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Index 10% Shift, 45 Big Box Swindle, 53 big business, 55–58 A Big Table Books, 113 Abe’s Market, 33 Bill and Melinda Gates Foundation, 60 Abundance Slow Money Project, 151 Bissonnette Funding, 194 Accion International, 82–83 Black Star Co-op Pub & Brewery, Accion Texas-Louisiana, 82–83 159–161, 163, 175, 177 accredited investors, 22–23 Blossom Farms, LLC, 157 Ace Hardware, 166 Blue Sky laws, 20–21 agriculture, 150–151 Kansas, 20–21 Ahvenainen, Jouko, 140–141 Boehner, John, 4 alternative stock markets, 218–219 Bogle, John, 36 Alternative Trading Systems (ATS), 215 Bohne, Catherine, 109 American Booksellers Association, 108 booksellers, independent, 108–112 Andrews, Giles, 136 bookstores, 113 angel investors, 10, 86, 157 BP, 38 Angel, James J., 208 Bradley, Margaret Becker, 92 Annie’s Homegrown, 185 Bread-Stuy, 108 AOL, 35 Brett, Terry, 212–213 Apple, 7, 10 bridge loans, 121–122 Archer Daniel Midlands, 52 Broken Spoke, 99 The Archers, 117 Buffett, Warren, 36 Armstrong, Charles, 125–127, 142 Business Alliance for Local Living Arthur Andersen, 38 Economies (BALLE), 44, 61, 225 ATS. See Alternative Trading Systems businesses average hourly earnings, 29 community-funded, 114–116, 119–122 worker-owned, 171–172 B Buy Local movement, xxi, 33, 45 bailout, fi nancial, 7–8 BALLE. See Business Alliance for Local C Living Economies Cabot Creamery, 122 Banco Santander, 14, 203 California Federal Bank, 186 bank consolidation, 13, 68, 73, 88, 136 Calvert Foundation, 88–90, 178 Bank of NorthCOPYRIGHTED Dakota, 74–76 Cantor, MATERIAL Alan, 90–91 Banking Act of 1933, 22 capital formation, 15 Barofsky, Neil, 7 CARD Act. See Credit Card BBMG, 34 Accountability Responsibility and Bear Stearns, 27 Disclosure Act Ben & Jerry’s, 24, 154, 186–187 Carrot Project, 152 Ben & Jerry’s Double Dip, 186 Cartwright, Brian G., 205 Bernanke, Ben, 11 Case Western Reserve University, 171 Bernero, Virg, 75 cash fl ow cycles, 121–122 245 246 Index CDFI. See Community Development community-funded businesses, Financial Institution 114–116, 119–122 Center for Venture Research, 10 community-supported agriculture Chamber of Commerce, 8, 48, 56 (CSA), 32, 117, 152 Chang, Bronson, 144 community-supported restaurants, 117 Chang, David, xvii Consumer Financial Protection Chapman, Geoff, 137 Bureau, 8, 70, 134 Chevron, 34–35 Coop Italia, 165 Chicago Stock Exchange, 201 cooperatives, redemptions, 177 Christian, Leslie, 33, 223 Cooperative Capital Investment CHS Inc., 166, 177 Fund, 178 Cincinnati Stock Exchange, 200 cooperatives, 161–164, 175–176, Cinema Reloaded, 130 179–180 Citigroup, 88–89 capital raising, 175–178 Citizens for Local Power, 97–98 economic impact, 164–166 Citizens United, 56 history, 161–162 City of Cleveland, 171 multi-stakeholder, 172–174 CityMade, Inc., 193–194 securities regulations, 175–177 Civic Economics, 42–43 Cops & Doughnuts, 106–107 Claire’s Restaurant, 121 corporate-owned chains, 45–46 Clare City Bakery, 105 corporate power, 55–58 Clare, Michigan, 105 corporate profi ts, 56 Cleveland Clinic, 171 corporate welfare, 52–53 Cleveland Foundation, 171 Coulee Region Organic Producer Pool Co-op Power, 170 (CROPP), 167–170 Co-operative Group, 165 Credit Card Accountability co-ops, 170 Responsibility and Disclosure Coalition for New Credit Models, 141 (CARD) Act, 70 Cohen, Ben, 186–187 credit freeze, 11–13 colocation, 207 credit unions, 70, 77 Columbia County Agribusiness CROPP. See Coulee Region Organic Corporation, 153 Producer Pool Communities at Work Fund, 88–89 Crowdcube, 139 community banking, 66–68 crowdfunding, 126–128, 140, community banks, 68, 72–74, 77 145–146, 224 deposits, 71 proposed exemption, 141–142, 224 The Community Bookstore, 109, 113 CSA. See community-supported community capital, 112–114, 117, agriculture 123–124 Cunningham, Matt, 42 Community Development Financial currencies, local, 44 Institution (CDFI), 80–82, 86–87, Cutting Edge Capital, 