YouTube Davos Debate Entry by Chris Coles
YouTube and The World Economic Forum have created a competition in which anyone may present a 3 minute video. The winner gets a platform at the Davos conference. This is my entry.
Chris gives a brief explanation of his long term commitment to the need to find a better way to fund the process of job creation and the rules he believes will work to permit many new jobs to be created from the reinvestment of local savings, as equity capital, on strictly free enterprise terms, back into the local economy. The full text of his video is set out below:
My name is Chris Coles. I am going to show you all how to create a lot of new jobs in your local communities.
A lifetime as an inventor has taught me that trying to create new jobs using venture capital, bank loans or government grants, simply does not work well enough.
We do not have anything like enough jobs; particularly interesting and adventurous or other industrial and high technology manufacturing jobs, which will stretch the imaginations of our young people coming out of education; and provide everyone with permanent and of equal importance, prosperous employment.
My involvement started in 1978 when Investors Chronicle featured me on their business page. In 1992 I presented very detailed evidence to the European Patent Office.
During 1994 I delivered a major report to both the UK Government and the Bank of England, which debated that we need a free enterprise capital marketplace and simple rules, for funding new job creation, via what I call a Capital Spillway Trust.
I showed how local communities can create new jobs by founding their own local Capital Spillway Trust fund, which in turn will place sufficient equity capital for each new job created, into the hands of the job creator.
In return for which, the job creator can only pay themselves a nominal wage until profitable. Inventors to automatically get sufficient funding to file for a patent, more again if they pass an agreed test and then enough funding, and time, to take the idea to full production and profitable exploitation.
I particularly argue that government must take full responsibility to create free marketplaces for all finance and to support the job creator with matching 25 year loans for use as working capital.
Job creation is not about immediate profit, but the expectation of being able to create a profit in the future. Thus the capital investment has to pay to support job creation until the job creator reaches that future profit.
However, you will discover that if the investment is always made as local savings reinvested back into the local community, it is never lost. Even if the business fails; the money invested continues to circulate within the local community.
More local investment means greater prosperity for everyone.
Creating new jobs in this way is by far the most effective way to increase prosperity in any local community anywhere on the planet.
My Davos presentation will set out how my new thinking will bring increased prosperity and financial stability, to everyone who invests their savings back into their local community, to create new jobs.
Julia Lalla-Maharajh who is campaigning on the subject of Female Genital Mutilation is the very worthy winner. I wish her every success in her efforts to put an end to such a barbarac practice.