High Profile Event That Attracts Thousands Of Young Entrepreneurs To Philly Not Coming Back
By Melony Roy
PHILADELPHIA (CBS) -- Forbes Magazine has hosted its "Under 30" summit in Philadelphia for the past two years and organizers pledged to return in 2016.
But now, Forbes has decided to pull up stakes.
The Under 30 Summit brought millennials from all over the world to Philadelphia to network and share ideas, but Forbes is moving it to Boston.
The announcement comes after Forbes asked Mayor Kenney's office to commit $2 million to support the conference. City officials say Forbes was unwilling to provide a breakdown of how the money would be spent.
Although the city offered to help find private sponsors, Forbes decided to go to Boston.
The Kenney administration says while it remains committed to attracting large conferences to Philadelphia, the decision was in the best interest of taxpayers.
Public spending for the Forbes events came under fire after it was revealed that a city-controlled nonprofit agreed to spend $3 million to advertise with Forbes in the first two years it presented 'Under 30.'
The summit, held at the Convention Center, attracted high-profile figures like Monica Lewinsky and Nobel prize winner Malala Yousafzai.
