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224 Conclusion investors. “Normal everyday investors are saying we would like an option, we do not want to have all of our money in the global market, we want a local market. And that’s what is new, I think.” She pauses. “Well, not exactly new. A hundred years ago that’s how it was done.” Eat Local, Buy Local, Invest Local Locavesting is in its very early days. And the regulatory challenges cannot be overstated. The SEC is acutely aware of many of the issues holding back small business capitalization, but it must balance that with its duty to protect investors. “It’s a tightrope we’re trying to walk,” one SEC offi cial told me. Several modest proposals could help, such as the crowdfunding exemption for small investments of up to $100, and a proposal to raise the threshold for when a company is considered public. (Right now, when a company reaches 500 shareholders and $10 million in assets, it automatically becomes a public reporting company even if their shares are privately held—a trigger that undermines the “pennies from many” crowdfunding and DPO models, and that has forced companies such as Google and Facebook onto an IPO path before they are ready). The Kaufmann Foundation, which focuses on entrepreneurship, has a compelling proposal. It advocates exempting companies with a market capitalization of less than $100 million from securities regulations as a way to reinvigorate a languishing small cap marketplace. Others suggest simplifying the regulatory thicket of overlapping state and federal securities laws. “These questions—how do we encourage small business, how do we encourage new ideas, how do we encourage entrepreneurs to do what they do best—are critically important for the future growth of the economy and for the innovation of new products and services that we want to bring to the marketplace of ideas,” said Steve Wallman, founder of FOLIOfn and a former SEC commissioner. “It’s a great challenge for people who care about public policy to fi gure out how to do that right.”
Conclusion 225 Local, state, and federal governments also play a critical role. Like Illinois, they can stop looking to giant corporations for salvation and realize that, if each of their homegrown businesses could hire one person, they would have a stronger, more diverse, and less vulnerable economy—at a fraction of the cost. Many successful initiatives, such as Cleveland’s Evergreen Cooperatives and Toronto’s Social Venture Exchange, could not have happened without the support of enlightened local governments and institutions. I will leave the economic development and policy fi xes for the experts. But as citizens and investors, we, too, have a vital role to play. As the Clare cops and the Brooklyn bookworms, and the Austin beer lovers showed, amazing things are possible when individuals get involved. So check out your local merchants before refl exively heading off to that big-box store. Move your money to a community bank or credit union. Join a co- op. If you don’t have local investment opportunities, join or start a local chapter of Slow Money or BALLE (Business Alliance for Local Living Economies). Think about where your dollars go. Support policies that actually help entrepreneurs, not just multinational business. And, whenever possible, eat local, buy local… and invest local.
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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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74 Locavesting As depositors, we’
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76 Locavesting The Washington Inves
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78 Locavesting The Bottom Line: A n
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80 Locavesting her daughter was enr
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82 Locavesting whom traditional fi
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84 Locavesting Taking the Middle Pa
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86 Locavesting Angel investors poli
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88 Locavesting quickly write off no
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90 Locavesting of $1,000. The notes
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92 Locavesting funds that absorb an
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94 Locavesting • Many CDFIs do no
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96 Locavesting In a twist of fate,
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98 Locavesting private electric com
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100 Locavesting “The numbers were
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102 Locavesting offering. “In a c
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8 C H A P T E R Community Capital I
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Community Capital 107 For all the j
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Community Capital 109 So it is espe
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Community Capital 111 what she did
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Community Capital 113 three young e
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Community Capital 115 triples every
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Community Capital 117 investment is
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Community Capital 119 Farmers Diner
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Community Capital 121 That’s wher
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Game Plan for Locavestors Community
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9 C H A P T E R Pennies from Many W
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Crowdfunding Pennies from Many 127
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Pennies from Many 129 a 27- year- o
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Pennies from Many 131 It’s a win-
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Pennies from Many 133 the company w
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Pennies from Many 135 there’s a g
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Pennies from Many 137 loans. 9 With
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Pennies from Many 139 UK regulators
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Pennies from Many 141 to make the m
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Pennies from Many 143 business—co
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Pennies from Many 145 “Crowdfundi
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10 C H A P T E R Slow Money Finance
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Slow Money 149 like the nearly 8,00
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Slow Money 151 Slow Money, however,
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Slow Money 153 terms that are destr
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Slow Money 155 that overrode that i
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Slow Money 157 Zentay put together
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11 C H A P T E R From Brown Rice to
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From Brown Rice to Biofuels 161 rep
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From Brown Rice to Biofuels 163 Mem
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From Brown Rice to Biofuels 165 $75
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From Brown Rice to Biofuels 167 Wes
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From Brown Rice to Biofuels 169 Inv
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From Brown Rice to Biofuels 171 One
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Page 222 and 223: 200 Locavesting The exchanges were
Page 224 and 225: 202 Locavesting time, they became m
Page 226 and 227: 204 Locavesting Scott Gehsmann, cap
Page 228 and 229: 206 Locavesting public, while ventu
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Page 232 and 233: 210 Locavesting been there, he says
Page 234 and 235: 212 Locavesting Schmid would love t
Page 236 and 237: 214 Locavesting their money in some
Page 238 and 239: 216 Locavesting are looking to crea
Page 240 and 241: 218 Locavesting Van Patten, a triat
Page 242 and 243: 220 Locavesting Game Plan for Locav
Page 244 and 245: 222 Conclusion small investments. T
Page 249 and 250: Unless otherwise noted, all quotes
Page 251 and 252: 25. John K. Paglia, “2011 Economi
Page 253 and 254: 16. Binyamin Appelbaum, “Investor
Page 255 and 256: Notes 233 9. Sima J. Gandhi, “Eli
Page 257 and 258: Notes 235 3. Gary S. Corner and Raj
Page 259 and 260: 2. online.wsj.com/article/SB1200623
Page 261 and 262: 4. Steven Deller, Ann Hoyt, Brent H
Page 263: Notes 241 11. Ibid. 12. NYSE Eurone
Page 266 and 267: 244 Acknowledgments Dan Keeler, and
Page 268 and 269: 246 Index CDFI. See Community Devel
Page 270 and 271: 248 Index H Hamilton, John, 84-86 H
Page 272 and 273: 250 Index Newman, Paul, 150 Niman R
Page 274: 252 Index taxes, on Internet sales,
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