BUILDING COMMUNITY WEALTH
BUILDING COMMUNITY WEALTH
Community wealth building is a people-centred approach to economic development, which redirects wealth back into the local economy, placing ownership, control and benefits into the hands of local people and organizations.
Why does ownership matter?
Distant owners tend to be extractive. They own shares in a company and do not see the correlation between their profits and potentially harmful employment and environmental practices. Distant owners also remove profits and income from local communities. It is well-researched that local ownership means deeper engagement in local communities and reinvestment of profits locally.
Why a community-owned entity?
- Many communities are facing a small business succession wave, placing core community businesses at risk of being purchased by off-Island entities or closure
- Non-profits and community organizations provide core services yet are struggling for resources
- A Community Owned Entity aims to acquire and maintain core community enterprises, operate them at greater economies and impact scale, and reinvest in community
The community business ‘trust’ works to shift ownership of succession-ready businesses and assets to a locally governed entity with communities as the beneficiaries.
TIMELINE OF INITIATIVE
2019
Based on personal experiences of acquiring and operating social enterprises, Scale Institute leadership decided to explore a community wealth building model. Partnered with Royal Roads University to research and develop a community wealth building model.
2020
Gathered an Advisory Group to help design a prototype.
2021
Research, case studies and educational collateral development on social enterprise acquisition.
2022
Governance and policy research, financial model development and community engagement.
COMMUNITY WEALTH BUILDING RESOURCES
PARTNERS AND FUNDERS
This project is a partnership between Royal Roads University and Scale Collaborative.
We are thankful for funding support from:
