FUNDED BY PHILANTHROPISTS, THEY
OFFER FULL RIDE SCHOLARSHIPS AND
HAVE PROVEN THAT, PRIZESURPRISE,
SURPRISE, IF YOU KNOCK DOWN
FINANCIAL BARRIERS TO COLLEGE,
MORE WILL ATTEND.
WE SAW A FICTIONAL EXAMPLE OF
HOW NOT TO GO ABOUT THIS ON "THE
OFFICE".
>> I CAME HERE TODAY BECAUSE I
PROMISED YOU TUITION AND TUITION
IS VERY VALUABLE.
YOU KNOW WHAT'S INVALUABLE?
INTUITION.
THAT IS THE ABILITY TO KNOW WHEN
SOMETHING IS ABOUT TO HAPPEN.
>> IF ANY OF THOSE STUDENTS HAD
INTUITION
INTUITION, THEY WOULD KNOW THAT
MICHAEL SCOTT WAS ABOUT TO TELL
THEM HE WAS RESCINDING HIS
PROMISE.
IT'S A COMMON PROBLEM.
SUSTAINING THE FUNDING AS THE
COSTS KEEP SOARING.
OUR NEXT GUEST IS DETERMINED TO
MAKE HIS PROMISE COMPLETELY
DIFFERENT.
HE RUNS HOPE CHICAGO.
UNLIKE MICHAEL SCOTT, HE IS A
SELF-MADE MILLIONAIRE WITH THE
FUNDS TO MAKE GOOD ON HIS
PROMISE, DEBT-FREE HIGHER ED FOR
30,000 CHICAGO HIGH SCHOOL
STUDENTS.
>> OUT OF HERE FOREVER CHANGED
TODAY.
THAT IS BECAUSE IF YOU WERE A
FRESHMAN, SOPHOMORE, JUNIOR OR
SENIOR AT JOHNSON COLLEGE PREP,
YOUR COLLEGE TUITION, YOUR ROOM
AND BOARD, YOUR BOOKS PAID FOR,
YOU WILL GO TO COLLEGE FOR FREE!
[ APPLAUSE ]
>> WHAT A MOMENT.
A LITTLE OPRAH-ESQUE, I WOULD
SAY.
ABSOLUTELY LIFE CHANGING FOR
THOSE 4,000 STUDENTS HEADED TO
COLLEGE THIS FALL.
THERE IS SOMETHING MAJOR IN IT
FOR THEIR PARENTS AS WELL.
THE FOUNDER AND COCHAIR OF HOPE
CHICAGO JOINS ME NOW.
PETE, I PUT THIS INTO THE
UNIVERSE.
I SAID I HAD TO MEET THE GUY WHO
IS HELPING THESE KIDS GO TO
COLLEGE.
NEXT THING YOU KNEW I WAS
HEARING FROM PETE CADENCE.
FIVE CHICAGO HIGH SCHOOLS,
DESCRIBE THE ENERGY OF THAT
MOMENT.
>> TOTAL EUPHORIA, KATIE.
I'VE OFTEN SAID THOSE ARE THE
BEST MOMENTS OF MY LIFE,
ALTHOUGH MY WIFE REMINDED ME I
WAS MARRIED AND I HAVE THREE
KIDS.
IT'S THE FIFTH BEST MOMENT OF MY
LIFE TECHNICALLY.
I THINK ABOUT THE GOOD FORTUNE I
HAVE, THAT WE HAVE AS A
COMMUNITY TO MAKE IMPACT ON
THESE FAMILIES.
IT'S TOTALLY EUPHORIC.
>> JUST TO BE CLEAR, THAT WAS A
TOTAL SURPRISE, CORRECT?
THOSE KIDS HAD NO IDEA?
>> THEY HAD NO IDEA.
>> INCREDIBLE.
SO LET'S DIVE INTO THIS PROGRAM
A LITTLE BIT MORE AND LET PEOPLE
UNDERSTAND.
THIS IS NOT JUST FOR GRADUATING
SENIORS.
YOU'RE ALSO INVESTING IN THEIR
PARENTS.
THAT MAKES THIS A VERY COOL
UNUSUAL ASPECT TO YOUR PROGRAM.
SOMEHOW THAT INVESTMENT IN THE
PARENTS CHANGING THE WAY
FAMILIES ARE LOOKING AT
EDUCATION AND ALLOWING THEM TO
BREAK THE NEGATIVE CYCLES OF
LACK OF OPPORTUNITY AND POVERTY?
>> WHEN WE LOOK AT THE ISSUES AS
IT RELATES TO POVERTY, WE
UNDERSTAND POVERTY IS A
MULTIGENERATIONAL ISSUE.
IT'S REALLY HARD TO SOLVE IT
WITH A ONE GENERATIONAL
SCHOLARSHIP SOLUTION.
WHAT WE WANT IDEALLY IS, WE WANT
EDUCATION TO BE A PART OF THE
FAMILY CENTRIC CULTURAL
NARRATIVE.
WE WANT EDUCATION TO BE PART OF
THE NORMATIVE BEHAVIORS IN THESE
COMMUNITIES.
THE WAY WE DID IT IN OHIO AND
NOW CHICAGO IS BY GRANTING
OPPORTUNITIES TO PARENT AND
CHILD AT THE SAME TIME.
WE'RE ALSO CREATING SOMETHING
STICKY IN THE PROCESS WHERE IF A
STUDENT DROPS OUT, UNFORTUNATELY
THEN PARENT WOULD LOSE
SCHOLARSHIP AS WELL.
WE'RE KEEPING THEM ENGAGED IN A
VERY SYMBIOTIC PROCESS.
WE HAD A LOT OF SUCCESS IN OHIO
WITH THIS PROGRAM.
