The Ownership Economy

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Oct 2026

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Welcome to the Ownership Economy podcast, the podcast that explores the people and ideas that are utilizing technology, economics, and the law to reimagine how the economy can work for everyone. Here we connect with the entrepreneurs, investors, thought-leaders, academics, and politicians that are constructing a better economy, one based on broad-based ownership and democratic governance. Hosted by Martin Smith and Jahed Momand, two investors and operators that aim to use this platform to showcase the people and ideas that will shape more inclusive economies.

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November 11, 2026Episode 91 hr 0 min

Winston Ma on Why The Public Has a Claim on AI

Winston Ma has been a Wall Street lawyer at Davis Polk, an investment banker at J.P. Morgan and an investor at China Investment Corporation, China's sovereign wealth fund. He now runs the Global Public Investment Funds Forum, teaches sovereign wealth funds at NYU School of Law and invests in AI as a partner at Dragon Global. His new book is Who Owns AI? Sovereign Wealth Funds, State Ownership, and the Race for Sovereign AI. If AI is the wealth of the nation, Winston argues, it should be managed for the generations to come. He lays out the three parties with a claim on AI (the companies that build it, the public whose knowledge and data trained it, and the state that runs the infrastructure underneath) and weighs the offers now on the table from Bernie Sanders, OpenAI, Anthropic and Elon Musk. Then we get to how a public AI fund should be run: why it should both pay out and compound, what Norway, Alaska and Singapore's Temasek teach, what changes when the government owns a company it also regulates, as it now does with Intel, and why South Korea's chip windfall is the case to watch. Winston spoke on the closing plenary of the Ownership Economy Summit in New York on October 1, and we're planning 2027 now. If you or your organization want to be part of it as a program partner, speaker or sponsor, write to summit@ownershipeconomy.com. Chapters 00:00 Introduction 02:01 Welcome back, and Winston's new book 02:57 From semiconductors to sovereign wealth 04:40 What a sovereign wealth fund is 06:23 Funds Americans already have: Alaska and New Mexico 07:06 Bernie Sanders' AI fund and the Alaska model 09:14 Who owns AI? The companies, the public, the state 12:00 Which public? What Norway shows 15:10 The resource curse and the intelligence curse 17:10 Why sovereign funds exist 22:08 The offers: Sanders and OpenAI 26:27 Anthropic's public benefit fund 27:35 Musk's SpaceX share for every child 29:03 Ownership without governance: checks or compounding 32:54 Norway or Temasek? 35:13 What a U.S. AI fund would own 37:17 When Washington owns Intel 40:14 How Singapore keeps its distance 43:35 Gulf money and strategic investing 46:05 Beyond the state: co-ops and the ownership stack 46:40 Ireland's windfall 53:01 South Korea's chip windfall 56:40 Ten years out Resources Who Owns AI?, Winston's new book: https://www.amazon.com/dp/B0HPQXNLNV His Substack, SWF Sovereign AI: https://winstonmaswf.substack.com Global Public Investment Funds Forum, NYU Law: https://www.law.nyu.edu/global/guarini-institute/global-public-investment-funds-forum Sanders' American AI Sovereign Wealth Fund Act: https://www.sanders.senate.gov/?p=102111 OpenAI's floated 5% stake (Financial Times, via The Star): https://www.thestar.com.my/tech/tech-news/2026/07/02/openai-proposes-handing-trump-administration-5-stake-ft-reports Anthropic's Public Benefit Fund: https://www.anthropic.com/news/public-benefit-fund Musk's SpaceX share for every child: https://www.cpapracticeadvisor.com/?p=192012 Norway's fund and its spending rule: https://www.nbim.no/en/about-us/about-the-fund/ Alaska Permanent Fund Corporation: https://apfc.org/ Temasek's portfolio: https://www.temasek.com.sg/en/our-investments/our-portfolio The U.S. government's stake in Intel: https://www.businesswire.com/news/home/20250822458848/en South Korea's Future Response Fund: https://www.khan.co.kr/en/article/202610041546017 The Intelligence Curse: https://intelligence-curse.ai/ Find Winston: https://www.linkedin.com/in/winston-ma/

