Crowdfunding Services for Cooperatives
Graham
Public
Seen by 88
Platform 6 has always been about creating a focal point for cooperative development, bringing together services, resources and support for people setting up and running co-operative businesses, especially in a digital context. For a while we've been looking at options around crowdfunding, community share issues and the like. Lots of cooperative organisations use crowdfunding approaches to good effect to raise funds - it's clearly a valuable and important part of the cooperative development landscape. And yet there aren't any cooperatively organised crowdfunding platforms out there that we are aware of.
Keen to gather ideas and input on the issues around crowdfunding for co--ops - what's needed, what works, what doesn't, and how it might work better if we're grow the co-operative economy.
Leo Sammallahti Sat 19 Sep 2020 5:12PM
How can I join and get involved with the Co-op Angels?
Jeff Regino Sun 20 Sep 2020 1:29AM
@Alex Lawrie same question as Leo: can people join Co-op Angels and is it open to those outside Europe? Thanks!
Sion Whellens (Principle Six/Calverts) Thu 17 Sep 2020 12:51PM
In regard to worker (and possibly worker-led community) coops, I would see Solidfund as a potential base for simple donation crowdfunding/distributions, but that will take an expansion of Solidfund and improvements in its technical architecture. I'm probably going to propose an in-depth Solidfund symposium over a day or two preceding the next Worker Coop Weekend in May, possibly at Selgars Mill.
Mark Simmonds (Co-op Culture) Thu 17 Sep 2020 12:55PM
P6 has been involved in interesting conversations with Development Co-op and others around this over the last few days - will update at the CD Forum tomorrow.
Dave Fuller Mon 23 Nov 2020 12:29PM
Hi all, I'm new to the group so apologies if I do a little bit of digital blundering around. I work for Repowering London, the Community Energy organisation that CoEnergy (https://www.coenergy.app/) was developed in mind of. We really love CoEnergy but unfortunately the platform as it currently exists is going to be retired next year for a few different reasons.
Rather than losing the amazing work that Andre has put in creating the platform we're planning to develop CoShares, based on Andre's research and code. The aims are to create a platform that:
Is simple to use for the end user
Reduces and removes administration tasks for co-ops
Is an affordable option for small co-ops
Can become financially sustainable
Repowering isn't interested in owning a platform, so I was excited to learn about this group as it seems like we may have similar aims.
We've got a tight timeline, we dont' want to be without our share register so hope to have a new platform in place by summer 2021.
I'd be really interested in the thoughts of this group. I don't want to recreate the wheel, so if anyone's already doing something like this I'd love to get involved (yes, I know about Crowdfunder and Ethex, and while both platforms have lots of positives they don't do what we want, happy to have that discussion off-list). Alternatively, I've got to make something happen so would anyone like to get invovled?
cheers
Dave
Graham Mon 23 Nov 2020 12:38PM
Hi @Dave Fuller and thanks for joining in. I had a call with Andre a year ro more ago now, and I agree the work that he has done on the Coenergy app is impressive. My concern with it is that from what I understand it is built on and is dependent on a low-code proprietary platform. That will most likely mean cost and potential risk issues for the future, though you may have these issues well in hand. I think it's fair to say that my preference is for open source, and ideally free/libre open source, as it provides transparency and tends to better quality. That said, we are also very keen to collaborate rather than compete.
Dave Fuller Mon 23 Nov 2020 12:52PM
Hey @Graham, this is one of the reasons we're looking at redeveloping what's been done. Happy to discuss doing something that's open source, tbh I don't know what the pros/cons are in terms of cost but from our point of view we're less interested in IP than we are something that's great and works for as many people as possible
Norman Tue 24 Nov 2020 11:43AM
Sorry I'm late to this discussion but this approach is one I am trying to promote for small-scale housing co-ops in Ireland. as far as I can see it does not involve any special mechanism if it is within the same Credit Union. Am I correct? Credit Unions in Ireland are sitting on millions which thay are unable to lend, while there is a housing crisis.
Graham Sun 29 Nov 2020 11:47AM
Hi Norman. Not sure what you mean when you say "if it is within the same Credit Union"?
Alex Lawrie · Fri 18 Sep 2020 3:00PM
Genuinely true. When we list on Ethex (I've been involved in Somerset CCLT and ELC offers, and recently observed Co-Cars raising £600k) it is very evident that after Ethex mailshot their 11,000 subscribers there is a surge in new investment. The number of local people we successfully signpost to Ethex is not nothing, but it is small beer by comparison.
Our own list - Co-op Angels - works in a similar way, but it is only 6,000 people and mostly snailmail. Of course the response rate for physical mailshots is much better, so you might actually prefer those; but we do want to convert to email where possible.