Shout out for First York’s Restart fund
Shoud we inhabit the world as it is, or the world we wish it to be?
I believe the trick is to be realistic about the world as it is - while always striving to shape the world into the one we wish to inhabit.
In that context, a big shout out for First York, whose £20k Restart Fund closes today.
Don’t just wait for it to happen
One of the biggest questions for transport operators right now is the extent to which demand will return post-pandemic.
Forecasts vary in their gloom, and most transport businesses are waiting, seeing and hoping.
But First York have decided to try stimulating the market on which their business depends.
Enter the Restart Fund
They’ve set up a £20k Restart Fund for independent local businesses. The fund is intelligently created to get a lot of bang from just £20k of bucks. 15 businesses will each recieve a £1k grant; while the remaining £5k will be shared amongst the winners of a “People’s Choice” vote on social media.
They’ve already had 70 applications with a 24 hours to go before applications close.
I love this project for so many reasons:
1) It’s beautifully designed for social media. They get to announce the fund, then announce the opening, then announce the closing, then announce the winners, then open the voting, then close the voting and then announce the further winners. Each winner will also want to annouce that they’ve won. Every single one of these will associate the idea of First York and shopping. If we really are going to Bus Back Better, we’re going to need intelligent marketing like this
First York’s Restart Fund on local radio
2) It ties the bus directly into the local economy. It’s a visible indicator of the core purpose of buses: getting people into the town centre so they can do the things they want to do. But it does so subtly; which is so much more effective than a radio ad or a poster.
3) It builds partnerships. Bus companies tend to have a lot of asks from the local community (and are going to need a lot more, based on the National Bus Strategy). It’s not often a bus company comes to the community with a gift.
4) It builds localism. As we’ve talked about previously on this blog, every bus company that has seen growth in the last decade has done so by building a sense of local identity. This project achieves that.
5) Above all, it shows ambition. It’s not just First York hoping that the city centre will rebound; it’s First York planting its flag in the ground and saying that it will rebound - and First York will be part of making it happen.
More please
However, while it’s a great initiative, it’s alarming that the local Managing Director, Marc Bichtemann, had to persuade First’s head office team to release the funds. If owning groups are going to thrive in the new world of the National Bus Strategy, they are going to need empowered local Managing Directors. First York is a £16m business; the MD should be able to spend £2ok without seeking permission.
As well as seeing similar projects rolled out nationwide, let’s use this as stimulus for further ambitious thinking. After all, £20k is good but it’s not going to change the world.
Is this where the owning groups answer my question of a few weeks ago?
Following the divestment of its American businesses, First will be able to significantly reduce its corporate interest payments. Increasing corporate capital will be helpful as, ignoring walking and cycling, the bus market share of trips of 5 miles or less is just 10%. That represents an incredible opportunity: 90% of the market left to go for!
How can First use its newfound wealth to shape the world into the one we (and they!) wish it to be?