October 16, 2026Episode 81 hr 1 min

Dr. Elizabeth Bennett: Shared Ownership Is Credibility

Elizabeth Bennett grew up in Detroit watching NAFTA reshape the auto industry, then moved to Mexico and watched it reshape corn farming. She has spent her career since exploring who writes the rules of the global economy and who gets a vote. She is a professor of international affairs and director of political economy at Lewis & Clark College, and she wrote her PhD at Brown on who holds power inside Fairtrade. We start with the label on your coffee: how fair trade began with one woman selling embroidery from the trunk of her car, how Fairtrade took producers off its own board in the name of credibility and then gave them half the votes, and why most other standard-setters never followed. Elizabeth explains the questions she asks before trusting any label, why "some standards work sometimes," and how standards end up as a test bed for laws like the EU's due-diligence directive. Then we get to ownership: why a CEO can't make good decisions without giving people a stake, a profit-sharing model from Honduran coffee that pays farmers a second check when they need it most, and the most common way shared ownership fails, which is giving people power without the capacity to use it. Elizabeth spoke on "From Labels to Shared Rails: Ownership as the Missing Layer in Trusted Commerce" at the Ownership Economy Summit in New York on October 1. We're planning 2027 now. If you or your organization want to be part of it as a program partner, speaker or sponsor, write to us at jahed at ownership economy dot com. Resources Elizabeth's summit session, "From Labels to Shared Rails: Ownership as the Missing Layer in Trusted Commerce," followed by Martin Smith's "The Ownership Economy Certification: Update and Progress" (agenda) — https://www.ownershipeconomy.com/summit/nyc/agenda The study we promised to link: "Who Governs Socially-Oriented Voluntary Sustainability Standards? Not the Producers of Certified Products" (World Development, 2017). Of 33 standard-setters, about two-thirds don't signal any intention to include producers, at most a quarter give them votes or seats, and 18% give them a veto — https://doi.org/10.1016/j.worlddev.2016.10.010 The value-chain profit sharing paper she promised, with Janina Grabs (Business Ethics, the Environment & Responsibility, 2025) — https://onlinelibrary.wiley.com/doi/10.1111/beer.12666 The earlier working paper on the two coffee companies (Harvard Kennedy School Carr Center, 2021) — https://www.hks.harvard.edu/centers/carr/publications/rethinking-necessary-trade-offs-distributing-value-suppliers-analysis Her study of employee ownership in sustainability standards: 26% of standards encourage it, 18% without the two fair trade bodies (International Review of Applied Economics, 2025) — https://doi.org/10.1080/02692171.2024.2433459 · Edna Ruth Byler, who started selling Puerto Rican embroidery from her car in 1946, and the organization it became, Ten Thousand Villages — https://www.tenthousandvillages.com/history Fairtrade gives farmers and workers half the votes in its General Assembly (June 2013) — https://scoop.co.nz/stories/BU1306/S00348/farmers-to-have-equal-say-in-fairtrade.htm How much Fairtrade-certified coffee actually sells on Fairtrade terms: 35% in 2023 — https://fairtradecampaigns.org/?p=55297 ISEAL Credibility Principles: https://isealalliance.org/defining-credible-practice/iseal-credibility-principles The EU's due-diligence directive after this year's rollback (Omnibus I, February 2026) — https://www.arthurcox.com/insights/omnibus-i-directive-published-revised-scope-and-reduced-obligations-under-csrd-and-csddd/ Dr. Bronner's pay cap: top executives earn no more than five times the lowest-paid fully vested position — https://drbronner.co.uk/blogs/our-employees/progressive-business-practices Find Elizabeth: https://www.elizabethannebennett.com · publications at https://www.elizabethannebennett.com/cv-2/

October 9, 20261 hr 0 min

Brian Vo of Connect Humanity: Broadband Is a Utility. Finance It Like One.

