The wonderful world of worker co-ops
V.1, N.7
American worker co-ops have yet to achieve the respect and popularity they have in many other developed countries. In the Basque Region of Spain, for example, Mondragon now has 81,000 workers running 96 interlinked worker-owned-and-run cooperatives and 14 related R&D centers. In Emilia Romagna, one of the most economically prosperous regions of Italy, worker co-ops are responsible for a third of the gross regional product. Recently, however, there’s been an explosion of interest in worker co-ops in the United States, because they provide their employees not only with greater equity and dignity but also with local investment opportunities for their pensions and future savings. In this issue of The Main Street Journal, you’ll find news about creative local worker co-ops popping up in agriculture, textiles, and the emerging cannabis industry across the United States. You’ll also find a piece about a new Employee Ownership Catalyst Fund focusing its investments on worker co-ops.
If you haven’t done so already, please let us know if you’re ready to start working with others to promote local investment in your own community. Please sign up below as a Main Street Champion to be included with scores of others in our inaugural directory.
– Michael Shuman, Publisher of The Main Street Journal
NEWS
A Worker-Owned Composting Cooperative Contracts With Boston University, Next City (September 7, 2021)
Employee Ownership Catalyst Fund Preserves Local Businesses and Jobs, Fifty by Fifty (September 6, 2021)
Be Your Own Boss: Co-op Businesses Return Workers’ Power, Mother Jones (September + October 2021)
Marijuana Justice and Worker-Owned Cooperative Dispensaries, City Limits (August 31, 2021)
PARTNER VOICES
Grassroots Community Engaged Investment Discussion Series - Recap, Transform Finance (September 2, 2021)
Project Equity Launches New Financing Option to Help Local Businesses, Cision PRWeb (September 2, 2021)
Revisiting Community Control of Land and Housing in the Wake of COVID-19, Democracy Collaborative (September 8, 2021)
How to Invest Without Being an Accredited Investor, Capital Insight Podcast (September 13, 2021)
EVENTS
Community Investment Fund Toolkit Launch – Webinar. Wednesday, September 22, 3-4:30pm EDT. Hosted by NC3.
SPECTRUM21: Color of Money – Virtual Conference. Wednesday, September 22. Hosted by SOCAP. This half-day event explores the importance of finance and race with a range of conversations focused on the need to diversify fund managers, a call for more investment in Black and Brown entrepreneurs and closing the wealth gap.
ICYMI
In West Dayton, Ohio, a Food Co-op Heralds a “Black Renaissance”, Nonprofit Quarterly (June 16, 2021)
Co-op Exchange – The Future of Co-operative Growth?, Co-op News (August 2, 2019)
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 short “intake” survey below to get started. We will be making the list public within a few weeks.
READ OUR PAST ISSUES
Issue #1 – Intro to The MSJ! (June 24, 2021)
Issue #2 – Local climate investments, CDFIs, & agricultural co-ops (July 8, 2021)
Issue #3 – Public banking, a driver-owned Uber, & growth capital (July 22, 2021)
Issue #4 – Plant closure causes disastrous ripple effects on local economy (August 5, 2021)
Issue #5 – Local investing leaders, infrastructure bill, community land trusts (August 19, 2021)
Issue #6 – Microbonds to reverse climate change (September 2, 2021)
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.