Localize your Uber network 🚕
V.1, N.24
This morning while in Rochester, New York, I had a lovely ride with a Thai immigrant recovering from divorce who is trying to put her financial life back together by driving for Uber. It broke my heart to think that such a hard-working person is earning, after expenses, about $12 per hour. With higher gasoline and auto prices, this wage is probably shrinking – and is well below a living wage.
The solution for gig economy drivers is to ditch the mothership for their own platform and add company profits to their wages. Our lead article is about the Drivers Cooperative, based in New York City, which is a worker coop owned by 3,000 drivers – and growing. One part of the article talks about the need for states to amend their securities laws, as California has, to make it easier for grassroots investors to support local worker coops. Often the capital provided by workers is not enough to run the business, and supplementary local investment is essential.
There’s a larger lesson here: It’s time for all of us to find and invest in emerging cooperative platforms that re-localize everything from Airbnb to eBay, from Facebook to TD Ameritrade.
In this issue you’ll also find inspiring articles about where localization is winning: in Western Massachusetts, where the digital Berkshares currency has crossed the $10 million mark; and in Maine, where local investors have helped capitalize a microloan fund for immigrant entrepreneurs. We also have a piece on emerging legislation around the country, particularly in New York, to reduce the monopoly power many internet platforms now exercise over local economies
– Michael Shuman, Publisher, The Main Street Journal
NEWS
Paving the Way for Rideshare Cooperatives, OnLabor (May 18)
A Maine Microloan Program Supports Immigrant-Owned Small Businesses, Maine Business News (May 16)
What Can $1.3 Million Accomplish? NYC Residents Are Getting a Say, Next City (May 11)
BerkShares Has Funneled $10 Million Into Its Local Economy, Business Insider (May 18)
Why the 21st Century Antitrust Act Is Critical for New York Small Businesses, Institute for Local Self-Reliance (May 19)
PARTNER VOICES
Questioning Assumptions About Retirement Investing with Janelle Orsi, The Kassan Group (May 16)
Mission Driven Finance Offers Right-Sized Capital for SMBs That Impact Communities – No Matter the Personal Credit Score, badcredit.org (May 11)
New Rules for Finders? Not So Fast…, Cutting Edge Capital (May 9)
EVENTS
Weaving Reciprocity: The Good Work Showcase – Webinar. Thursday, June 9, 12-1:30pm ET. Worker-owners from 5 different solidarity economy businesses talk about owning their jobs and what's different about a democratic workplace. Register here.
Investing for a Just Future – Webinar. Wednesday, June 22, 1pm ET. This webinar will take an in-depth look at the barriers to making social justice investing accessible, and how Just Futures plans to create a model that does so. Register here.
ICYMI
2022 Independent Business Survey: Top Challenges and Policy Priorities, Institute for Local Self-Reliance (March 30)
The Employee Ownership Accelerator Campaign, Project Equity (March 2022)
JOBS BOARD
Mission Driven Finance is seeking a full-time Technology Manager.
Social Enterprise Greenhouse is seeking a CEO.
Boston Ujima Project is seeking a Communications Associate.
BECOME A MAIN STREET CHAMPION
Have you always wanted to start a local investment club? A website of local investment offerings in your community? A local investment study group? Whatever your interest or ambition, we invite you to “go public” to help others in your region find you, scheme with you, and start a local investment movement in your community. Our goal is to identify dozens, then hundreds, then thousands of Main Street Champions like you across America. We already have Main Street Champions across the U.S., from San Luis Obispo, CA to Providence, RI, and even Australia! Together, we can move our hard-earned savings from Wall Street back into our communities. Fill out the intake survey below to join this first cohort!
SOME OF The MSJ’s VINTAGE ISSUES
As Wall Street implodes, consider investing in local housing
How San Franciscans secured $9.4 million in affordable housing 🌁
About The Main Street Journal
The Main Street Journal aims to catalyze the movement of $50 trillion from Wall Street to Main Street to facilitate economic development and economic justice. It’s sponsored by the National Coalition for Community Capital, with a grant from the Heron Foundation. We welcome feedback about everything, from our design to content. And we welcome suggestions of other groups to involve as partners, and other information to include. Please send ideas to Sophia Leswing at sophia@main-street-journal.com.
PARTNERS
We welcome any nonprofit or for-profit committed to local investment as a partner. If your organization is interested, please contact Sophia Leswing at sophia@main-street-journal.com.