Quids

The idea that you can give away Quids to get the Network flowing is somewhat counter-intuitive (at least to a non-economist). But it turns out that it doesn’t matter if a minority of Quid accounts just use their float and never try to earn any Quids themselves. If they spend their Quids, another member of the Network will have earned them and will go on to spend them, circulating the Quids and creating the multiplier effect referred to earlier.

If everyone ‘use and sit’ like this of course, then there is a problem – similar to the barter problem with winners and losers.

The challenge for the Network is to generate quickly an extensive range of Quid-accepting products and services. And the strategy for this is a combination of:

a) starting with a large number of accounts rather than starting small and growing organically

b) creating some ‘no-brainer’ ways of spending Quids (e.g. paying your tax bill with them) to create Quid-confidence

c) prioritising the operational side of the network by partnering with organisations who have infrastructure to manage the Quid accounts (Network-Partners). The Network doesn’t have time to develop these systems from scratch.

d) developing and sharing ‘meta information’ about Quid-usage options via directories and member marketing support