Brenda Potter-Bryant: Transforming Bermuda’s Economy
Summary of the Article Excerpt: Fogo Island Inn & Place-Based economics
This article excerpt details the story of Zita Cobb and her efforts to revitalize Fogo Island, Newfoundland, through a unique, community-focused economic model centered around the Fogo Island Inn.
Key takeaways:
Community-Driven Development: Cobb’s approach prioritizes leveraging the island’s unique strengths and assets – its culture,skills,and natural resources – to create economic opportunities for the community,by the community.
The Fogo Island Inn as a Catalyst: The Inn isn’t just a luxury hotel; it’s a vehicle for economic development. Surplus revenue is channeled back into the Shorefast Foundation, which supports local businesses, artists, and skills preservation (like conventional boat building).
Preservation of Culture & Skills: Initiatives like the furniture workshop, recording studio, artists’ studios, and the annual punt race actively preserve and promote the island’s cultural heritage and traditional skills.
“Economic Nutrition Bar Code”: Cobb has developed a system to track where money goes when purchases are made on the island, promoting openness and understanding of the local economy.
Place-Based Economics: The core beliefs is that focusing on the unique characteristics of a place (“place-based economics”) can unlock local potential and contribute to broader national prosperity. Cobb believes small islands offer valuable lessons for larger systems due to their clear cause-and-effect relationships.
Success & Growth: The fogo Island Inn is thriving, attracting a significant number of Canadian and American tourists, and operating at a high price point (€1,550+ per night).
* Shorefast Institute: A new initiative launched to further explore and promote the principles of place-based economies.
In essence, the article highlights a triumphant example of enduring tourism and economic development that prioritizes community well-being and cultural preservation over purely profit-driven motives. It presents Fogo Island as a model for how to build resilient and thriving local economies.