A HISTORY OF COMMUNITY SOURCED CAPITAL
Community Sourced Capital was dreamed up by Brent Cochran, Casey Dilloway, Rachel Maxwell, and Meryl Hunter– a team of MBA Students taking an Entrepreneurship course at the Bainbridge Graduate Institute (now Presidio Graduate School). It was brought to life in the summer of 2012 (just after the video above was made) when Casey Dilloway and Rachel Maxwell joined Fledge, the conscious company accelerator. CSC launched and ran for three years led by Casey and Rachel with the help of a spectacular team, including core team members Alex Mondau, Hilary Wilson, Emily Triggs, Lindsey Shelley, and Stephanie Robinett. They were helped along the way by Ryan Ceurvorst, Emily Kanter, Michael B. Maine, Danny Lampton, Ben Chesler, Peter Rengstorf , Awen Wen and many others. The tech platform was designed by Casey Dilloway with the help of Marcy Tobin, and developed by Marc Cantwell and Mark Hurwitz of Launch Brick Labs. With loads of strong advisors including Carol Sanford, Todd MacDonald, Teri Bellamy and Luni Libes alongside the financial support of a group of committed angel investors, CSC grew into a much loved platform for local lending!
The power of CSC’s work attracted important partners such as Craft3 and the Washington State Department of Commerce. And our story excited people all across the globe. CSC won an investment prize from SVP Fast Pitch, became a finalist and the Ethical Finance Innovation Challenge in the United Arab Emirates, and garnered loads of earned media in national outlets such as Fast Company, Entrepreneur and on NPR. We even made the TV news!
After three years and 96 loans, the reality of scaling crowd sourced zero-interest lending for local businesses as a for-profit business came home to roost in the form of the end of the the runway of our working capital. We simply didn’t show enough progress and acceleration of adoption to be viable for a second round of funding. CSC, the Social Purpose Corporation closed its doors.
Rachel Maxwell and Hilary Wilson, with the help of Lindsey Shelley, thought the CSC platform could be viable as a not for profit organization. To this end, the directors and investors of the Social Purpose Corporation gifted the tech platform to a newly formed non-profit under the same name. Over 500 people made donations to help build the new non-profit.
And while we never relaunched the lending platform, here’s what we did do during our year as a non-profit:
- We brought the concept of our innovative lending platform to thousands of people in Hong Kong, speaking at their Social Enterprise Summit.
- We represented a real live example of community investment at an intimate gathering of innovators and investors from all over the US and Europe in Taos, NM exploring Money in Place.
- CEO Rachel was a keynote speaker at the Economics of Happiness conference in Port Townsend, WA focusing on the importance of real community value as a measure of the health of our economy.
- CSC brought together groups of people to discuss their relationship with money and the holidays in three cities.
- We were active on the steering committee of the People’s Economy Lab in Seattle developing a set of initiatives to foster a local economy that works for ALL people.