I dream of Malden
Lately, Malden, Massachusetts has entered my consciousness. I’m not sure why. Maybe it’s because a few of my Yelp friends from Boston have told me this is the “in” place for Ethiopian, Sri Lankan or Moroccan food. Maybe it’s because Business Week has made noise about Malden being a great place for kids to grow because of its diversity. Maybe it’s because a member of my family has some political responsibilities there? Or perhaps I’m just tired or organizing business communities in India, Latin America and Europe and want to come home in the evening?
I don’t yet know how to fit all the pieces in the co-creation puzzle, but I’m eager to figure it out. My typical gig involves finding a central business player eager to orchestrate the development of a mini-economy around itself: a large business, a bank, sometimes a public entity (although a profit-seeking business with a community bent provides the best anchor). Maybe Eastern Bank or one of the local savings banks could play that role? Banks – community banks in particular – can become great community co-creators since they make money by attracting local savings and lending that money back to mortgage customers and businesses. By connecting all the parties with each other around local growth and utilizing the physical branch as a local meeting place, one can drain a lot more savings and generate a lot more loans, often at below market rates, simply because people are passionate about making their community a better place. I have done that in Saint-Etienne, France and Guadalajara, Mexico, for example. Why not Malden? Eastern Bank, you look like a supersized community bank with a great community bent. I’ll bet we could significantly increase the income of your savings and your lending business in your Malden branch if we could make you the center of Malden’s renewal.
On the business front, Malden does not have a lot of manufacturing businesses, but has great ethnic food restaurants that could grow and become anchor points for local employment. Could Malden become the food capital of New England? Could it engender the development of an ethnic food supply chain with ethnic grocery stores and perhaps some local manufacturing or distribution centers from the mother countries? I dream of Malden as a mini-Ethiopia, mini-Sri Lanka, and mini-Morocco, a diversity showcase attracting hard-core Bostonians to eat and shop there. (Malden has the advantage of having the Orange line connecting it directly to the heart of Boston).
Maybe we could get the young foodies from downtown Boston who already come to Malden for food to help us orchestrate the growth of these communities? Many of them are idealistic Generation X and Millennials generating good incomes from financial services, healthcare or service firms. Maybe we can have a “Food for Thought” program (one of them suggested that name to me), where these idealistic foodies become business activists who help Habesha scale its outstanding Ethiopian restaurant business, or supports Moroccan Hospitality Restaurant in attracting more passionate people to its tagines?
Beyond the business imperative lies a social one: Malden needs help because the poverty rate there is quite high at 12%. It’s still a gritty neighborhood, not far from where some of Ben Affleck’s and Clint Eastwood’s tough movies take place (the Town, Gone, Baby, Gone, Mystic River). Maybe we could get local boys Ben Affleck or Matt Damon to sponsor our Malden business community program?
I dream of this program as a business proposition, however, not a bleeding heart volunteer activity. There is business to be made at the bottom of the pyramid, and it happens to have positive social outcomes. I want the core business that anchors this program to double its profits, the owners of the Malden restaurants to become affluent and the employees who work there to derive good incomes from the new jobs created. I want the politicians associated with this program to become stars and sell the program as a model for other Massachusetts, New England or US towns. Personally, I want my wife and kids to discover what I do for a living and get to sleep in my bed at night.
Malden is the modern version of the American melting pot. It is a microcosm of our future economy, with its huge problems and the opportunity created by its diversity. The future of America does not lie in setting up the right tax rates in Washington, DC. It lies in weaving vibrant business communities at the local level. With politicians, bankers, restaurants, downtown foodies and citizens, let’s go co-create Malden.
from → Uncategorized