Brian Vo started thinking about markets in eighth grade, packing bag lunches for a local shelter and noticing that each bag fed exactly one person. He wanted a way for one unit of effort to do more than that. The question took him through Wharton, investment banking and private equity during the financial crisis, McKinsey, and more than a decade in impact investing. Today he is the CEO of Connect Humanity, which finances communities that want to build and own their own internet. His argument is that the digital divide is a market failure we have seen before. The reasons he hears for not wiring low-income and rural places are that people can't afford it, don't want it and wouldn't know what to do with it. Power companies said the same things about farmers before rural electrification. He breaks the problem into three failures. Broadband is a utility but isn't regulated like one. About 70% of Americans can buy from only one or two providers. And the capital on offer is either public grants or private equity, with little in between. That is how a family in Louisiana ends up paying $120 a month for dial-up in 2025. Then we get into the money. Well-run fiber networks earn 60 to 80% EBITDA margins, which Brian argues makes them a credit asset rather than a private equity one. He explains the tools Connect Humanity uses to put communities in charge. Digital equity covenants let a lender put a provider in default for breaking an affordability promise. Broadband foundations buy a network and lease it back until the community owns it outright, in about ten years. We also cover why Connect Humanity is becoming a CDFI and open-sourcing its underwriting, the fight over a state grant in East Carroll Parish, Louisiana, and what a $500,000 loan unlocked in Macon County, Alabama. Brian spoke on "Ownership and Investment Innovation as a Solve for Market Failure" at the Ownership Economy Summit in New York on October 1. We're planning 2027 now. If you or your organization want to be part of it as a program partner, speaker or sponsor, write to jahed at ownership economy dot com. Show Notes - Connect Humanity — https://connecthumanity.fund - Connect Humanity's CDFI Fund award, and its plan to become the first CDFI dedicated to broadband — https://connecthumanity.fund/with-cdfi-fund-award-connect-humanity-is-on-track-to-become-first-broadband-dedicated-cdfi/ - Brian's case for community finance, with the pilot fund numbers, East Carroll Parish and Macon County (ImpactAlpha, June 2026) — https://impactalpha.com/community-finance-can-close-the-digital-divides-federal-programs-keep-leaving-open/ - The Rural Electrification Act of 1936, the precedent Brian opens with — https://en.wikipedia.org/wiki/Rural_Electrification_Act - Deloitte's "Closing the digital divide": https://www.deloitte.com/content/dam/insights/articles/2024/us164667_cgi-state-broadband/us164667-closing-the-digital-divide.pdf - https://www.newamerica.org/oti/reports/cost-connectivity-2020/ - Switzerland's four-fibre model, with one fibre for Swisscom and three for competitors (swissinfo) — https://www.swissinfo.ch/eng/business/fibre-optic-standards-simplify-networking/31974894 - East Carroll Parish: the challenge to Louisiana's first GUMBO broadband grant — https://communitynetworks.org/content/first-louisiana-gumbo-grant-challenged-project-back-burner - BEAD, the $42.45 billion federal broadband program — https://broadbandusa.ntia.gov/funding-programs/broadband-equity-access-and-deployment-bead-program - The Washington Monthly's rebuttal on BEAD, monopolies and the maps — https://washingtonmonthly.com/2025/07/09/the-broadband-story-abundance-liberals-like-ezra-klein-got-wrong/ - The states that restrict municipal broadband (BroadbandNow) — https://broadbandnow.com/report/municipal-broadband-roadblocks - Cory Doctorow's original "enshittification" essay — https://pluralistic.net/2023/01/21/potemkin-ai/