192–193 93–94 big banks and, 88 D Community Development Financial Daily Grommet, 33 Institution (CDFI) Fund, 87 Davis, Dudley H., 65–66, 73–74 Community Food Co-op, 164 Day, Matt, 99–100 Community Investment Notes, 89–90 Dean Foods, 148, 155 community development loan delisted stocks, 204 funds, 87 Department of Agriculture workings of, 91–92 (USDA), 16 Community Reinvestment Act, 87 deposits, source of funding, 71 Index 247 deretailization, 205 Fifth Season Cooperative, 173–174 Desai, Samir, 137–138 fi nancial crisis, 25–28 Diamond Organics, 186 fi nancial markets, as effi cient markets, Dimon, Jamie, 70 16, 202 direct public offering (DPO), 182–187, Financial Services Authority 190–191, 194–197, 224 (FSA), 126 checklist, 196–197 fi nancialization, 27 local stock exchanges and, 216–218 Fisher, David, 216 diversifi cation, 38–39 Fitting, Rebecca, 110–113 Dodd-Frank Wall Street Reform and Flannery, Matt, 127–129 Consumer Protection Act, 26, 142 fl ash crash, 207 Doe Fang. See Uncle Clay’s House of food entrepreneurs, 151–154 Pure Aloha food Dolley, J.N., 20–21 local, 32, 35, 117–118, 148, 150–152 DPO. See direct public offering sustainable, 150–152 foodshed, 150 E Frain, Donald, 73 economic development, 58–60 Franklin & Marshall College, 200, 209 economic gardening, 58–59 Franklin, Benjamin, 4–5, 7, 210 Economic Policy Institute, 7 Frazier, James, 97, 101–102 Edible Communities, 152 Freedom Fund, 168 effi cient market theory, 16, 202 Friedman, John, 155–156 EGL. See Engineering Glass Frito-Lay, 34 Laboratories Frost, Robert, 11 Emergency Banking Act of 1933, FSA. See Financial Services Authority 21–22 Funding Circle, 131, 137 Engineering Glass Laboratories, 5 funding, small business, 9–17, 51–52 Enough, 36 Enron, 25–26, 38 G entrepreneurs, 9–10, 151–154 General Electric, 37, 57 agriculture, 150–151 General Motors, 14, 203 equity, Gerard, Leo W., 172 funding, 9, 13, 16, 22, 84–86, 98, 99, GetGo LLC, 207 117, 119, 121, 126, 135, 138, 157, Gillotte, Dan, 177–178 167, 171, 184, 192 Glaeser, Edward L., 6 person-to-person, 138–145 Glass-Steagall Act, 22 Etsy, 33 Gleason Grains, 117–118 Evergreen Cooperatives, 171, 225 globalization, 30, 221 Gloede, Diane, 168 F Going, 35 Fabiani, Donna, 81, 89–90 Goldman Sachs, 27, 207 Facebook, 10, 14, 205 Goldstein, Ezra, 109 Facebook IPO, 193 Good Jobs First, 53 Farm Fund, 164 Google, 10, 35 farmers, 35, 148–149, 152 Grameen America, 128 Farmers Diner, 117–119 Grameen Bank, 127–128 The Farmers Diner Cookbook, 119 Great Recession, 17–18 farmers markets, xviii, xxi, 32, 33, Greenfi eld, Jerry, 186–187 152, 210 Greenlight Bookstore, 111–113 federal tax policy, 7 Groupon, 10, 35 Field, Drew, 191, 206–207 Grow VC, 131, 136, 139–141 248 Index H investors, accredited, 22–23, 139, 140, Hamilton, John, 84–86 142, 157, 215, 223 Hardmeyer, Eric, 74 IPO. See initial public offering Hasset, Michael, 88 IRAs, self-directed, 39–40 havens, tax, 57–58 Hawaii Stock Exchange, 220 J Hazen, Paul, 170, 178 Jackley, Jessica, 127–129, 143–145 HCA, 203 Jasper Hill, 122 Hershey Foods, 7 Johnson, Pete, 122, 127 Hesse, Dante, xvii–xxi, 16, 23–24, 152, 154–157 K Hicks, Sander, 113 Kansas, securities laws, 20–21 High Mowing Seeds, 119–122, 127 Kassan, Jenny, 192–193 high-frequency trades, 207–208 Katovich, John, 193, 202, 209 Hoenig, Thomas, 67, 73 Kaufmann Foundation, 224 Honey Gardens, 122 Key Technologies, 214 Hoover administration, 21 Kickstarter, 127, 129–130, 135 Horizon, 155 Kim, Edward, 15, 204–205, 215, 219 Hough, David, 169 Kimberton Whole Foods, 212–213, 215 HSBC, 34 Kiva, 127–131 Huffi ngton Post, 70–71 Klein, Andrew, 187–190, 195 Huffi ngton, Arianna, 29 Kolff, Helen, 98 Huntington, Derek, 71 Kolff, Kees, 96, 98, 101 Korine, Harmony, 130 I kye, 33 Illinois Department of Commerce and Economic Opportunity, 41, 59–60 L independent booksellers, 108–112 La Montanita Food Co-op, 163 IndieGoGo, 129–130 La Montanita Fund, 163–164 individual investors, Lachman, Desmond, 56–57 and