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124 Locavesting • If you want to play it safe, prepaid shares are an easy, low cost way to support a local establishment. Those with more disposable investment capital might be comfortable becoming an equity investor. For small businesses, community capital is a great way to engage customers and literally get them invested in their success. Cons: • These are high- risk propositions. Small businesses, especially those without a track record, can fail. Good management is critical. • Most community capital deals are ad hoc. There is, as yet, no formal way for investors to fi nd out about such opportunities. Typically information is spread informally through word of mouth or from the business itself. • Interest rates on loans to a community- supported business may not be commensurate with risk. • The downside of equity investments, in addition to risk, is that such investments in privately held businesses are typically illiquid. • Finally, community capital deals should involve an experienced professional, since they can easily run afoul of SEC laws. The Bottom Line: Community capital can be a wonderful way to support a business that you care about, and it makes great sense if you are already a regular customer. For communities, it can build a sense of belonging and shared purpose. Prepaid shares are an easy, low- risk way to support a local establishment. For More Information: • General information on community capital and public policy can be found at the Institute for Local Self Reliance’s New Rules Project, at www.newrules.org. The Institute’s The Big Box Toolkit, at www .bigboxtoolkit.com, is chock- a- block with advice and practical strategies for communities that want to protect and enliven their own downtowns or organize their own community- owned stores. • The Plunkett Foundation tracks news and issues relating to rural cooperatives and social enterprise at www.plunkett.co.uk. • The Democracy Collaborative maintains a comprehensive site devoted to community wealth- building at www. community- wealth.org. • For information on creating community- owned energy production, see www.cooppower.coop. • For Saranac Lake Community Store, see www. community- store.org.
9 C H A P T E R Pennies from Many When Social Networking Met Finance Like many startups, Trampoline Systems, a British software maker, raised its initial funds from friends and family. It followed that with an infusion from angel investors. The company had a potential winner on its hands: Its software promised to plumb the sea of online data and communication to discern patterns in social networks—exactly the kind of things that big corporations obsessed with brand image salivate over. (Trampoline famously demonstrated its visualization software in 2006 by running it against a public database of e- mail messages from Enron.) But more capital was needed to commercialize it. In 2007, Trampoline lined up roughly $5 million from a U.S.-based hedge fund. All was well—until the fi nancial system nearly collapsed in the fall of 2008 and the hedge fund, like so many investors, retreated from the market. “The options were pretty stark. It was either close the business or do a kind of fi re sale,” says Trampoline’s cofounder and CEO, Charles Armstrong, 125
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Locavesting THE REVOLUTION IN LOCAL
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For my Mother
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vi Contents Chapter 7 A Model to LI
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viii Preface The moment was ripe wi
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x Preface Cooperatives—businesses
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xii Preface Chapters 7 through 13 e
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Introduction Cereal Milk for the Go
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iconic glass bottles are also sold
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Introduction xix funds from the pub
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1 C H A P T E R Motherhood, Apple P
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Motherhood, Apple Pie, and Politica
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20 Locavesting freewheeling markets
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22 Locavesting A fl urry of legisla
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24 Locavesting put up a sign at a f
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26 Locavesting of the late 1980s) h
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28 Locavesting three of those banks
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30 Locavesting A Return to Value As
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32 Locavesting produced in their re
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34 Locavesting pickles to gin and k
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36 Locavesting is a hot marketplace
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38 Locavesting recognition that the
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40 Locavesting A Grassroots Movemen
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42 Locavesting to dodge their fair
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44 Locavesting Americans know most
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46 Locavesting It’s a powerful qu
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48 Locavesting three employees but
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50 Locavesting to keep in our lives
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52 Locavesting and they can draw on
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54 Locavesting Since 2006, Walmart