September 11, 2026Episode 558 min

Austin Robey of Subvert, on How to Own Bandcamp with 30,000 People

When Bandcamp was sold to Epic Games and then, less than a year later, to the licensing company Songtradr, the independent music world learned what it actually owned: nothing. Bandcamp was the good actor, with artist-friendly terms, Bandcamp Fridays through COVID, sixteen years of community trust, and it still changed hands twice over its users' heads. Austin Robey's answer is Subvert, a multi-stakeholder cooperative that now has roughly 30,000 co-owners across four membership classes and a nine-seat elected board: three artists, two labels, two workers, two supporters. One member, one vote, whether you are Taylor Swift or you released your first record last year. Berlin, where we caught him, has around 1,050 members — by his math, one in every 3,000 people in the city. This is his second attempt. Ampled, the artist-owned Patreon-for-music he co-founded, was culturally successful but financially difficult, and it wound down in 2023. He did a formal post-mortem, turned it into a thesis about which incumbents are vulnerable to collectively owned challengers, and when Bandcamp sold he decided the window was open. We get into the economics, which are the surprising part. Subvert charges artists a 0% platform fee against an industry norm of 10–15%, and replaces it with an optional contribution at checkout — a tip window, like GoFundMe or ActBlue. Across the first 4,000 transactions the average contribution has been 27.7%. We also cover the dual-entity structure that lets the co-op raise real capital while keeping governance intact, why investors get no board seats and no governance rights, what he learned about directing lawyers rather than asking them, and why he thinks the win-win mantras of tech culture are wrong — that power is zero-sum, and for users to have more, founders and investors must have less. Austin speaks on "Ownership and Investment Innovation as a Solve for Market Failure" at the 4th Ownership Economy Summit, October 1 in New York: summit2026.ownershipeconomy.com Austin speaks on "Ownership and Investment Innovation as a Solve for Market Failure" at the Ownership Economy Summit, October 1, 140 Broadway NYC.Tickets: https://www.eventbrite.com/e/4th-annual-ownership-economy-summit-registration-1991957749250 — code PODCAST30 for 30% offAgenda: https://summit2026.ownershipeconomy.com/2026agenda Everything mentioned in this episode: Subvert — join the co-op, or just browse — https://www.subvert.fm Who runs Subvert, and how it's structured — https://www.subvert.fm/blog/who-we-are Subvert's Wikipedia entry, for the short version — https://en.wikipedia.org/wiki/Subvert_(music_marketplace) Music Ally's launch piece, "a collectively owned Bandcamp successor" — https://musically.com/2024/08/09/subvert-wants-to-be-a-collectively-owned-bandcamp-successor/ The FADER's interview on building the alternative — https://www.thefader.com/2025/10/14/subvert-fm-bandcamp-interview Billboard on Ampled's closure, the co-op he ran first — https://ca.billboard.com/ampled-music-platform Austin's own thread on what he was proud of when Ampled wound down — https://x.com/austinrobey_/status/1716801345619923394 "Lessons from Failed Platform Co-ops" — the post-mortem he describes giving at The New School — https://platform.coop/blog/lessons-from-failed-platform-co-ops/ Austin's site — https://austinrobey.xyz Ours to Hack and to Own , the essay collection that started him off, edited by Trebor Scholz and Nathan Schneider — https://www.orbooks.com/catalog/ours-to-hack-and-to-own/ Mondragón, the Basque cooperative federation — https://www.mondragon-corporation.com/en/ Resonate, the earlier music co-op — https://resonate.coop Kevin Kelly's "1,000 True Fans," the idea behind selling the business plan as a $100 zine — https://kk.org/thetechnium/1000-true-fans/ Bandcamp United, the union that formed before the sale — https://bandcampunited.org Find Austin: https://www.subvert.fm · https://austinrobey.xyz · Bluesky

September 3, 2026Episode 41 hr 9 min

Bill Castellano, PhD on How Giving People Ownership Isn't the Same as Treating Them Like Owners

Bill Castellano has spent forty-five years in human resources — much of it on Wall Street, at Merrill Lynch and Manufacturers Hanover — and the last stretch of it at Rutgers, where he is a professor of strategic HR at the School of Management and Labor Relations. He returns a year after Episode 085, and the thing that changed in that year is that his two research streams collapsed into one. For two decades he studied the future of work and employee ownership separately. Now he argues they are the same problem. Everything a company must do to survive AI and robotics — redesign work, share information, push decisions down, upskill relentlessly, engage the people who remain — is the same list of practices that researchers have spent decades calling an ownership culture. We get into what the evidence actually supports and where the field over-claims; the new US Census study he co-authored that finds ESOP adoption raises workplace labour productivity by 5.6 to 6.7 percent; why the honest answer to "does more equity mean better outcomes" is no, not on its own; what a state employee-ownership centre does all day and why the real bottleneck is the adviser who steers an owner to a strategic sale; the two policy levers he says would actually move the needle; the forty-year decoupling of pay from productivity and where that value went; and the uncomfortable question underneath all of it — if AI shrinks headcount, what happens to a claim that only employees can hold. He also does something few forecasters will: he says plainly that he can no longer make a five-year forecast. Bill moderates State of the Field and presents Managing the Future of Work at the 4th Ownership Economy Summit, October 1 in New York: summit2026.ownershipeconomy.com Show Notes Come join the summit. Bill presents "Managing the Future of Work" (11:35, Room B) and moderates "State of the Field: What the Latest Research Tells Us About Employee Ownership" (3:40, Room B) at the 4th Annual Ownership Economy Summit, October 1 at 140 Broadway, NYC.🎟️ Tickets: https://www.eventbrite.com/e/4th-annual-ownership-economy-summit-registration-1991957749250 — code PODCAST30 for 30% off Full agenda: https://summit2026.ownershipeconomy.com/2026agenda The Census productivity study — "Employee Share Ownership, Management Practices, and Labor Productivity: An Analysis Using Establishment-Level Micro-Data from the U.S. Census" (March 2026). Kurtulus, Hoyt, Ouimet, Blasi, Kruse, Freeman and Castellano — Bill is a co-author, which he was too modest to mention on tape. Headline finding: ESOP adoption increases workplace labour productivity by 5.6–6.7% , controlling for management practices, headcount, capital and materials inputs, union status and geography. Built on the Census Management and Organizational Practices Survey (MOPS). Managing the Future of Work — his new book, published August 2026, and the title of his summit session: https://drwilliamgcastellano.com ownership.rutgers.edu — the NJ/NY Center for Employee Ownership and the Rutgers Institute for the Study of Employee Ownership and Profit Sharing, both reachable from there. This is the link he gives on air. California Executive Order N-6-26 , signed 21 May 2026 — the AI workforce order Jahed reads from. It directs GO-Biz and CalOSBA to "evaluate and, where appropriate, support opportunities to expand and enhance worker ownership models to support broad-based capital growth and build wealth from productivity gain among workers." It also covers severance standards and universal basic capital. Full signed text (PDF): https://www.gov.ca.gov/wp-content/uploads/2026/05/5.21.26-AI-Workforce-EO-FINAL-SIGNED.pdf

