Mr Smith, a champion of locally-owned business, is supporting the Living Communities Goomalling pilot as it aims to build a model for developing stronger local economies by encouraging the growth of local businesses that contribute to community sustainability and resilience.

Living Communities co-founder, Greg Winning said Dick Smith’s support shows how important the program was for small towns and the validity of its philosophy and approach.

“Economic development can’t just be about out of town businesses setting up shop in a community.

“That solution alone ignores the vast sums of money that leak out of a local economy.

“Economic development should also be about the community’s owning and operating businesses that will retain dollars in the local economy,” Mr Winning said.

The Living Communities program focuses on retaining capital in the local community.

Working with the community, it creates a plan to ‘plug leaks’ by establishing businesses and enhancing existing ones that can contribute to retaining that capital.

“Food systems and energy systems are two great examples,” Mr Winning said.

“Add up all the money rural towns send out of town when they import food or pay their energy costs and you’ll be startled to see how much money leaves town that may not have to.

“A town the size of Goomalling could be losing as much as $3million a year on food and energy costs alone. That’s enough money to sustain several small businesses in town.

“New ways of producing food and renewable energy technology now mean centralised systems funnelling money to corporations in the city should become a thing of the past.

The Living Communities Goomalling pilot project is due to commence late February and is also being supported by the Shire of Goomalling.

Several more sponsors are being sought and Mr Winning said sponsors could become directly involved in the project by way of offering their expertise in certain areas.

“This is about the local economy, so of course local businesses can make a big contribution to the project,” he said

Locals who want to become involved can contact Living Communities Goomalling on 0428 569 090.