collectively wick wick curiosity shop session 3 march
DESCRIPTION
TRANSCRIPT
March 2011
An Introduction
Collectively Wick – Wick Curiosity Shop
3 March 2011
DEVELOPINGI N T R U S T
March 2011
Introduction
Bonnie Wong – Director of consultancy practice, Composition Advisory Limited.● Provides advice to businesses and entrepreneurs on viable business models
and financial strategy.● Over 13 years of experience working in the property and finance sectors.● We work collaboratively and co-operatively to find solutions.
DEVELOPING IN TRUST: We have been exploring the idea of setting up a development trust in East London and ways of developing buildings by, with, and for the community.
March 2011
We are interested in buildings being developed for the purposes local residents want and need.
We explore ways that the community can be part of the planning, design, and delivery stages.
We want to see more co-operation and collaboration between private developers, the people using the spaces, and the people using the products and services being made in those buildings.
We believe in good stewardship of buildings by the community.
The Background
March 2011
Development trusts are community enterprises working to create wealth in communities and keep it there. The Development Trusts Association is the leading network of community enterprise practitioners dedicated to helping people set up development trusts and helping existing trusts learn from each other and work effectively.
Space Makers Agency is about rethinking the spaces in which people spend their time. They work with all kinds of people and organisations to create sociable spaces and sustainable local economies. They research the changing ways in which people are using space and develop new ways of thinking about the spaces in which we live, work and play.
Resonance matches values-led investment with growing social enterprises. Working in the area of social finance and impact investment, Resonance connects investors looking for more than just a financial return with social enterprises that have a clear potential for growth and high social impact.
Some of the People We Work With
March 2011
There are a number of established and emerging organisations on the same or similar path – Development Trusts, settlements, social action centres, Space and Acme Studios, for example.
There are a number of projects emerging from grassroots such as pop-ups and meanwhile uses of space.
Local authorities are starting to wake up to this movement. Private developers continue to be focused on financial profits, although some are awakening to community and creative-led engagement and development.
Trying to figure out what a building or a space should be used for is still a challenge. No one wants to take the risk on an unproven idea or project and definitely no investor wants to take that risk.
What We've Learned From Working With Them
March 2011
An Alternative Approach
However, alternatives to the “build it, they will come”, “high street clone” approach to property development are emerging.
These alternatives follow principles of user-led and participatory design, community engagement, co-operation, and systems thinking.
We want to create more connections amongst local residents, businesses, and community organisations *and* developers, investors, and other people with skills and resources that complement community asset projects.
March 2011
We have seen stages emerge from revitalisation projects. Some overlap and happen in parallel. In the early part of projects, the steps can be iterative and repeat.
1. Empty space: landowners should donate or *invest* access to space. They will likely consider the opportunity cost of someone using the space in the meanwhile or perhaps see it as savings on marketing and leasing costs.
2. Feasibility testing: Initial stage of research into likelihood the space could be used for something. Ideas are proposed {Grants or public funding}
3. Community engagement: Really getting to know the local community, being a part of it, making the space for people to participate and contribute {Supported by grants, public funding, or sponsorship}
4. Create demand for the space and the activities {Grants, public funding, sponsorship}5. Local economic activity & opportunity: A local economy starts to develop, income
starts being generated. This is a nice time to ensure that facilitators and catalysts are rewarded for their investment of time {Income generation}
6. Local economic growth moving towards sustainability {Sustained income, build equity to invest in further development or to sustain changes}
7. New development/ expansion of 1-6 activities {Investment}8. Continued economic activity + new income streams {Income generation, return on
investment}
Developing in Trust – a Plan
March 2011
We have seen stages emerge from revitalisation projects. Some overlap and happen in parallel. In the early part of projects, the steps can be iterative and repeat.
1. Empty space: landowners should donate or *invest* access to space. They will likely consider the opportunity cost of someone using the space in the meanwhile or perhaps see it as savings on marketing and leasing costs.
2. Feasibility testing: Initial stage of research into likelihood the space could be used for something. Ideas are proposed {Grants or public funding}
3. Community engagement: Really getting to know the local community, being a part of it, making the space for people to participate and contribute {Supported by grants, public funding, or sponsorship}
4. Create demand for the space and the activities {Grants, public funding, sponsorship}5. Local economic activity & opportunity: A local economy starts to develop, income
starts being generated. This is a nice time to ensure that facilitators and catalysts are rewarded for their investment of time {Income generation}
6. Local economic growth moving towards sustainability {Sustained income, build equity to invest in further development or to sustain changes}
7. New development/ expansion of 1-6 activities {Investment}8. Continued economic activity + new income streams {Income generation, return on
investment}
Developing in Trust – a Plan
March 2011
We have seen stages emerge from revitalisation projects. Some overlap and happen in parallel. In the early part of projects, the steps can be iterative and repeat.
