Crowdsourcing an eco-company, ‘places’ next
While green cafes are being crowdsourced in Washington DC and New Orleans, they’re not being crowdfunded, mainly because the concept is so new. Thankfully there are companies like nvohk (pronounced ‘invoke’) that are providing models for that inevitability.
nvohk is a crowdfunded, eco/green clothing company based in L.A. with the following structure:
– It will be community-managed by a minimum of 20,000 members, no more than 40,000 (currently at 400);
– Each member invests $50 for the opportunity to co-develop the business;
– Major business decisions include the logo; web and product design and advertising;
– Members receive 35% of the net profits as points to purchase products, and 25% off all nvohk goods.
– nvohk will donate another 10% of the net profits to environmental organizations chosen by the members.
As its president, Brendan Lynch says, “Consumers are concerned with the environment and want to be associated with brands that are too. With nvohk, members have the opportunity to make critical decisions that not only affect the direction of the brand, but also make a positive impact on the world around them.”
For a more in-depth look at the legal structure of nvohk’s crowdfunding model, check out their FAQ.
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