December 2010: snow fell heavily outside. All day I’d received messages from our guest speakers: ‘sorry, snowed in’. ‘Perhaps,’ said Jeremy Leggett, ‘we should reschedule for the New Year’.
Other emails came from BEC supporters. ‘Let me know what happens,’ said one. ‘Keep me posted,’ said another.
In the end 20 people made it to the snow and into the main hall of the Friend’s Meeting House. Three weeks before Christmas and it was Brighton Energy Co-op’s second public meeting.
The meeting had been suggested by one of our mentors: Chris from the Co-operative Enterprise Hub. By October we’d realised we were going to need some more cash. We ummed and ahhed about loans (we were probably too early, too high risk, too untested and we definitely didn’t want to encounter robinson way). Chris piped up: why not go to our cache of supporters who had signalled their interest in investing?
The meeting, therefore, was going to test the waters: were people really willing to put their hard-earned cash behind us?
The newly minted BEC directors had all made it; we stood up and delivered our presentations. It had been a couple of months since our last public appearance, said Damian, before outlining what we’ve been doing – forming the CBS, analysing business scenarios, working out how BEC could be done. Danni pointed out what we’d need to get us through to a point where we could launch the shares.
I went over what investment might mean: not only are we going to deliver a financial return, but social and environmental ones too: reducing CO2 via our panels and increasing community involvement in CO2-reducing schemes. This double carbon benefit, I emphasised, is the unique proposition of energy co-ops.
I saw heads nodding. We wrapped up with a call to action: ‘if you’re interested in seeing BEC go forward to the share launch stage,’ we said, ‘leave us your details and we’ll arrange a meeting to go into things in more detail.’
Happily, five or six people approached the table. For the next week the three of us batted between meetings (Pioneer investors in co-op speak). Talking to people who are thinking of placing their cash behind you is nerve-wracking. The staff at the Old Ship Hotel (our favourite meeting venue) grew used to us popping in and out.
Our share document proved a good route map through the discussion. Danni, Damian and I alternated speaking, picking up on each others points.
Once we’d gone through the document, we asked, without prejudice, ‘how much are you thinking of putting in?’
Each brave Pioneer named their amount. The answers made us grin: ‘It’ll depend on what my shares are doing, but I’m in’ said one. ‘I’ll start with a small amount,’ said another, ‘with maybe more later.’ ‘You’re doing great – this is just the beginning’.
We’d done it! It’s a great vote of confidence in all the work we’ve been doing, as well as giving us increased credibility – and of course the cash to keep going.
Since the meeting I have mulled why people feel the confidence to invest in the Brighton Energy Co-op project. We estimate we have put in around 700 man hours into getting things this far. We approach each hurdle with a maximum of professionalism – thoroughness of thinking, depth and scope of research, forward planning and preparation.
It is a real step forward, therefore, to see all that creative energy rewarded by our Pioneer’s faith. It’s an understanding that people are putting their money in us, as well as the project itself; an understanding that the way we tackle things is right.
We continue with the same approach.
