
demonstrated the outstanding accomplishmentsof talented female entrepreneurs from Hungary,
Poland, and Ukraine. In partnership with Central
European University and StartupHub Poland, theproject kicked off with a baseline study of existingand emerging trends amongst underrepresented
female entrepreneurs in the region, followed by threetiers of direct support: The Energeia Community ofPractice; start-up incubation for entrepreneurs; andthe Energeia Award for Women in Entrepreneurship.
Overall, the Energeia Project engaged around 200
participants, provided direct incubation support to 16
female entrepreneurs, and cultivated an enduring andvibrant community of female founders from the region.

Change Labs“Native American Kinship Lending Program”
Change Labs is a Native American-female led andmajority Native American-controlled organization
operating on the Navajo and Hopi Nations. Kinship
Lending is a first-of-its-kind culturally responsive
lending model based on Navajo kinship, providing
Native entrepreneurs access to capital and resources
to support growth and sustainability. Kinship Lending
provides an inclusive and holistic lending program thathelps first-time Native American borrowers access
capital while providing them with robust financial
education, executive coaching, network building, andloans up to $5,000.

25CLIMB USA•

3 Community Organizations in
Wisconsin were targeted to start new
CBIEs and contributed data to build thebest practice framework•

14 CBIES were started as of December
2023, reaching 94 people total; 15 ofwhom are youth under 15. The total
amount invested by these CBIEs is$46,061•

CLIMB hosted four virtual open
house sessions, held 25 office hours
sessions, and conducted numerous
outreach and technical assistancesessions•

At least 90% of the participants were
new to investing, especially when it
comes to investing in individual stocks“Launchpad Program”
CLIMB USA is a 501(c)3 non-profit organization thatworks to develop a community of youth and families
that are all learning the economic way of thinking
and living within a strategically organized ecosystem.
The key elements of their economic empowerment
framework include building wealth through investment
clubs, entrepreneurial training, and thought leadership.
The Launchpad Program is an initiative that created abest practice framework for establishing CommunityBased Investment Enterprises (CBIEs) in targetedcommunities. Based on the investment club model,
CBIEs receive more support, guidance, and technicalassistance during the startup process; target the
involvement of managers and staff of communitybased organizations, educators and thought leaders;and include youth investors as members.

26

Consumer Action•

Consumer Action developed three
investor education fact sheets:“Investing Basics: Get started putting
your money to work for you,” “Investingfor Women: Take control of yourfinancial future,” and “Investing
for Communities of Color: Build
generational wealth.” The fact sheets
were translated into Spanish, Chinese,
Korean, and Vietnamese and were
promoted to 6,500 community-basedorganizations. The materials havebeen downloaded more than 2,000
times

•

Three ninety-minute “train-thetrainer” investor literacy webinars
were held, benefitting financial
educators, coaches, CBO staff,
individual consumers, and otherstakeholders. Over 950 participants
viewed the webinars live, and therecordings were watched by anadditional 420 viewers•

Five community-based organizations
were selected to receive $7,500
grants to implement one-on-one
financial coaching or counseling for 30
clients at each site

“Investment Literacy and Engagement
Program for Women and BIPOC Consumers”
Consumer Action is a national nonprofit 501(c)3organization established in 1971. Its mission is to use
multilingual consumer education, outreach, and issuefocused advocacy to empower low- and moderateincome (LMI), limited-English-proficiency (LEP) andother underrepresented consumers to financiallyprosper. The Investment Literacy and Engagement
Program for Women and BIPOC Consumers was a
12-month investment education program entailingthe creation of investor education resources in
multiple languages and an investor literacy webinar
series. Consumer Action also scaled its existing
financial capability programming with communitybased organizations around the country working with
BIPOC and women consumers to help close the raceand gender gaps and improve the financial health ofdiverse consumers.

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National Coalition of 100 Black Women, San
Francisco Chapter•

The six California chapters of NCBW
served a total of 823 participants
through the Sister-Nomic$ programin eight counties. Each chapter hosted
a minimum of 1 six-week financial
education and empowerment course
as well as 1 two-hour workshop and 1
ninety-minute webinar on topics suchas small business, investments, andreal estate•

The number of unbanked participants
declined from 8% to 4%, and thenumber of participants with a budget inplace increased from 69% to 82% after
the program•

100% of participants in the Stock
Trading and Investing workshops
stated they understood the steps toinvesting after the workshop, up from
80% before the workshop, and 90%
intended to begin actively investing in
the next six months•

65% of participants in the Small
Business workshop agreed or strongly
agreed that they were familiar withfinancing options for funding a small
business, an increase from 33% prior to
the workshop“Sister-Nomic$”
The National Coalition of 100 Black Women, Inc. is anorganization of progressive women of African descent
whose voice for gender equity and sociopoliticaladvancement drive meaningful change to benefit
women of color. Their mission is to advocate for Black
women and girls to promote leadership developmentin the areas of: health, education, and economic
empowerment.
Sister-Nomic$ is a financial literacy program aimed toprovide underserved Black Women and girls the tools
necessary for self-sufficiency and a better qualityof life. The framework is based on self-preservationin all financial decisions. The Sister-Nomic$ mindset
includes: advocates for self; makes better financial
decisions through information; adds economic strength
to the Black female community, embraces financial
security and generational wealth; shares knowledge
with other sisters; reduces financial stress which can
improve health, and prepares for the now and thefuture.