1. Empty space: landowners should donate or *invest* access to space. They will likely consider the opportunity cost of someone using the space in the meanwhile or perhaps see it as savings on marketing and leasing costs.
2. Feasibility testing: Initial stage of research into likelihood the space could be used for something. Ideas are proposed {Grants or public funding}
3. Community engagement: Really getting to know the local community, being a part of it, making the space for people to participate and contribute {Supported by grants, public funding, or sponsorship}
4. Create demand for the space and the activities {Grants, public funding, sponsorship}5. Local economic activity & opportunity: A local economy starts to develop, income
starts being generated. This is a nice time to ensure that facilitators and catalysts are rewarded for their investment of time {Income generation}
6. Local economic growth moving towards sustainability {Sustained income, build equity to invest in further development or to sustain changes}
7. New development/ expansion of 1-6 activities {Investment}8. Continued economic activity + new income streams {Income generation, return on
investment}
Developing in Trust – a Plan
March 2011
We have seen stages emerge from revitalisation projects. Some overlap and happen in parallel. In the early part of projects, the steps can be iterative and repeat.
1. Empty space: landowners should donate or *invest* access to space. They will likely consider the opportunity cost of someone using the space in the meanwhile or perhaps see it as savings on marketing and leasing costs.
2. Feasibility testing: Initial stage of research into likelihood the space could be used for something. Ideas are proposed {Grants or public funding}
3. Community engagement: Really getting to know the local community, being a part of it, making the space for people to participate and contribute {Supported by grants, public funding, or sponsorship}
4. Create demand for the space and the activities {Grants, public funding, sponsorship}5. Local economic activity & opportunity: A local economy starts to develop, income
starts being generated. This is a nice time to ensure that facilitators and catalysts are rewarded for their investment of time {Income generation}
6. Local economic growth moving towards sustainability {Sustained income, build equity to invest in further development or to sustain changes}
7. New development/ expansion of 1-6 activities {Investment}8. Continued economic activity + new income streams {Income generation, return on
investment}
Developing in Trust – a Plan
March 2011
We have seen stages emerge from revitalisation projects. Some overlap and happen in parallel. In the early part of projects, the steps can be iterative and repeat.
1. Empty space: landowners should donate or *invest* access to space. They will likely consider the opportunity cost of someone using the space in the meanwhile or perhaps see it as savings on marketing and leasing costs.
2. Feasibility testing: Initial stage of research into likelihood the space could be used for something. Ideas are proposed {Grants or public funding}
3. Community engagement: Really getting to know the local community, being a part of it, making the space for people to participate and contribute {Supported by grants, public funding, or sponsorship}
4. Create demand for the space and the activities {Grants, public funding, sponsorship}5. Local economic activity & opportunity: A local economy starts to develop, income
starts being generated. This is a nice time to ensure that facilitators and catalysts are rewarded for their investment of time {Income generation}
6. Local economic growth moving towards sustainability {Sustained income, build equity to invest in further development or to sustain changes}
7. New development/ expansion of 1-6 activities {Investment}8. Continued economic activity + new income streams {Income generation, return on
investment}
Developing in Trust – a Plan
March 2011
We have seen stages emerge from revitalisation projects. Some overlap and happen in parallel. In the early part of projects, the steps can be iterative and repeat.
1. Empty space: landowners should donate or *invest* access to space. They will likely consider the opportunity cost of someone using the space in the meanwhile or perhaps see it as savings on marketing and leasing costs.
2. Feasibility testing: Initial stage of research into likelihood the space could be used for something. Ideas are proposed {Grants or public funding}
3. Community engagement: Really getting to know the local community, being a part of it, making the space for people to participate and contribute {Supported by grants, public funding, or sponsorship}
4. Create demand for the space and the activities {Grants, public funding, sponsorship}5. Local economic activity & opportunity: A local economy starts to develop, income
starts being generated. This is a nice time to ensure that facilitators and catalysts are rewarded for their investment of time {Income generation}
6. Local economic growth moving towards sustainability {Sustained income, build equity to invest in further development or to sustain changes}
7. New development/ expansion of 1-6 activities {Investment}8. Continued economic activity + new income streams {Income generation, return on
investment}
Developing in Trust – a Plan
March 2011
We have seen stages emerge from revitalisation projects. Some overlap and happen in parallel. In the early part of projects, the steps can be iterative and repeat.
1. Empty space: landowners should donate or *invest* access to space. They will likely consider the opportunity cost of someone using the space in the meanwhile or perhaps see it as savings on marketing and leasing costs.
