2020-09-25 Platform Co-ops Now Canada call

When? Fri, Sep 25 @ 11-noon ET
Purpose: updates
Who’s here? patcon (Hypha), Stephanie Guico (CMC), Rob (Foodsters United), Hazel (ED@CWCF), Kaye (comms@CWCF)

Notes

• updates
  • rob (foodsters united)
    • getting ready to do outreach
    • …
• patcon
  • shared updates on meet.coop
  • shared update on OpenCollective progress and directions
  • shared updates on IRP grant directions
• Stephanie Guico
  • MTL
  • 1. working with broaden defintion of platform NPOs + co-ops
    • june 2021
    • working on creating new types of financing in PQ. early age, high risk, angel funding
    • doesn’t currently exist
  • 2. closing gap that exists between scoial economy and startups
    • too ambitious for social economy and too socially-conscious (?) for startups
    • start to stretch idea of what can be social economy
  • how do you relate to registration of businesses you’re receiving in your accelerator
    • accelerator doesn’t so much concern themselves with incorp structure
    • working with business incorp lawyer to start line of support for incorporating co-ops. pinged him, but doesn’t know much about co-op incorporation. strongly suggested he should be the one, and seems open to that.
    • organizing some training with incubators as secondary opt-in element. to think critically about how they register
    • either as PQ-incorp co-op or federally incorp
    • couple of businesses are paving the way
    • many startups advised to register in PQ/BC bc laws were so robust, but ran into financing issues there. re-registered federally.
    • most co-ops are exempt from most securities registration in PQ. so able to do financing rounds for SAFEs without too much worry
    • what are implications for financing and governance. wondering how can be of use.
    • possible referral points in favour of businesses
  • aiming to have by end of phase, a very simple smart-form online that draws from what is currently an airtable (maybe not)
    • for businesses to say “i am here in this vertical, at this size, at this phase, what are the resources at my disposal for tech assistance? who can i reach out to? so not incorp, but as an entry point.
  • hazel: surprised to hear financing is hard.
  • project started 2019, got into action in fall (2019?)
  • super amitious, tech-first, only one founder (can’t be co-op)
  • trying to find problem space: tools? legal? feelings?
  • first few years of startup: hockeystick
  • all of y’all: unions, funds, . what verticals do you support? what instruments do you provide? where do you fits?
    • time from ideation to seed. only 2 years would be funded at max of 50,000 each. laughably small for tech startup.
    • but as soon as you’re showing growth/break-even, everyone shows up (bc risk averse)
    • PQ: founders cannot take personal guarantees, co-op does. co-ops don’t meet risk profiles. nothing to guarantee.
  • ex: co-op starting microbrewery. has assets. tech startup doesn’t have that.
  • people don’t know how to value what they’re looking at. Blockchain? don’t understand value of time behind it. looking for avengers of tech co-ops to sweep in. to sweep in and offer second opinion. how do we advise if we don’t understand who they are? is this just a list of people to call on ad-hoc?
  • vancity community investment. alterna credit union.

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