ooWorldcoop is testing the waters in a new space in the social marketplace realm. Founder Anthony Tyson, has created the first ever social online market place co-op. Like any other co-op that means that the user base or membership will actually own the co-op together. While Tyson will always be the “founder” or “creator” he won’t be the owner, everyone will.
Co-Op models have been around for many years. Group buying co-ops are the most popular kinds of co-ops that still exist in the offline world today. Most cities have a grocery store or local produce store co-op. In that case, the members vote on what kind of items to buy and at what prices. They also dictate buying power with strength in numbers. The biggest benefit for the overall business in this case is that vendors know exactly what the buyers will buy.
In the case of the online co-op, after operating expenses, members will vote on where the co-op can spend its money. Profits will be reinvested, with member guidance, to offer more and better services to members.
A co-op also means that the accounting will be transparent to any co-op member.
Membership is free and comes with an easy to design and customize ooWorld.coop account/profile.
While ooWorld.coop may accept direct donations, most of the cooperative’s revenues will come from service/transaction fees and advertising. Surplus revenues will be used for various member programs such as affiliate commissions, education grants, micro and mini grants, and other programs voted on by the membership. We hope these will include affordable, renewable energy sources, affordable housing programs, and access to healthy food and clean water.
From the Certificate of Formation of ooWorld.coop, ‘… The purposes for organizing ooWorld.coop are, but are not limited to, to empower, support and encourage individuals to improve their quality of life and increase their earning potential; to promote, encourage and support the growth of micro-businesses and other business opportunities; to promote other worthy human endeavors including, but not limited to, arts and culture, scientific research, education, and human rights; to boost local communities while building a global community based on cooperation, collaboration and sharing; and to lessen the burdens of government. Tyson said on their OneSpark profile page.
How did people respond to this new kind of startup? Well out a crowd-funding festival they loved it. Although they didn’t finish in the top three when all was said and done on Sunday, ooWorldcoop was the biggest mover on Saturday.
We ran into Tyson’s partner Seth who filled us in, check out the video below and for more info visit ooWorldcoop.com