August 27, 2026Episode 359 min

Delilah Rothenberg on The Predistribution Initiative: You Can't Diversify Away From Inequality

Delilah Rothenberg went into finance to fight inequality and came out the other side with a sharper claim: the way capital is structured produces it. She spent nearly two decades across sell-side equities (Bear Stearns, through the crisis) and private equity infrastructure in Africa and the US, and this showed her the pattern nobody named at conferences: returns leaving the communities that host the projects, SDG 10 on the wall and in the deck but never actually in the world, and pay ratios between mega-fund executives and portfolio-company workers that can pass a thousand to one, even in deals with employee ownership attached. So she co-founded the Predistribution Initiative, which works with pension funds, insurers, sovereign wealth funds and asset managers on economic inequality as a macrofinancial risk. We unpack predistribution versus redistribution, why a pension fund that effectively owns the whole economy cannot diversify away from inequality, ESG 2.0 (turning the ESG lens on investors themselves), the limits of employee ownership and what context-specific solutions look like, communities taking equity in the infrastructure built next to them, the AI buildout, data centers, consumer demand, and the fiduciary-duty counterargument. She closes with what makes her optimistic: worker voice arriving in corporate governance, backed by some of the largest pension capital in the world. Delilah speaks at the 4th Ownership Economy Summit, October 1 in New York, get 30% with the code PODCAST30 right here: https://www.eventbrite.com/e/4th-annual-ownership-economy-summit-registration-1991957749250 Full agenda: https://summit2026.ownershipeconomy.com/2026agenda Everything mentioned in this episode: - The Predistribution Initiative — https://www.predistributioninitiative.org - PDI's research library, including the ESG 2.0 paper and the AI discussion paper series (the Predistribution AI Lab) — https://www.predistributioninitiative.org/research - Perspectives on Workforce Directors (PDI) — the worker-voice-on-boards work she cites, now carried by the Workforce Engagement Coalition backed by Railpen with Federated Hermes as a member — https://www.predistributioninitiative.org/research/perspectives-on-workforce-directors-opportunities-challenges/ - Apis & Heritage Capital Partners — the employee-ownership fund manager pairing EO with living wages — https://apisandheritage.com - IFC Performance Standards — https://www.ifc.org/en/insights-reports/2012/ifc-performance-standards — and the Equator Principles — https://equator-principles.com - Columbus, Ohio's "Our Voice, Our Choice" participatory budget https://common.oneproject.org/en/columbus - Bill Easterly's trade-versus-aid argument, where her road began — The White Man's Burden - UN Sustainable Development Goal 10: Reduced Inequalities — https://sdgs.un.org/goals/goal10 Find Delilah: https://www.linkedin.com/in/delilah-rothenberg · https://www.predistributioninitiative.org

August 20, 202647 min

Howard Brodsky of CCA Global on Capitalism with a Conscience: The $14 Billion Co-op Whose Founder Owns No Shares

