If you’re interested in ethical manufacturing and the Made in America movement (like I am), you may have heard that some organizations are trying to dig a little deeper into the impact that manufacturing can have on communities. I was lucky to be able to interview Anthony Comito, founder of the Economic Information Exchange Company and creator of the Economic Impact Rating to get more information about this particular organization’s mission.
(Please note that this interview is being published without edit and answers reflect the opinion of Anthony Comito, EIEC and EIR.)
Meredith Tested: “Who founded Economic Impact Rating (EIR)?“
“My name is Anthony Comito and I am the founder of the Economic Information Exchange Company and creator of the Economic Impact Rating. First, I would like to say thank you for taking time for this interview. I hope your readers will find interest in what we offer.
I am an accountant by trade, a CPA candidate and an alumnus of both the University of New Hampshire and Southern New Hampshire University. I studied accounting, business and communications; and am versed in cost accounting, consulting and business and personal tax preparation. My focus on accounting, finance, business and communications is what allowed me to conceive the Economic Impact Rating. ”
Who’s involved now?
On the analysis-side of things, we work with leading supply chain researchers, fortune 500 accountants, and experts in the areas of economic development and microfinance. These experts include professors from several universities that have provided guidance and resources during the creation of the rating system.
Your site says “Economic Impact Rating is a patent-pending technology for consumers to see where their money is going.” What kinds of things do you do to promote your site with consumers?
In short, using our patent-pending and proprietary techniques, we perform our ImpactAudit™ on products to determine the product’s economic impact to a specific area. We look at defined areas from the entire United States, to regions like New England, statewide and as specific as select cities.
Effectively, we reverse engineer back from the purchase price — through the supply chain, overhead expenses, taxes paid, charitable giving and more—to find the economic impact to a given area. Then, our Economic Impact Rating Certification Mark, showing the products rating, can be placed on packaging, signage, or advertising. This gives consumers the information they need, in a way they can use it, in the store aisle or online.
The Economic Impact Rating™ takes a step beyond “Made in America” and “Local” marketing claims, to offer consumers a scientific and recognized way to find products that support jobs, growth and sustainability in their area.
At this point, we audit individual products, but in the future we’d like to audit services, non-profits and governmental entities (maybe even politicians themselves!). We are constantly trying to improve our service and find different ways to maximize the effectiveness of gauging economic impacts.
What is one thing you hope every site visitor will come away with?
That where they spend their money matters and that on the other side of your purchase are incomes, jobs, and economic growth. The Economic Impact Rating is here to help you channel your money to support jobs and growth in your community and country– helping you turn your everyday purchases into investments in your economy.
Where do you see EIR going in 2014? In 2015?
We have a crippling trade deficit, jobs disappearing faster than they can be created and bipartisan squabbling that is hurting our ability to help ourselves out of this situation. We want to be part of the solution and feel the Economic Impact Rating is a way to verifiably make a difference with each purchase.
Companies are desperately fighting for consumer’s spending. If consumers demand economic accountability of companies, companies will listen. They want to profit, and to do so, they must win your purchase. With the right information, consumers can support high impact products. Once companies take note, they’ll find that profits don’t come from chopping away and outsourcing, but by making positive economic impacts for their customers.
In the coming years, our company’s path will depend on the consumer’s desire to make conscious votes with their purchases. So, we ask for all the support we can get because we are all in this together.
Please follow us on twitter at @EconImpact, or like us on Facebook at “Economic Impact Rating”. Or, Instragram/tweet/post a picture of a product you’d like to see rated with the hash tag #EconImpact—we’d love to see what consumers are interested in.
What do you think? Would an Economic Impact Rating be helpful on products you purchase?