A local business community in Parity Some thoughts about the virtual networking event we hosted last week. For months we’ve been focusing on raising awareness about the project, reaching out to the local business community and expanding our network so that more products would be available in our marketplace. However, we almost forgot our greatest asset is Parity’s existing network - over 20 local business-owners who trust and support each other.
Shining a light on the ‘superstar’ businesses in the Jewellery Quarter The Jewellery Quarter is famous for many things.
With a history spanning over 250 years, for a small industry hub, it’s inspired poets, been involved in the creation of the Queen’s birthday honours medals and even been the set of many a television show over the years.
But for locals and visitors alike, the Jewellery Quarter is more often than not a place where people revisit time and time again to explore the local, independent shops that reside there.
Parity’s response to coronavirus Parity will remain open for business and transactions during this outbreak. There is no service interruption expected. We will be working remotely during this social distancing phase. All of our technology is cloud based including our phone lines which can be answered away from the office.
It is our belief that Parity can help the Birmingham business community through this tough time. Either by providing the credit to be able to make purchases or by putting a business’s spare capacity to good use.
Why is Parity a tool for Local Economic Resilience? A currency designed to support independent businesses and boost the local economy is not a complete novelty mainly because of the long standing experience of the WIR Bank in Switzerland. Established in 1934 by Zurich’s entrepreneurs, WIR was conceived to address the lack of liquidity and credit crunch in years of economic depression.
The financial instability after 1929 made credit unavailable or very expensive, uncertainty reduced the overall consumption resulting in revenue losses; nevertheless the capacity of local businesses to produce and sell had not changed.
Why we use FreeAgent for our accounts software plus a referral code (49mrifmj) Previous to my time with Parity I had owned a web design company and a software contracting company. In this field FreeAgent is very popular as online accounts software as a replacement for either Sage / Quickbooks or a mix of spreadsheets provided by an accountant.
When starting Parity I knew that I wanted something similar for this business but assumed a “proper” business would need something more than FreeAgent which is really targeted to very small companies.
Ten things you must know about Parity 1. What is Parity? Parity is a network for independent businesses in the Jewellery Quarter with its own local currency. Our digital platform facilitate networking and allows members to promote their business, connect with new local customers and increase revenue. Members can also benefit from using a local currency, called Parity, and accessing an interest free credit line to support cash flow and purchase expenses.
How can Parity help grow your business? An innovative platform to connect you to a new local market Parity offers small businesses a platform to access a new local market. It replicates highly successful networks in Italy and Switzerland, where 10,000s of businesses conduct €100millions of new trade each year. Parity connects you with new customers, opens up new trading opportunities and reduces your supply chain costs. It offers its members a zero interest credit facility, boosting liquidity and smoothing cash flow.
Parity explained through our first Birmingham transaction Parity is first business credit network within the UK and uses a model that has proven highly successful in Switzerland and Italy. Last Tuesday we had our launch in Brindley Place, Birmingham that was well attended by individuals and organisations from across the region. The event hosted a demonstration of our technology, but also provided guests an outline of how Parity works. We actually had our first transactions between two companies on our platform.
Launch of Parity in Birmingham UK’s first business credit network launched in the West Midlands
Parity hosted its launch event on Tuesday 9th of April at the NatWest Accelerator in Brindley Place, Birmingham. It was well attended by stakeholders from across the West Midlands who were interested in how Parity could help small businesses. We are the first business credit network in the UK and aim to support the regional economy.
Our talk at the Big Data Corridor Event at Innovation Birmingham Campus Parity is a business credit network that will provide businesses within the West Midlands with more clients and access to a zero interest credit facility. We have been supported by the Innovation Engine project at Innovation Birmingham, the region’s leading digital and technology community. Yesterday I was given the opportunity to present Parity to a small group of that community to gage the initial reactions.