Sharing wealth with communities
James feels strongly that creating a new shared wealth distribution model will help communities take charge and do their bit while being fairly rewarded for their involvement.
LocoSoco works with the pillars of a community – including its shops, schools, places of worship and sports clubs – to facilitate a new way of shopping that is both local, sustainable and online. At the same time households and businesses are encouraged to transition to sustainable products and support their communities.
‘There is a huge opportunity to create shared wealth from the transition to sustainable alternatives’, James says. ‘It helps us to prop up the assets that bind our communities together while providing access to affordable, high-quality products, services and technologies to the millions of households and businesses in the UK.’
LocoSoco has launched MyEco.Site to allow communities to promote, sell and profit from the transition to sustainable alternatives.
‘This service is free to community organisations’, James says. ‘It provides a personalised webshop and LocoSoco takes care of the distribution, splitting the profits 50/50 with the community organisation.’
A blueprint for sustainable communities
James has based his model on a typical village, with one shop, one school, one place of worship, one pub and 500 houses.
‘The average household spends £30,000 per year and a village spends £15m’, James reveals; ‘how much of that could be spent through local, shared-wealth community assets? I believe it could be around £5m, which could add over £500,000 of profit to a community-owned company. What each community could then achieve is what we’re working to find out.’
As James scales LocoSoco and continues to work with community leaders around the country, he is helping to bring positive change to the way we shop, the businesses we support and the communities we live in.
‘With all the products and technologies that are coming to market, we need an efficient and economically viable way to get them into communities’, James says. LocoSoco could be just the way to do it.