The Entrepreneurs Cooperative stimulate the economy in Wales promote entrepreneurial initiatives create “proper” jobs

The Entrepreneurs Cooperative
• To contribute to economic growth in Wales.
• To generate jobs.
• To enable entrepreneurs to turn their ideas into viable businesses.
• To enhance work as a means of social and economic engagement as well as a source of income.
• To advance the concept of business as a social contribution adding value to the community while providing those engaged in it with a fair living.

The Entrepreneurs Cooperative
• Credit Union and commercial finance
• Underwritten by Welsh Government
• Mix of new and established small businesses
• Employees members of the Cooperative
• Coop provides central back office services
• Each business run by its own project management team
• Mix of ownership models possible
• Profits shared with each business
• Dividends equal for all members

The Entrepreneurs Cooperative
Why do this???
• Everywhere: Banks won’t release capital
• Wales: lowest level of business start-up lowest per capita income lowest rate of research and development second lowest level of productivity
We need the stimulus more than most

The Entrepreneurs Cooperative
Psychology
• Source of capital
• Shared risk
• Strong support
• Help with development
Downside
• Loss of personal control
• Concept of shared ownership (for some)

The Entrepreneurs Cooperative
Risk high risk of failure for start-ups
Balanced portfolio
Reduced competition
Depressed market
WG underwriting
Research focused on risk

The Entrepreneurs Cooperative
Key Principles
1. A project must be commercially viable.
2. Employment commensurate with outlay.
3. The project must “do no harm”.
4. Priority to areas of high unemployment.
5. Development and training for staff.
6. Good fit with others in the local community.

The Entrepreneurs Cooperative
Current Position
Steering Group developing and testing concept
Exploring funded research into risk & cost
Next Steps
Incorporation
Political Support for Developed Project
Funding Conference