THAT'S WHY WE'RE BRINGING IT TO
CHICAGO AND DOING IT AS SCALE
RNLT.
>> TELL ME SOME OF THE
HIGHLIGHTS AND LOWLIGHTS FROM
THE PROGRAM IN OHIO.
>> WE HAVE LEARNED A TON. I THINK ONE OF THE MOST POWERFUL
I THINK ONE OF THE MOST POWERFUL
THINGS ABOUT WHAT WE DID IN
TOLEDO, OHIO, IS WE TOOK OUR
LEARNING AND MADE A MORE
FUNCTIONAL PROGRAM THAT IS
PRODUCING RESULTS.
45% OF OUR BLACK STUDENTS DO NOT
EVEN RETAIN UNTIL SOPHOMORE YEAR
IN THIS COUNTRY.
THAT'S AN ABYSMAL STATISTIC.
WE'RE RETAINING 90% OF STUDENTS
INTO JUNIOR YEAR, ALL BLACK, ALL
BELOW THE POVERTY LINE.
ONE OF THE TOUGH THINGS WE
LEARNED IN TOLEDO IS A $500
MEDICAL BILL.
FOR MOST OF US, IT WOULDN'T
DISRUPT OUR LIVES TO HAVE A $500
MEDICAL BILL, BUT THEIR LIVES
ARE SO DARWINIAN IN CASES THAT
THEY THINK ABOUT DROPPING OUT OF
SCHOOL FOR A $500 BILL EVEN WHEN
EDUCATION IS PAID FOR. WE'RE GIVING THESE STUDENTS
WE'RE GIVING THESE STUDENTS
$1,000 PER SEMESTER AS A
STIPEND.
WE'RE THERE TO HELP.
>> PETE, I DON'T WANTWANT TO PLA
THREE STUDENTS REACTING TO YOUR
ANNOUNCEMENT.
>> I WAS BEGINNING TO WORRY
ABOUT THE MONEY SITUATION,
FEELING LIKE MAYBE I WON'T HAVE
ENOUGH TO GO AHEAD AND GO ALL
FOUR YEARS.
>> MY MOM WAS GOING TO HELP ME
WITH THE MONEY FOR COLLEGE.
I CAN FINALLY DO WHAT I WANT TO
DO WITHOUT HER BEING STRESSED.
>> CLOOZNOW THE BEST OPTION IN
GENERAL INSTEAD OF THE BEST
OPTION WITH THE MONEY.
>> YOU SAID YOU LOOK AT THIS
PROMISE AS A WAY OF PAYING IT
BACKWARDS INSTEAD OF FORWARD.
WHAT DO YOU MEAN BY THAT, PETE?
>> I CREATED MY FORTUNE IN THE
CANNABIS INDUSTRY.
IT WOULD BE EXCESSIVE HUBRIS IF
A RICH WHITE MAN LIKE ME DIDN'T
THINK OF THIS IN TERMS OF PAYING
IT BACKWARD.
THE CANNABIS INDUSTRY WAS BUILT
BY BLACK AND BROWN PEOPLE WITH
THEIR ENTREPRENEURIAL INSTINCTS.
THEY WENT TO JAIL AND GOT
CASCADED INTO GENERATIONAL
PROFRT
POVERTY AND I MADE A FORTUNE.
MY PROCESS OF RECONCILIATION IS
PAYING IT BACK WAND TOWARD TO TH
COMMUNITIES WHO LIFTED ME UP.
I WENT TO TOLL LEEEDO, OHIO, MY
HOMETOWN AND OF COURSE THE CITY
I LOVE, CHICAGO, ILLINOIS, WHICH
IS ALSO IMPACTED BY ISSUES ON
THE SOUTH AND WEST SIDES IN
PARTICULAR.
I'M PAYING IT BACK TO THE PEOPLE
WHO GAVE ME THE OPPORTUNITY BY
THEIR HARD WORK. IT'S A PROCESS OF RECONCILING
IT'S A PROCESS OF RECONCILING
SOME OF THE GUILTY I HAVE I HAVE
>> YOU PLEDGED $15 MILLION OF
YOUR OWN WEALTH.
HOW ARE YOU GOING TO INSPIRE
OTHERS TO CREATE THIS TYPE OF
RETURN ON THEIR INVESTMENT AND
TAKE THEIR MONEY AND PUT IT INTO
PHILANTHROPY?
>> WE ACTIVELY DOING THAT.
NEWS STORIES LIKE THIS AND
OTHERS HAVE DEFINITELY PROPELLED
US.
WE HAVE LARGE CORPORATIONS LIKE
WALGREENS, BMO HARRIS, WIN TRUST
AND WE'RE TALKING TO
FOUNDATIONS, FAMILY OFFICES,
LARGE CORPORATIONS ABOUT WHY
THIS IS THE MOST IMPORTANT CIVIC
INVESTMENT IN THE HISTORY OF OUR
CITY.
I TRULY BELIEVE THAT.
IT IS THE BIGGEST INVESTMENT
WE'VE MADE IN EDUCATION NOT JUST
HERE IN CHICAGO BUT NATIONALLY.
WE ARE OUT THERE TALKING TO
PEOPLE.
REALLY IT'S MY FULL-TIME JOB.
I DON'T GET PAID FOR IT BECAUSE
IT'S A LABOR OF LOVE BUT IT'S MY
FULL-TIME JOB ALONG WITH THE
REST OF THE AMAZING TEAM AT HOPE
CHICAGO.
>> IT IS A VERY DARK TIME IN
AMERICA.
SO TO BE ABLE TO HAVE YOU SHARE
THIS STORY TO TAKE YOUR MONEY
AND REALLY PUT IT WHERE YOUR
MOUTH IS IS PRETTY DAMN
INSPIRATIONAL.
THANK YOU FOR BEING HERE.