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56 Locavesting and political organi
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58 Locavesting havens. Google, the
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60 Locavesting Some of the measures
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II P A R T Experiments in Citizen F
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66 Locavesting As an editorial in V
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68 Locavesting The community bank b
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70 Locavesting their homes to forec
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72 Locavesting And you don’t have
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Page 106 and 107: 84 Locavesting Taking the Middle Pa
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Page 112 and 113: 90 Locavesting of $1,000. The notes
Page 114 and 115: 92 Locavesting funds that absorb an
Page 116 and 117: 94 Locavesting • Many CDFIs do no
Page 118 and 119: 96 Locavesting In a twist of fate,
Page 120 and 121: 98 Locavesting private electric com
Page 122 and 123: 100 Locavesting “The numbers were
Page 124 and 125: 102 Locavesting offering. “In a c
Page 127 and 128: 8 C H A P T E R Community Capital I
Page 129 and 130: Community Capital 107 For all the j
Page 131 and 132: Community Capital 109 So it is espe
Page 133 and 134: Community Capital 111 what she did
Page 135 and 136: Community Capital 113 three young e
Page 137 and 138: Community Capital 115 triples every
Page 139 and 140: Community Capital 117 investment is
Page 141 and 142: Community Capital 119 Farmers Diner
Page 143 and 144: Community Capital 121 That’s wher
Page 145: Game Plan for Locavestors Community
Page 149 and 150: Crowdfunding Pennies from Many 127
Page 151 and 152: Pennies from Many 129 a 27- year- o
Page 153 and 154: Pennies from Many 131 It’s a win-
Page 155 and 156: Pennies from Many 133 the company w
Page 157 and 158: Pennies from Many 135 there’s a g
Page 159 and 160: Pennies from Many 137 loans. 9 With
Page 161 and 162: Pennies from Many 139 UK regulators
Page 163 and 164: Pennies from Many 141 to make the m
Page 165 and 166: Pennies from Many 143 business—co
Page 167 and 168: Pennies from Many 145 “Crowdfundi
Page 169 and 170: 10 C H A P T E R Slow Money Finance
Page 171 and 172: Slow Money 149 like the nearly 8,00
Page 173 and 174: Slow Money 151 Slow Money, however,
Page 175 and 176: Slow Money 153 terms that are destr
Page 177 and 178: Slow Money 155 that overrode that i
Page 179 and 180: Slow Money 157 Zentay put together
Page 181 and 182: 11 C H A P T E R From Brown Rice to
Page 183 and 184: From Brown Rice to Biofuels 161 rep
Page 185 and 186: From Brown Rice to Biofuels 163 Mem
Page 187 and 188: From Brown Rice to Biofuels 165 $75
Page 189 and 190: From Brown Rice to Biofuels 167 Wes
Page 191 and 192: From Brown Rice to Biofuels 169 Inv
Page 193 and 194: From Brown Rice to Biofuels 171 One
Page 195 and 196: From Brown Rice to Biofuels 173 tha
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From Brown Rice to Biofuels 175 are
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From Brown Rice to Biofuels 177 rai
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Game Plan for Locavestors From Brow
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12 C H A P T E R The Do- It- Yourse
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The Do- It- Yourself Public Offerin
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• • The Do- It- Yourself Public
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200 Locavesting The exchanges were
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202 Locavesting time, they became m
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204 Locavesting Scott Gehsmann, cap
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206 Locavesting public, while ventu
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208 Locavesting at least $490,000 t
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210 Locavesting been there, he says
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212 Locavesting Schmid would love t
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214 Locavesting their money in some
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216 Locavesting are looking to crea
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218 Locavesting Van Patten, a triat
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220 Locavesting Game Plan for Locav
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222 Conclusion small investments. T
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224 Conclusion investors. “Normal
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Unless otherwise noted, all quotes
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25. John K. Paglia, “2011 Economi
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16. Binyamin Appelbaum, “Investor
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Notes 233 9. Sima J. Gandhi, “Eli
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Notes 235 3. Gary S. Corner and Raj
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2. online.wsj.com/article/SB1200623
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4. Steven Deller, Ann Hoyt, Brent H
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Notes 241 11. Ibid. 12. NYSE Eurone
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244 Acknowledgments Dan Keeler, and
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246 Index CDFI. See Community Devel
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248 Index H Hamilton, John, 84-86 H
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250 Index Newman, Paul, 150 Niman R
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252 Index taxes, on Internet sales,
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