community development loan LAM Fund. See La Montanita Fund funds, 89–91 Lancaster, Pennsylvania, 209 and direct public offerings, 183–186 Land O’Lakes, 166 and the stock market, 23–26, 141, LanX, 209–216 190, 205–206, 218 large-cap stocks, 38 Individual Retirement Accounts. See Larsen, Chris, 132–135 IRAs Lawton, Kevin, 140, 142 initial public offering (IPO), 13–16, 181 Lehman Brothers, 27, 38 Facebook, 193 Lending Club, 130–131, 134 initial public offering market, 14, 203 lending, person-to-person, 126–128, shrinking, 202–205 131–138 Inquiries into the Nature of Slow Money, 149 Lifestyles of Health and Sustainability Institute for Local Self-Reliance, 45 (LOHAS), 34 International Cooperative Alliance, 162 Lindstrom, Christopher, 153–154 International Year of Cooperatives, 164 LION. See Local Investment Internet sales, taxes on, 60 Opportunity Network intrastate offering exemption, 24n9, 184 Little, Melinda, 115–116 Investbx, 214 Livesay, Johnny, 160 investing, local, 33, 39–41, 96–98 Lo, Andrew W., 208 investment, speculation versus, 15, Long, Michelle, 61 205–209 loan funds, community development, 87 Index 249 loans, bridge, 121–122 Mendocino Brewing Company, 186 local banks, 69–71 75, 76 Merrill Lynch, 27 local companies Merski, Paul, 66 benefi ts to community of, 40–45 Meyer, Andrew, 122 diversifi cation, 38–39 Meyer, Philipp, 26 job creation, 59–60 Michael, Chris, 191–193 profi tability, 37 micro-enterprises, 82–84 risk and, 38 micro-patronage, 130 local currencies, 44 microfi nance, 128–131 local food systems, 32–34, 39, 150–151, microfi nance lender, 82–83 153, 173 MicroPlace, 90, 129 local food movement, xxi, 32–33, 35, MicroVentures, 136 150–152 Mikitas, Robin, 167 local funds, 221–224 Mikitas, Scott, 167 local investing,
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  • Funding the Future – Exploring the Potential of Crowdfunding As an Alternative Revenue Source for Journalism

    Funding the Future – Exploring the Potential of Crowdfunding As an Alternative Revenue Source for Journalism

    Funding the Future – exploring the potential of crowdfunding as an alternative revenue source for journalism by Meredith O’Hara This thesis submitted to the Faculty of Graduate and Postdoctoral Affairs in partial fulfillment of the requirements for the degree of Master of Journalism Carleton University Ottawa, Ontario © 2014, Meredith O’Hara Abstract Internet based systems of communication have altered mainstream business practices, including those of the news industry. Web 2.0 applications allow consumers and producers of content to interact in ways not possible in the past. In the last two decades traditional media organizations have faltered as new technology and changing audience expectations have diminished their position of power in their communities. This thesis explores the current state of the news industry and specifically the use of crowdfunding by independent journalists and news organizations. Through six case studies of Canadian journalists and journalistic organizations which have attempted different forms of crowdfunded journalism this thesis reflects on the benefits and drawbacks of this developing financial model. The research suggests that crowdfunding is a limited model which can be utilized in the right circumstances by the right individuals or groups, but is unlikely to replace mainstream funding options. ii Acknowledgements To everyone who has helped me through this process, I could not have done it without your support. I want to thank my supervisor, Professor Chris Dornan whose guidance and positive attitude made this work a reality rather than a tangle of ideas in my head. To the amazing professors and staff at Carleton who were both my teachers and colleagues: Susan Harada, Kirsten Kozolanka, Chris Waddell, Kathryn O’Hara, David Tait, Sarah MacFadyen, and Mark Valcour, your expertise and influence kept me going in both my academic and professional endeavors.