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Reward Failure: An interesting model for economic growth in the Gulf Islands

Saturday, August 1, 2015 - 12:30pm

Here's a very interesting result that I hope that people will ponder, when it comes to thinking about economic development.

It's well known that small business, and the growth of some of those small businesses are they key to healthy economic development. But how do small businesses get off the ground? Turns out it's more that just an individuals skill... it also takes support, whether that's community support, family support, or government support.

Have a look at this article about the underpinnings of successful ventures:

Done reading that one? Cool. Let's continue.

So... let's see how we might be able to revitalize Gulf Island economies, one cornerstone business at a time, in a super-juiced effort to amplify the success of things like the Galiano Loan Fund.

Let's plan for a scholarship, where a local entrepreneur is given 3 months worth of "safety net", in order for them to get a cornerstone business off the ground. The award would be this... a safety net IF your revenue doesn't hit the level you need. What would that look like? Can you nominate business ideas that such an award should go toward? A business that in and off itself would enable additional economic activity?

It sounds crazy at first... we'll give you money if your business DOESN'T make enough money. That sounds backwards. But the price to pay to participate, should be to publish all their results in as open a way as possible so that future entrepreneurs can benefit from the experience. It would be an experiment that everyone would thereby benefit from.

Does Galiano want a taxi service? Or some form of for pay transportation that would support itself? This might be the only way to get it off the ground. The success of a taxi service might need regular on-the-water trips to and from Fernwood, but funding both at once could mean the success of each.

What do you think? Let me know in the comments below!