WASHINGTON/BALTIMORE (BBN) — The rise and fall of Baltimore-based SmartCEO Media – the 15-year-old event and business magazine – is a glaring example of stark contrast between the downward mobility of white flight suburbs and the resurgence of the Urban economies in the United States.
[AOL co-founder and Revolution Growth co-Founder Ted Leonsis speaks to Capitol Intelligence/BBN using CI Glass at National Press Club in Washington, DC. Dec. 5, 2014]
The birth of SmartCEO occurred when US cities, or urban economies, were marked by high-crime and economic blight. SmartCEO cities such as Washington DC; Baltimore and Philadelphia were considered almost no-go zones for many whites.
Today, Washington DC has achieved the greatest economic renaissance in the history of the world’s largest economy, and other US cities are poaching major Fortune 100 companies out of suburbia back to the inner cities for human capital and growth as witnessed by General Electric (NYSE:GE) decision to transfer its global headquarters to Boston from diversity challenged Fairfield, Connecticut [1.8% African-American].
The contrast of the fortunes of urban economies to those of the suburbs can be seen in the rise and fall of SmartCEO and its founder Craig Burris. In less than a year, the 50-plus year-old Burris saw his fortunes rise to circa USD 40m before crashing down to personal and corporate bankruptcy and serious risk of imprisonment for fraud and larceny.