REDI Innovation Hub Cooperatives Program
Regional Economic Development for Eastern Idaho (REDI) is developing a program to assist municipalities in supporting local communities to develop innovation hub cooperatives.
What are Innovation Hub Cooperatives?
Innovation hub cooperatives are buildings that serve as neighborhood destinations for innovation culture - designed, governed and owned by local communities as cooperatives, based on the solidarity cooperative framework.
What are examples of Innovation Hub Cooperatives?
Commongrounds is a 50,000 s.f. innovation hub cooperative in Traverse City, Michigan, which serves as both a pilot project and learning laboratory. It is presently the only project of its kind in the country - a mixed-use community building that is owned and governed as a cooperative.
Cooperative Development and Governance Systems
Development Phases
- Phase I: Develop Core Team and Vision
- Define and pre-develop the mission, vision and founding support team
- Seed the idea, enable emergence of partners
- Develop project access
- Develop cooperative governance and financing agreements
- Develop interim staff
- Phase II: Develop Founding Membership and Vision
- Develop 15/150 founding membership
- Launch publicly
- Support visions from the membership
- Launch successive series of campaigns
- Conduct feasibility studies
- Phase III: Property Acquisition
- Secure down payment for property acquisition
- Secure tenant partners
- Secure finance partners
- Finalize financing
- Phase IV Optional: Construction/Renovation
- If necessary: Secure development and construction team
- If necessary: Secure development and construction loan
- Phase V: Ongoing Management and Emergence
- Financial accountability
- Restorative practice
- Self organization
- Crowdsourced placemaking
Resources
- Catalyst hub cooperatives - A similar model to innovation hub cooperatives, supported by Be The Change Cooperative.