This article was written by Gareth Priday
Why are you interested? What’s your role?
You’re reading this because you’re curious about place-based capital. You sense that the current system doesn’t quite meet the needs of you and your community, and you’re wondering what can be done about it. Maybe there’s a specific opportunity or challenge that you think place-based capital could address.
What value is being co-created?
Place-based capital sits at the intersection of place and capital, generating additional value through this unique blend. This value might be:
- Access – Giving local people access to projects they were previously excluded from such as Manilla Community Renewable Energy Inc.
- Keystone Services– Saving a keystone service, one which other services are directly or indirectly dependant (think the local servo, post office, aged care home or community housing) like the Norseman IGA.
- Local Control – Having control of key resources or services that significantly benefit the local community. In Castlemaine local have set up an Investment Coop to buy local community hub (and more).
What’s your role?
There are a whole lot of roles required for the kind of system shifts we need to see capital working better for local communities. What are the strengths, talents and assets you bring and which role below best suits you? Also, considering, who benefits from these kinds of changes and your relationship to them will help you think about which roles suits you too.
The Firestarter: Share your visions with people who are likely to be interested in the projects and the benefits of place-based capital. Create interest, see who steps forward and engages with the ideas. Be the spark that creates a movement
The Conductor: Coordinating and creating alliances with local organisations and influencers who share your vision. This could be your council and local business groups, or perhaps the initiative is large enough that you need to engage with broader communities. Conducting across stakeholders to harmonise momentum.
The Intelligent Opportunist: What existing organisations or individuals could support these efforts or provide funds in the first instance? Place based capital assumes that there are funds to draw on locally that haven’t yet been tapped. Can you leverage those existing structures to move quickly. Clever movement creates serendipity.
The Backer: Can you or your organisation provide resources or support or remove barriers that will further the initiative? Become a living example of local people pooling resources to have increased control over the services, facilities and businesses that are most important to them locally. Back others to create change.
The Champion: Connecting people with ideas and energy, with others with influence (political leaders, community influencers) and resources (public servants, community banks, investors) outside your local community. Making sure that what’s important locally is on the agenda of those that may be needed to sanction and support local initiatives. Be a champion for change.
Join us in exploring the potential of place-based capital to transform our communities.