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Savvy Ladies•

The financial education mobile portal
launched in March 2023 and has been
downloaded 650 times as of the end of2023•

Of the 267 currently active Savvy Lady
users, 193 are actively using theiraccounts, with an average 173 logins
each week•

The portal increased the number
of Helpline clients per month, from
150/month to an average of 240/
month, through the app, with steadily
increasing monthly numbers. Helplineclients come from 1,070 different ZIP
codes

•

Over 2,900 clients were reached by
Savvy Ladies in 2023

“Building the Financial Roadmap for Women’s
Wealth and Empowerment”
Savvy Ladies is a NYC-based nonprofit founded in2003 offering free, virtual financial education and 1:1
mentoring by pro bono financial services professionals
to women of all backgrounds. Savvy Ladies helps
more than 17,000 women annually through virtualand in-person programs, including the Savvy Ladies
Helpline, online financial education learning tracks,
webinars, panel discussions, online classes, a monthly
newsletter, a financial education blog, on-demand
videos, and other resources. The Nasdaq Foundation
supported Savvy Ladies in efforts to expand its reachand impact by creating a personalized, digitizedmobile portal experience for women to readily accessfinancial education resources and pro bono advisors
and help create a roadmap to achieve financial
security and build wealth. This mobile portal extends
the Savvy Ladies Free Financial Helpline resource,
allowing for quarterly check-ins and ongoing support,
and advances the financial empowerment andindependence of women who seek financial guidance,increasing engagement in financial decision-making
among the growing numbers of women they serve andtheir pro bono volunteers.

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Shared Interest•

The courses launched in September
2023 and were completed by
December 2023. Five week courses
with two sessions per week werescheduled•

Five partner HBCUs hosted thecourses on ESG, SRI, and Impact
Investing•Shared Interest worked with key
stakeholders to identify and selectcontent for inclusion in course
materials•

Over 100 HBCU students received
information and education about ESG,
SRI, and impact investing and options
available to individual investors“Expanding Opportunities for HBCU Students
in ESG, SRI, and Impact Investing”
Shared Interest provides entrepreneurs, smallholder
farmers, and women with access to the financing,markets, and skills they need to build wealth and drive
prosperity. Their model, which leverages local capitaland develops the capacity of African lenders to serve
their own communities, empowers beneficiaries whileembedding sustainability in developing countries’
financial systems. Shared Interest has created a
10-session course that provides HBCU students withan introduction to the history and fundamentals of
ESG, SRI, and impact investing. Students will identify
how values interact with financial goals and learn how
to express their priority issues through a balanced
portfolio, discussing products and resources available
to individual investors. Providing emerging Black
professionals with exposure to these strategies will
stimulate interest in and comfort with investing, while
also creating a pipeline of job candidates to increase
the diversity within ESG and impact fund management
and corporate sustainability.

30

VC Include•

VC Include solicited, reviewed, andcarefully selected fellowship program
participants from over 300 applicants•

Substantial programming was delivered
to two fellowship cohorts of 44
individuals, one in the fall of 2022 andone in the summer of 2023•

The first cohort was able to raisecollectively more than $250m after
one year post-graduation throughpreparations and LP introductions
initiated by VC Include“Emerging Manager Training for Women and
BIPOC Led Funds”
The VC Include platform was created in 2018
to accelerate investment into historicallyunderrepresented (women, Black, Latinx, Indigenous,
and LGBTQ) emerging managers to drive economic
growth through the power of diversity. VC Include
offers a two-month fellowship for women and BIPOC
first-time fund managers based in the United States.
The Fellowship was aimed at first-time fund managers
who are looking to raise between $10 million and $100
million. Fellows receive mentorship from leaders in
the industry and participate in training workshops andcurated LP showcases where VC Include brings in LPs
who are interested in investing in fund managers fromunderrepresented groups.

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Cautionary Note Regarding Forward-Looking Statements
The matters described herein contain forward-looking statements that are made under
the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Thesestatements include, but are not limited to, statements about Nasdaq’s Purpose and otherinitiatives and the Nasdaq Foundation. We caution that these statements are not guarantees
of future performance. Actual results may differ materially from those expressed or impliedin the forward-looking statements. Forward-looking statements involve a number of risks,
uncertainties or other factors beyond Nasdaq’s control. These factors include, but are notlimited to, factors detailed in Nasdaq’s annual report on Form 10-K and periodic reports filedwith the U.S. Securities and Exchange Commission. We undertake no obligation to release
any revisions to any forward-looking statements
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