Harnessing the power of public anchors
A strategy to localize anchor institution supply chains begins with providing a comprehensive analysis of anchor institutions in the London region to examine opportunities for deepening connections among these supply chains and creating local procurement opportunities.
Harnessing the power of public anchor institutions will result in more local good jobs, particularly for communities that are marginalized, disadvantaged, and/or sidelined from working due to pandemic constrictions.
Internationally, groups such as the Democracy Collaborative in the United States and the Center
for Local Economic Strategies in the U.K. have produced powerful analysis illustrating the leadership role that public anchor institutions can play in revitalizing the local economy and
creating more inclusive labour market conditions.
The result in those jurisdictions has included increased local investments and local employment opportunities. Harnessing the economic power of anchor institutions and their mission alignment with inclusive economic development will lead to a more resilient local economy.
A strategic municipal social procurement strategy would result in a redirection of public
investments that currently leak out of the region to ensure more good local jobs and to help
stabilize local businesses. Connecting the London region’s procurement needs with established businesses and/or newly established social purpose organizations would contribute to local economic stability and regeneration for businesses.