2. Feasibility testing: Initial stage of research into likelihood the space could be used for something. Ideas are proposed {Grants or public funding}
3. Community engagement: Really getting to know the local community, being a part of it, making the space for people to participate and contribute {Supported by grants, public funding, or sponsorship}
4. Create demand for the space and the activities {Grants, public funding, sponsorship}5. Local economic activity & opportunity: A local economy starts to develop, income
starts being generated. This is a nice time to ensure that facilitators and catalysts are rewarded for their investment of time {Income generation}
6. Local economic growth moving towards sustainability {Sustained income, build equity to invest in further development or to sustain changes}
7. New development/ expansion of 1-6 activities {Investment}8. Continued economic activity + new income streams {Income generation, return on
investment}
Developing in Trust – a Plan
March 2011
We have seen stages emerge from revitalisation projects. Some overlap and happen in parallel. In the early part of projects, the steps can be iterative and repeat.
1. Empty space: landowners should donate or *invest* access to space. They will likely consider the opportunity cost of someone using the space in the meanwhile or perhaps see it as savings on marketing and leasing costs.
2. Feasibility testing: Initial stage of research into likelihood the space could be used for something. Ideas are proposed {Grants or public funding}
3. Community engagement: Really getting to know the local community, being a part of it, making the space for people to participate and contribute {Supported by grants, public funding, or sponsorship}
4. Create demand for the space and the activities {Grants, public funding, sponsorship}5. Local economic activity & opportunity: A local economy starts to develop, income
starts being generated. This is a nice time to ensure that facilitators and catalysts are rewarded for their investment of time {Income generation}
6. Local economic growth moving towards sustainability {Sustained income, build equity to invest in further development or to sustain changes}
7. New development/ expansion of activities in stages 1 to 6 {Investment}8. Continued economic activity + new income streams {Income generation, return on
investment}
Developing in Trust – a Plan
March 2011
We have seen stages emerge from revitalisation projects. Some overlap and happen in parallel. In the early part of projects, the steps can be iterative and repeat.
1. Empty space: landowners should donate or *invest* access to space. They will likely consider the opportunity cost of someone using the space in the meanwhile or perhaps see it as savings on marketing and leasing costs.
2. Feasibility testing: Initial stage of research into likelihood the space could be used for something. Ideas are proposed {Grants or public funding}
3. Community engagement: Really getting to know the local community, being a part of it, making the space for people to participate and contribute {Supported by grants, public funding, or sponsorship}
4. Create demand for the space and the activities {Grants, public funding, sponsorship}5. Local economic activity & opportunity: A local economy starts to develop, income
starts being generated. This is a nice time to ensure that facilitators and catalysts are rewarded for their investment of time {Income generation}
6. Local economic growth moving towards sustainability {Sustained income, build equity to invest in further development or to sustain changes}
7. New development/ expansion of activities in stages 1 to 6 {Investment}8. Continued economic activity + new income streams {Income generation, return on
investment}
Developing in Trust – a Plan
March 2011
We have seen stages emerge from revitalisation projects. Some overlap and happen in parallel. In the early part of projects, the steps can be iterative and repeat.
1. Empty space: landowners should donate or *invest* access to space. They will likely consider the opportunity cost of someone using the space in the meanwhile or perhaps see it as savings on marketing and leasing costs.
2. Feasibility testing: Initial stage of research into likelihood the space could be used for something. Ideas are proposed {Grants or public funding}
3. Community engagement: Really getting to know the local community, being a part of it, making the space for people to participate and contribute {Supported by grants, public funding, or sponsorship}
4. Create demand for the space and the activities {Grants, public funding, sponsorship}5. Local economic activity & opportunity: A local economy starts to develop, income
starts being generated. This is a nice time to ensure that facilitators and catalysts are rewarded for their investment of time {Income generation}
6. Local economic growth moving towards sustainability {Sustained income, build equity to invest in further development or to sustain changes}
7. New development/ expansion of activities in stages 1 to 6 {Investment}8. Continued economic activity + new income streams {Income generation, return on
investment}
Developing in Trust – a Plan
March 2011
DEVELOPING IN TRUST starts with gathering a community, ideas, and energy. Think about what services people want and are willing to pay for – then go and ask them!
Include investors and people will access to resources early in the conversation, but be creative about how to fund stages 1 to 6. Investors do not get interested until after demand is evident.
What's Next?
March 2011
To find out more and to connect with other organisations aiming to achieve the same goals:
Please contact Bonnie Wong at Composition Advisory Limited on 07939 201855 or [email protected].
Thank you for your time and attention.
What's Next?