Innovative Economy

Our economy is facing some tough challenges. We’re seeing a giant spike in foreclosures, job losses and workforce problems (transportation, documentation, and education). We cannot continue on this path. We must chart new maps for a reinvented economic strategy. We need better jobs, small business support (not just start-up) and an innovative economy addressing the needs of the future now!

Right now, as Business Week says, “It’s about creativity, imagination, and, above all, innovation.” We need to partner with Universities, and even high schools and individuals who are studying new methods, ideas, materials or other research which can bring us new and sustainable ways of doing business.

Urban Agriculture
The idea of Urban Agriculture is beginning to spread like wildfire. Again, Business Week has an article about Urban Farming at Growing Power in Milwaukee. Will Allen, the founder of GP says, “The renaissance in urban agriculture is the hottest thing going right now.” In September, about 700 people attended a national conference on Urban Ag (expected to draw only 400) here in Milwaukee.

Micro Lending
Microlending is the practice of giving loans for the purpose of starting microbusiness, which are defined as employing five people or fewer.

Conventional bankers often won’t give microloans or they require collateral which borrowers may not have. Microlending has been used in the U.S. and in developing countries with extreme poverty. In Milwaukee we’re experiencing the loss of some of our brightest young leaders and business people who are heading out to cities that offer more opportunities. At the same time, we have a 59% unemployment rate among African American men. Both of these situations can see benefits from microlending.

Local or Community Currency
Many other cities have their own currency. Examples would include Madison Hours, Berkshares, Ithaca Hours (one of the best known local currencies), Burlington Bread and Piedmont Plenty.

Community currency is often based on time and can be used to exchange services in neighborhoods. It promotes local economic strength and community self-reliance. Other benefits include more community involvement and pride, patronage of local businesses (those that participate), and ultimately the reduction of traffic emissions. Because of its positive impact on the environment, local currencies are part of economic strategies of more and more sustainable living supporters. You can find an overview here.

Small Businesses
Ultimately, supporting our locally-grown small businesses is the best long-term strategy for increasing our economic base. It keeps money in the community, strengthens social ties, creates a higher percentage of job opportunities and gives our city a more unique flavor.

1 comment

1. Sura wrote:
   September 2, 2008 at 12:04 pm

   Local Currency - I’m starting a list of anyone who is interested in participating, promoting or organizing this. When we get a critical mass, we’ll start working on it.
   email me at sura@suraforchange.com

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