Means of Exchange: Enabling more resilient economies

“Citizen movements are compelling reforms that were unimaginable only a short time ago. Solutions to today’s challenges involve a complex mix of actors that include governments, nonprofits, foundations, civil society and the business sector in major new ways”Rockefeller Foundation

This year, the Rockefeller Foundation will be one hundred years old. As part of the celebrations, the Foundation recently launched the Next Century Innovators Awards which seeks to identify the top 100 innovations likely to solve some of the more pressing challenges of the next century. We’re excited to announce that Means of Exchange has made the list. You can read the project profile on the Rockefeller website here, or below.

What is the innovation and how does it address a pressing problem?

We live in a time of great economic uncertainty. Millions of people around the world have lost jobs, homes, businesses, independence and purpose as a result of the current financial crisis, not to mention the many crises that came before it. Millions more face growing uncertainty. The defining feature of a century of globalization is an economic system few of us understand, and even fewer of us have any control over. Over the years the incentives and ability of communities to build resilient local economies has been gradually eroded, leaving us more vulnerable to global shocks.

At the same time, communities, often in the hardest-hit places, have begun independently developing initiatives to strengthen the capacity of local systems to meet local needs. Bartering exchanges, time-banking and buy-local movements exist in increasing numbers, yet they are by-and-large failing to result in systemic change.

Means of Exchange ties together these disparate initiatives, and shares stories of how local communities are fighting back. It looks at how a combination of everyday technologies and human ingenuity can democratize opportunities for economic self-sufficiency and promote a return to local resource use. Its online community brings people together, helps encourage new thinking, builds and scales the use of new tools, and takes a fresh look at the public messaging behind local economic empowerment schemes to make them more inclusive, simple, relevant, fun and engaging.

What existing practices inspired the innovation and how does it represent something new?

Local barter exchanges, time banks and local currencies are nothing new. Most have been around for years, and there are countless success stories out there if you look hard enough. The majority of these pockets of success have remained small in scale, and many only work because a small number of dedicated local activists work hard to keep them going. What’s more, the people that take part are often the ones who are already converted to the cause, or older members of a community already sympathetic to the local agenda.

Means of Exchange sets out to understand why so many existing initiatives fail to replicate and scale, building the community needed to bring in “new blood,” and bringing in the skills required to leverage digital tools that allow for meaningful scale.  The online community will highlight approaches it sees working, and tease out the factors that make them succeed. It will look at how social media and mobile technologies might strengthen these activities, explore gamification techniques, and consult experts to understand how activities should be branded and marketed for mass appeal.  And at the end, all of the tools, websites and resources developed by Means of Exchange will be openly shared on the website, encouraging further adoption and sharing.

Bringing this community together addresses a critical gap in the majority of current initiatives, giving Means of Exchange the potential to transform a set of isolated activities into an effective and organized movement.

Please describe the social impact to date, as well as potential impact in the future.

During the Summer Olympics in London, Means of Exchange launched its first ‘tool’ – – promoting a new and innovative way for people to support local business. Cash mobs are typically organized over social media, encouraging people to meet others at a predetermined local business at a predetermined time, where they all agree to spend a small amount of money.

In just a couple of hours during the launch event at a bookshop in Hackney, London, several dozen people showed up and helped the store hit its highest day of sales for a year. The buzz created by social media drove people to attend, partly out of excitement, partly out of curiosity, partly out of a desire to see something positive happen on their main shopping street. The event was picked up by the Financial Times, Daily Telegraph, Huffington Post and other international media. Since then, regular cash mobs have started taking place across London and other parts of the UK as the idea spreads.

These are the kinds of ideas Means of Exchange seeks to help develop, promote and spread. Whether it’s supporting a local business, buying local goods, helping a neighbor or swapping unwanted goods, it’s crucial that the activities which drive and promote better sharing, support and co-operation are fun, bring in new people, make good use of new technology and serve to educate and inspire the wider community to action.

You can join us at Means of Exchange by signing up on the website, liking us on Facebook, or following us on Twitter.