To Recap

 

• Steward-ownership-aligned financing is a form of investment structured along the principles of steward-ownership. It focuses not just on WHAT a company does or WHAT investors fund, but on HOW the investment itself is structured. The nature of the investment and the relationship between the company and its investors take centre stage.
• Investors become financing partners of the company while preserving the company’s entrepreneurial autonomy and refraining from commodifying the company as a whole. 
• This translates into a different logic compared to conventional investment in three key areas:

Governance: Control over the company remains with entrepreneurs; investors don’t automatically receive power by investing in the company but can be involved in the company’s governance based on their role.

Liquidity: Instead of relying on speculative sales or conventional exits, investors achieve liquidity through alternative paths. Investors and companies co-create financing solutions that align with the company’s long-term goals, structuring repayments to ensure the business thrives well beyond the investment period.

Return: Returns can be structured in various ways, but economic claims are always limited – either in terms of duration, amount, or influence. The focus shifts from “How much can we make?” to “What is enough? What is a risk-adequate return for the investment? What is a fair compensation for the investor’s contribution?” 

• This allows the investor-company relationship to fundamentally shift towards a more intentional relationship, aligned with the purpose and long-term development of the company.
• Steward-ownership-aligned financing often means new and innovative financing structures and instruments. Examples of this exist and can be built upon.