Anchor strategiesunlocking the community-building potential of large institutions
The role of ‘anchor institutions’
Unlocking potential through local employment and procurement
Large local institutions such as Torbay Council, Torbay and South Devon NHS and South Devon College have at least one thing in common – they’re not going anywhere else! They’re ‘anchored’ to this community and form an important part of the fabric of life, here. The people who work in these organisations share the same aspirations for a healthy, thriving, equitable Torbay, as everyone else living here. And because they employ hundreds of people and manage budgets of millions of pounds, their economic power could play a powerful role in developing local economic opportunity and inclusive prosperity.
What if we developed the ‘Torbay Model’ together?
We could do something similar in Torbay and we’re committed to doing our part to make it happen. We have expertise within our core team and the many local organisations we’re connected to. Building relationships, doing some benchmarking research, and raising awareness are some of the foundational activities with which we’re engaged. Our intention over the next year is to work with local anchor institutions to develop strategies to take the ‘Torbay Model’ one step closer to reality.
From Cleveland to Preston to Torbay…
The ‘community wealth building’ model was developed in Cleveland, Ohio, then made its way to Preston, UK, where it has had a transformative impact on the local economy. Preston ‘anchor institutions’ like the Council, shifted spending worth missions of pounds to local firms meeting pro-social and environmental criteria.
Lets make it happen!