New £60,000 Community Challenge Prize launches

Co-operatives UK and
the Department for Business, Innovation and Skills (BIS) have today launched a
new £60k community buying challenge to inspire innovative models for buying
together.

The 'Buy Better Together Challenge' is an exciting
initiative to help inspire new models of community buying, stimulate enterprise
and promote shared learning and both Co-operatives UK and BIS have both
contributed £30k 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 businesses spread their
overheads and in turn lowers costs for consumers.

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

Launching the 'Buy Better Together Challenge'
at a community buying conference at Westminster in London today, Consumer
Minister, Edward Davey, said:

"I am really encouraged by the experiences of
the existing groups we've heard from today, who have realised significant
benefits from community buying. And not just in monetary terms, but also
through the huge social payback these schemes deliver, such as opportunities to
develop new skills, increase confidence and build closer communities.

"This is another strand of our consumer
empowerment strategy; giving consumers the tools and guidance they need to take
more informed choices and get better deals. I look forward to seeing the new
and exciting ideas that will be put forward for the prize and the benefits that
it will bring for the wider community."

Ed Mayo, Secretary General of Co-operatives
UK, said:

"Co-operative buying, whether informal with
friends, student food co-ops or of crowd-sourcing online, is a growing trend
among consumers and a good way to make your money go further.

"Our research shows that a quarter of
people already buy in bulk with others and this is set to rise by 20 per cent
this year. With household budgets under such a squeeze, we are finding more
interest than ever in co-operative models of business.

"We are delighted to work in partnership with
BIS to launch the 'Buy Better Together Challenge' to recognise and inspire new
models for buying together."

The 'Buy Better Together 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.

To register your
interest, please visit www.surveymonkey.com/s/STXL82C.

Or to find out more information about the
project, visit www.uk.coop/challenge.