Community buying challenge

This week Co-operatives UK launched a new community buying challenge, in partnership with the Department for Business, Innovation and Skills (BIS).

The £60,000 Buy Better Together Challenge is an initiative to help inspire new models of community buying, stimulate enterprise and promote shared learning. Both Co-operatives UK and BIS have contributed £30,000 to the prize fund.

Community buying, which involves groups of individuals combining their buying power to purchase goods or services together and get better deals from shops and other suppliers, can help lower costs for consumers.

The competition is open to groups and organisations within the public, voluntary or business sectors. The £60,000 pot will go towards training, mentoring and seed funding for stand out projects, including £15,000 for the overall winner.

Co-operative buying, whether informal with friends, student food co-operatives or of crowd-sourcing online, is a growing trend among consumers who are increasingly recognising it as a way to make money go further.

Research shows that a quarter of people already buy in bulk with others and this is set to rise by 20% this year. With household budgets under such a squeeze, Co-operatives UK is finding more interest than ever in co-operative models of business.

The challenge will be open for  applications from January 2012. In May, shortlisted applicants will be asked to prepare a detailed business plan for the final stage, aided by a business mentor if they need it. The overall winner of the prize will be announced in October 2012.

• For more information about the project, visit www.uk.coop/challenge
  
• Complete an application here.