The $100 million New Economy Initiative is an unprecedented commitment by philanthropists to transform a community -- in this case, Detroit and Southeast Michigan. The governing council of the fund is focusing on three high leverage drivers of transformation: Talent, Innovation, and Culture.

The group has only recently begun accepting proposals for grantmaking and has not yet hired its executive director. But the governing council members have taken a strong hand in shaping the new initiative, led by the very able and thoughtful Steve Hamp.

Talent and Innovation are, of course, two of the City Vitals identified by CEOs for Cities. (The others are Connections and Distinctiveness.) It will be important to watch what happens when civic leaders, acting with intent, tackle these City Vitals.

There has apparently been some tension there between the development of talent and the attraction and retention of talent. IMO, it is important to address these simultaneously. In fact, the governing council has floated at least two talent initiatives that could serve both objectives imaginatively. Either would be a model for other cities to follow.

Detroit is a city to watch. There is so much there to work with. Are there challenges? No doubt. But Detroit has the opportunity to show the way to cities everywhere on how transformation can and does occur.

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