Favabank is a place to meet and interact with your neighbours, making it easier to ask for a favour, or borrow and trade everyday items. Favabank offers a number of online tools to help with this, including a virtual community currency system and the facility to join in conversations relating to your local area.
Below is a summary of the specific aspects of Favabank.
SOCIAL BARTERING, A VIRTUAL CURRENCY FOR COMMUNITY TRANSACTIONS:
Favabank provides a virtual currency system, using a unit of currency called a Fava. Favas are used to track items or favours which are exchanged between members to make Favabank a kind of social bartering system. A Fava has no value outside of Favabank but as a guideline, 1 Fava will approximate £1 GBP for trades on Favabank.
A new member starts on zero Favas. As they trade with other people their account is credited and debited according to the Fava value agreed between the exchanging parties. Users can view each other's trading history which can be used to establish trading reputation.
MAKING IT EASIER TO ASK FOR A FAVOUR:
Members can post ads for items and skills wanted or offered, which can be searched and viewed by other members in the local area. Perhaps a neighbour in your street has the very thing you're looking for, and you can get to know your neighbours better in the process. Skills and favours can be traded using the Fava currency system, or for cash if a preference is stated.
PASSING ON EVERYDAY ITEMS:
Favabank will be ideal for passing on items that you no longer need. You will be able to pass on items using the 'Fava' currency, or request a preference for cash just like any other 2nd hand facility. Already, thousands of people use websites like freecyle / freegle to give away their unwanted items. We hope that in the same spirit, people will use Favabank to pass on their unwanted items and we hope that the Fava currency system will encourage people to pass on higher value items, rather than selling them on for cash.
SOCIAL NETWORKING FOR NEIGHBOURS.
As Facebook is a place for friends to connect and share, and as LinkedIn is the place for work colleagues and professionals, our goal is for Favabank to be the place for connecting and sharing with people in your local neighbourhood.
This is clearly quite an ambitious goal, some might say unrealistic, we fully acknowledge the unlikelihood of gaining such a foothold.... etc.
HYPER LOCAL BLOGS AND CONVERSATIONS:
Favabank offers a social area where people can meet and exchange stories, news, views and ideas. The social area allows people to create articles in a blog style format, and these articles can be categorised as 'local' to a specific geographical area with a specified radius of relevance (e.g. local to the county, town or street). We encourage people to start conversations about local news, local events, local histories or just local chit-chat.
ACCESS SOMETIMES BEATS OWNERSHIP:
Owning stuff takes up storage space. For example, many people will have a shed full of tools that they rarely use. There's a good chance that their neighbours will also have a shed full of the same tools. Favabank aims to make it more socially acceptable to share stuff with neighbours, knowing you can access the things you need without necessarily owning them. This idea has recently been labelled 'Collaborative Consumption' by author Rachel Botsman (see The Rise of Collaborative Consumption) and many companies are already offering services which help people share all kinds of things - from cars to land, and from houses to books. People are becoming micro-entrepreneurs, creating new relationships and being environmentally friendly at the same time.
It is hoped that the tools and philosophy outlined above will encourage people to get involved and get to know and interact with their neighbours and wider community. We have many ideas for further developments if the Favabank concept proves to be popular enough so please sign up and more importantly, tell your friends and neighbours about Favabank.
Favabank is founded by John Durrant. John may be contacted via
View John's Favabank profile John Durrant
A start-up team has been established to support Favabank through its initial launch.
- James Coakes: Team Builder
- Sarah Daniel: Graphics & Design
- Adrian Davies: Community Finance
- Mark Johnson: Finance
- Helen Moore: PR Consultant
- Jon Mytton: Project Management
- Kester Ratcliff: Cooperatives, Mutual Credit
- Paul Risk: IT Consultant
- Chris Thomas: Sales & Marketing Professional
- Suzie Warren: Research, Support
- Mark Wilkinson: Process Management Consultant
*Team listed alphabetically
Involvement of Others:
Favabank aims to be an open and inclusive organisation where the participation of others is encouraged via the cooperative model under which Favabank will operate. This includes people who will be assisting with the establishment of the Cooperative legal structure who will be able to become founding members as well as others who are interested in supporting the roll-out of Favabank after launch. In particular, this will involve local advocates who will promote and administer Favabank in their local areas.
Favabank Launch Group:
One of of participating is by joining the Favabank Launch Group. Here, members will be able to participate in discussions about Favabank's launch and if it emerges that certain contributors can assist in the launch in practical ways, there will be an opportunity to join the team as a cooperative member.
Favabank is currently operating as a Limited company.
favabank.co.uk is part of Favabank Limited, registered in the UK company number: 07481366