Howard Brodsky's father was a Ukrainian refugee with a two-person flooring store in New Hampshire. Forty years later, the company Howard co-founded to save businesses like his father's, CCA Global Partners, gives scale to thousands of family businesses across fourteen sectors, from flooring to childcare, with roughly $14 billion a year in combined volume and more than $1 billion in profit returned to members. Howard ran it for 38 years, chairs it still, and owns no shares in it. We talk about why he chose a cooperative over the rollup that would have made him a billionaire, how a member-owned conglomerate actually governs itself (regional "Congress," advisory "Senate," and members who forced term limits), how the mills that wanted his business dead ultimately became partners, why his member stores have outpaced the public chains in growth, the Aspen Institute call that took CCA into childcare and now 32,000 centers, and the case he takes to governments: the missing link for shared ownership is the allocation of capital. Howard delivers the closing plenary at the 4th Ownership Economy Summit, October 1 in New York, on how AI plus shared ownership can change how wealth is created. Come be in the room. Howard delivers the closing plenary at the 4th Annual Ownership Economy Summit, October 1 at 140 Broadway, NYC. 🎟️ Tickets — use code PODCAST30 for 30% off Full agenda Everything Howard and Jahed mention in this episode: CCA Global Partners , the $14B cooperative of cooperatives Carpet One , CCA's largest member cooperative True Value , the hardware co-op whose CEO talked Howard and Alan Greenberg into the model in 1984 Mondragon Corporation , which Howard visited this spring Aspen Institute Economic Opportunities Program — Kirsten Moy's call that took CCA into nonprofits Early Learning Ventures , the childcare platform born from that call, 32,000+ centers by Howard's count The Drivers Cooperative , where drivers keep ~95% of the fare Bharat Taxi , India's driver-owned answer to Uber and Ola, launched February 2026 — verified, his "opened in February" is right start.coop , where Howard tells beginners to start The Principle 6 Cooperative , his newest venture International Cooperative Alliance , whose G20 group he chairs The research behind "10% of the global economy, a billion members": ICA facts and figures and the World Cooperative Monitor — this covers the "we'll put some of this research in the notes" promise you made on tape at the outpacing-the-publics moment Find Howard: howard-brodsky.com · LinkedIn ·

August 12, 202658 min

Adriana Abizadeh-Barbour on Building the Neighborhood Commons: What Happens When the Neighborhood Owns the Block

In the season five premiere of The Ownership Economy , we sit down with Adriana Abizadeh-Barbour, the Executive Director of the Kensington Corridor Trust (KCT) . Operating in Philadelphia’s Kensington neighborhood—an area heavily impacted by systemic disinvestment, concentrated poverty, and speculative real estate pressure—KCT is pioneering a legally distinct model known as a neighborhood trust . Rather than a traditional community land trust, KCT utilizes a unique dual-structure combining a 501(c)(3) nonprofit and a Perpetual Purpose Trust to decommodify commercial real estate, guaranteeing intergenerational affordability and local community control. Andrea breaks down the practical, ground-level mechanics of the model, including the 100% tenant retention secret driven by their 3-to-6-month community engagement process, and their landmark decision to compensate local resident board members at double the living wage (over $46 per hour) because as she says, "time is a social justice issue". Finally, we discuss KCT's massive new milestone: a $20 million acquisition that scales their footprint by 300% and forces them to navigate the strategic trade-offs of secured capital and government funding for the first time to win a speed test against private speculators. Adriana speaks on the housing commons session at the Ownership Economy Summit, October 1 in New York — full agenda . Podcast listeners get a discount with code PODCAST30 at registration . Show notes Kensington Corridor Trust (KCT) Website: https://kctphilly.org KCT Instagram: https://www.instagram.com/kctphilly SSIR Article - "Communities Need Neighborhood Trusts" by Joseph Margulies: https://ssir.org/articles/entry/communities_need_neighborhood_trusts SSIR Article - "In Defense of Neighborhood Trusts" by Joseph Margulies: https://ssir.org/articles/entry/in_defense_of_neighborhood_trusts Yale IEDL Case Study on KCT: https://iedl.yale.edu/neighborhood-trust/kensington Shelterforce Feature - "Who Holds the Power?": https://shelterforce.org/2025/10/03/who-holds-the-power-how-one-corridor-flipped-the-script-on-development/ The Purpose Foundation (Steward Ownership): https://www.purpose-us.com/ Purpose Foundation KCT Deep-Dive: https://www.purpose-us.com/writing/kct-episode1 Launch Partner - Shift Capital: https://shiftcapital.us Launch Partner - IF Lab Profile: https://thephiladelphiacitizen.org/if-lab-philadelphia/ April De Simone's Sister Initiative in Trenton (Vesi): https://nonprofitquarterly.org/how-can-a-perpetual-purpose-trust-build-community/ Trenton Journal Profile on De Simone: https://trentonjournal.com/de-simone-pioneers-shared-equity-housing-in-trenton-with-innovative-land-trust/ MIT Living Wage Calculator (Philadelphia County): https://livingwage.mit.edu/counties/42101

