our goal: identifying multiple forms of wealth in your community developing community assets
TRANSCRIPT
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OUR GOAL: IDENTIFYING MULTIPLE FORMS OF WEALTH IN YOUR COMMUNITY
Developing Community Assets
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Asset Development for Community Wealth
Community Wealth Building: Respects the Earth.Includes the excluded. Brings under-utilized assets (people, place,
property, ideas) into productivity.Creates multiple forms of wealth.Links to high demand.Keeps money circulating locally.Builds community self-reliance over the long
haul.
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How Is Wealth Typically Defined?
Wealth is not just money.
Wealth is the pool of assets that can contribute to the well-being of individuals and communities over time.
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The Difference Between Income and Wealth
• Most economic development is about creating jobs and income. But jobs can end. Companies can leave.
• Wealth creation is about creating assets that communities control.
• The flow of water into a bathtub is like income.
It can start or stop. • When there’s more water going in than going
out, a pool builds up. That’s like an asset. • A pool of assets can create a flow of income
over time.
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Difference Between Wealth vs. Income
INCOME
EXPENSE
WEALTH
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Defining Forms of Wealth
1. Natural: Healthy, productive natural resources.2. Individual: Skills, health, capacity to be productive.3. Social: Trust, networks needed to solve problems.4. Financial: Monetary resources and institutions.5. Built: Well-functioning, maintained infrastructure.6. Political: Voice in how decisions made. 7. Cultural: Traditions, customs, view of world.8. Intellectual: Models, concepts that can be replicated.
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Mapping Your Community’s Assets
Productive Assets:• What do you love about your community?• What are the strengths you think you can build on?• What key relationships can you build on?• List all potentially usable assets you can think of – any type.• List all these – one per sticky note.
Assets needing investment:• What could be improved in your community?• What needs attention?• List all these – one per note – on a different color note.
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Turning Assets into Community Wealth
When we invest in assets to create
multiple forms of wealth that stay
local – we’re creating
community wealth.
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Arkansas Green Energy Network
Selecting opportunity with potential for Community Wealth Building: How alt.Consulting is building economic opportunity from farm to fuel in rural Arkansas.
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Rural Arkansas: Liabilities and Assets
Liabilities:
1. 1 in 4 live in poverty.2. Many towns have lost
10-30% population.3. Recession forced
business closures. 4. Small farmers can’t
compete with corporate ag. Jobs/profits leave region.
Assets:
1. Rich ag history and experience.
2. Willingness to try something new.
3. Land fallow in winter.
4. Colleges working on energy, new crops, new technology.
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Business Questions
Alt.Consulting (nonprofit consulting/CDFI) asked: 1. Which sectors are important in our region or emerging in the economy that might offer opportunity?2. What products do we –or could we – produce? 3. What market trends are changing what customers buy or want in the world?4. Where do we have anchor buyer relations that might generate significant demand?
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Community Questions
1. Which opportunities best include the excluded?2. Which opportunities best respect the Earth?3. Which opportunities generate the most community excitement and energy?4. Which opportunities have the most wealth-building potential – the potential to develop community assets?
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Community concerns determined the choice.
1. They convened community conversation to select sector.
2. Chose alternative energy.
3. Reasons: it benefited low-income people. And the community was jazzed.
4. Formed Arkansas Green Energy Network to work collaboratively.
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Opportunity Sectors Explored
Health care: Federal govt. investing for rural opportunities in medical records. But few locals could afford the training.
Business technology: Technology centers at local college. But local stakeholders not excited.
Green energy: Emerging across country. Community excited about good green jobs.
Agriculture: Small family farms looking for good winter crop. Farmers open to something new.
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3 Micro-refineries Being Launched; Goal 15.
• Turn waste oil and selected crops into energy.
• Dewitt setting up waste oil recycling for refinery.
• Camelina gives farmers winter crop, extra income.
• Seeds grown, purchased, refined locally.
• African-American farmers get TA to grow camelina.
• Small-scale biofuel now in state energy plan.
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Forms of Institutional Demand
• FedEx.• Valero.• Local schools
pledged to buy all they can produce.
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Relationships Are a Key Asset
Assets become opportunities when you add
demand.
An asset is something that
demand wants.
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Multiple Forms Community Wealth
Individual capital: farmers learning new skills.
Natural capital: waste oil into fuel. Social capital: alternative energy network
formed. Financial capital: income to towns and
farmers. Political capital: impact on state energy
plan. Built capital: 3 micro-refineries built.