Echo: A Marketplace with No Money

A couple months ago, one of our team members, Irene, attended Echo’s talk about time banking. Time banking sounds like a futuristic concept out of a sci-fi movie like In Time but it’s been a way for charities and small businesses to exchange time like it is a currency since the 1990s. In other words, it’s a way to share and use resources more efficiently. With Echo (aka Economy of Hours), one hour is equal to one Echo.

For example, say I can play the ukulele like a rockstar and I’ve made a few Youtube videos but I want to do more with my awesome ukulele skills. I can offer lessons and I value it for one hour. Once I make my listing and someone is interested in becoming a ukulele rockstar, they can contact me. After our lesson, I tally up the total number of hours and that is how much Echo I’ve earned in my account. I can spend my hard-earned Echo hours on another service listed in the marketplace, perhaps I’ve found someone who can offer branding/logo design and or small business consulting.

Even if you’re earning more than you’re spending, you can donate your Echo hours to local charities, schools or groups. It’s a win-win situation for all! Imagine how much work could be done when we work together to help people and businesses in need. Check out more examples of their listings: http://economyofhours.com/listings/.

What do you think about time banking? Do you think it’s innovative or lackluster? Could you use time banking creatively? Let us know your thoughts!

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Learn more about how we bring communities together at Fabrily.  For more updates, like us on Facebook or follow us on Twitter.

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