September 16, 2025Episode 8940 min

Episode 089 — Beyond the First of the Month: Atticus LeBlanc of PadSplit on Revolutionizing Rental Risk with Tech

This week, Jahed Momand has an insightful conversation with Atticus LeBlanc, founder and CEO of PadSplit , a public benefit corporation that’s flipping the script on affordable housing. Atticus shares his personal journey from renting a room in Atlanta and navigating early entrepreneurial challenges to his "aha moment"—realizing the profound need for respectable, affordable housing for those often overlooked by traditional landlords . Discover how PadSplit challenges long-held assumptions in the rental market, such as arbitrary monthly rent payments, high deposits, and reliance on credit scores that often don't include rental history. Learn about PadSplit's innovative approach: offering all-inclusive, furnished private rooms with flexible, weekly payments aligned with residents' paydays. This model not only makes housing significantly more affordable and accessible for individuals earning below $50,000 , including service workers and those on Social Security income, but also proves more profitable for property owners by fractionalizing space and reducing vacancy costs. Atticus explains how PadSplit focuses on resident management , handling payments and fostering community, thereby providing crucial stability and peace of mind for its members—many of whom are transitioning from homelessness or unstable living situations. Tune in to explore how reimagining basic housing assumptions can create immense opportunities for both renters seeking a new start and landlords looking to make a greater impact while achieving better returns. See Cliff Johnson from PadSplit speak to their model's viability and growth at the Ownership Economy Summit this year in NYC on October 7th. Grab your ticket here: https://www.ownershipeconomy.com/registration use the discount code OE2025VIP! for 40% off

September 9, 2025Episode 8850 min

Episode 088 — Scaling Capital Markets for Shared Ownership: Alison Lingane's Blueprint for Capital Growth

This week we sit down with Allison Lingane, founder of Ownership Capital Lab , a nonprofit singularly focused on growing investment capital for employee ownership. Allison, with nearly 15 years in the employee ownership space, including co-founding Project Equity, shares her journey from creating scalable paths to opportunity through education to realizing the critical need for a robust capital market for shared ownership. This episode dives into how employee ownership, often considered the "best kept secret," can move beyond its current silos and into the mainstream. Allison discusses the core thesis of Project Equity —making employee ownership normal and self-generating—and how this led her to establish Ownership Capital Lab to specifically address the challenge of attracting capital . With a goal to inject an additional billion dollars of capital into the space, Allison explains the current landscape where dedicated employee ownership funds, totaling around 27-30 with $500 million in assets under management, are still largely "emerging managers". Listeners will gain insight into: The innovative approach of newer funds that attract mainstream business owners with acquisition offers rather than solely employee ownership proposals, making employee ownership competitive with private equity buyouts. The impressive 12-15% IRR return profiles of private credit employee ownership funds, which are designed to outperform mainstream private credit with lower default rates. The critical need for senior debt that can match the speed of private credit to ensure employee ownership funds can compete effectively. The importance of the proposed American Ownership and Resilience Act , which aims to provide specialized employee ownership funds with access to matching low-cost government capital, positioning employee ownership as a vital tool for retaining American commerce. Ownership Capital Lab's work in developing the first-ever roadmap for employee ownership capital growth and fostering connections and education among investors and funds. The pervasive misconception among institutional investors, like some foundation endowment committees, that companies opting for employee ownership are "duds," highlighting the ongoing need for broad education. Allison will be elaborating on these crucial topics for scaling employee ownership at a summit in New York on October 7th . Don't miss this insightful conversation on how to unlock the full potential of employee ownership through strategic capital investment and education. You can learn more about Allison's work at ownershipcapital.capital. Get your ticket to the summit to see Alison speak here: https://www.ownershipeconomy.com/registration