Minnesota's Department of Employment and Economic Development (DEED) has appointed local entrepreneur Hamse Warfa as its assistant commissioner for economic opportunity, a new position within DEED.
Not only is Warfa's position new, but it will also have him leading a new division: the Office of Economic Opportunity, a section of DEED that replaces the office of Economic Equity and Opportunity that was formed under Gov. Mark Dayton’s administration in 2016.
As assistant commissioner for economic opportunity, Warfa will work with stakeholder groups, local officials and boards across the state to amplify DEED programs that target under-invested or under-capitalized communities of color.
"Minnesota continues to experience one of the worst economic racial disparities in the nation," DEED Commissioner Steve Grove said in a statement. "We have a lot of work to do in this area. I'm committed to making this a priority at DEED which is why I appointed Hamse, a proven leader who will help us continue to move forward."
Warfa comes to DEED with more than 20 years of experience in economic development, community building, philanthropy, public policy and entrepreneurship.
Prior to joining DEED, Warfa founded a blockchain startup called BanQu. The company bills itself as both a “for-profit and for-purpose” software business that aims to lift people out of extreme poverty by connecting them to global supply chains. By assisting the unbanked or under-banked interact with the global economy, BanQu helps these individuals develop a credit history and economic identity. Last year, the company raised just under $2.5 million in venture capital. BanQu was also selected for an innovation award by the Obama Administration and MIT.
Warfa also founded Tayo Consulting Group, which helps philanthropies refine their business goals and identify program activities to fund.
Warfa is also a 2016 Bush Foundation Fellowship recipient. These positions encourage entrepreneurs to tackle social and economic issues in their field of interest. Each fellow receives $100,000 over a one- or two-year span to pursue learning experiences of their choice.
