We all know that the the world is changing rapidly. Increasing digitilisation, globalisation and automation, whether you like it or not, are going to completely alter the concepts of work and career. Most people agree that finding something you love doing and then doing it so well that it becomes your career is probably the most satisfying way to feel a sense of purpose in your life. To achieve such a goal you need time, support, training and the luxury of being able to make mistakes that aren’t going to end the dream. So you’ll need a bit of a financial safety net that will free you up to spend some time on what you love doing. This is what we are calling the Weymouth Basic Income (WBI)!
A basic income, universal basic income or citizen’s income was first suggested by the philosopher Thomas Paine in the 18th century and over the years support has crossed the political spectrum (to learn more see https://en.wikipedia.org/wiki/Basic_income).
There have been trials before but in 2017 there are currently trials of different versions in Finland, Ontario and The Netherlands with plans to carry out pilots in India, Kenya, Uganda, Glasgow in Scotland and In Oakland California by the Silicon Valley startup incubator Y Combinator.
Weymouth Basic Income will be a partial basic income, so not enough to live on completely, but enough for people to be able to focus a bit more upon learning and self-development around the things they like to do, community projects and business ideas. It will also come with a helpful education and support network to keep people motivated.
Weyforward have spent a lot of time thinking this through and have created a business plan with a detailed and innovative financial model that, with an investment of just £1m at the start, will break even and then become completely sustainable in the fifth year of operation. At that time it is estimated that there will be around 300 active projects in the borough of Weymouth & Portland with many of the people running those projects being paid Weymouth Basic Income. Some will be on WBI and also be earning a salary from the job or company they have helped to create.
In this way we aim to regenerate Weymouth & Portland from the bottom up and will now begin the process of raising the £1m we need get going. We have already spoken to some potential funders and there is considerable interest. If you are interested in learning more about our plans do please download the business plan and send us an email, we’d love to hear from you.
Baron and Jason