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co-ownership: how it works

💪🏾 co-ownership: how it works

your chance to become a co-owner in somos! 🥳
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coming april 2024!

☀️ our ownership model: a quick intro!

[🎥 coming soon]

you’ll discover…

  • the unique ownership model that sets somos apart
  • the easy path for teachers to become co-owners in somos
  • where to find all the details you need! 😊

🧙🏽‍♂️ making the idea a reality!

🪙 ownco partnership

⚙️ how it will work

  • we’ve set aside a large % of the business to ensure increased community ownership over time. 🎯
  • to kick things off, we're introducing a pilot programme that opens up co-ownership to the first teachers on our platform.🥇
  • you’ll need to be on our growth or pro plans to take part.
  • we’ll be inviting sign-ups in april 2024
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1️⃣ our pilot programme: your journey to co-ownership! 🚀

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🔬 approach

  • like everything we do at somos, we want to run tests & experiments with you to make sure everything is working well! 🤓
  • our ownership scheme is no different. we’re initially making 12,500 tokens available and have created a variety of ways for teachers to earn these!
  • as a general rule, the more you engage with the community, the more tokens you earn. 📈
  • these tokens translate into virtual share options in somos. 💱
  • 25 tokens = 1 virtual share option 🧮
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🏦 how to earn tokens…

here's the breakdown of how you can earn your tokens:

  • 1️⃣ receive an 9+ NPS score from your students 🎓? you get 5 tokens!
  • 2️⃣ know a teacher who would love our community 📚? bring them in to sign up as a paid monthly or annual subscriber and earn 5 tokens for every successful referral (as a double bonus, they’ll get 5 tokens too!)**

but that's not all. we've got some bonus token action too!

  • 🏆 feeling generous enough to leave us a review on trustpilot or google 🗣️? boom, that's 10 tokens for you*
  • 📹 have a student leave you a video testimonial we can share on social media? that’s 5 tokens right there!*
  • 🎥 up for recording a short video intro we can use publically? another 5 tokens*
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🎁 what do tokens do?

now for the fun part…

  • 🦋 every 25 tokens you earn transform into one virtual share option in somos.
  • 💸 these share options aren't just for show (one virtual share option has the same financial value as shares in somos).
  • they mean you get a cash payout…
    • if somos is sold or goes public, and/or
    • when dividends are issued to somos shareholders.

remember, at somos you're more than a customer - you're part of our journey, community and we hope, success! 🎆🥳

🦉
a quick heads up, things to be aware of for the pilot! 1️⃣ nps + referral based scheme - 8,000 tokens available → check out our faqs below on what nps is and how it works. → you can make as many referrals as you like until we hit the total cap for the scheme! 2️⃣ bonus scheme - 4,500 tokens available → the tokens for reviews and videos are limited to the first 100 users for the pilot scheme. → users will be invited to take part once you are signed up/eligible. 3️⃣ the scheme is subject to our terms & conditions. check out: → the legal document → the explainer guide → our general terms and policies. check out our faqs section below for further info too!
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2️⃣ what’s next?

once we’ve tested out the initial programme, we’ll be opening up:

  1. a full scheme for teachers; and
  2. other schemes for the wider somos community.

we’ll keep you posted!

🚀 sounds great, how do i sign up?

🤔 frequently asked questions

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what is the somos ownership model?
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why is somos structured this way?
  • ✊🏾 community shareholdings:
    • we want our long term future to be aligned with our community.
    • if our project goes well, we want to share that success directly with grassroots organisations doing critical work protecting languages, culture and people.
    • traditional csr and diversity and inclusion programmes are often very top down.
    • we want to build with (rather than for) the communities we work in.
    • giving our partners shares with the same financial and voting rights as our other investors makes us directly accountable to them.
  • 🎓 teachers:
    • as teachers, you are the lifeblood of somos!
    • we recognise the importance of your long term security and want to give you every incentive to make somos the best place to grow your business.
    • by providing co-ownership opportunities, we want to demonstrate…
      • a very real faith in your abilities, and
      • our commitment to your financial health and broader wellbeing
    • we hope this fosters a sense of belonging, encourages a higher feeling of connection, and ultimately results in a superior learning experience for your students.
    • we're not just creating a platform for users, but a vibrant community where we all have a real stake in shared success.
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is somos a not for profit?
  • no, we're not a not for profit.
  • we're a for-profit social enterprise with a mission. 🚀
  • we aim to have a positive impact on society while also delivering value to our shareholders and stakeholders.
  • you can learn more about our social mission here.
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what’s the difference between how somos is structured and a DAO (decentralised autonomous organisation)?
  • firstly, what is a DAO?! 🙀
    • a decentralised autonomous organisation (DAO) is an organization living on the blockchain - proposals can be made and voted on by the community, finances are recorded on the blockchain, and operational rules are programmed in smart contracts.
  • what is somos? 💚
    • somos is a private company limited by shares. we are registered in england & wales under company number 13657044.
  • what does this mean for the co-ownership scheme?
    • tokens issued by somos are compliant within the legal framework for issuing virtual share options in england & wales.
    • the scheme has also been approved wholeheartedly by our existing shareholders. 🎊
    • DAO’s potentially have very exciting use cases but right now they operate in legal grey areas with the uncertainty of changing regulation.
    • we are…
      • not sharing the entire ownership and governance for somos as a DAO would.
      • starting with a significant co-ownership goal and will look to build on it as we grow the business and community.
    • easier, low cost accessibility
      • there is no need for our community members to have crypto wallets or learn any crypto jargon. 📟
      • for the pilot, you’ll just need an account with somos and your email address 😊 to take part.
      • any future payouts will be in cash not tokens.
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are you using crypto or blockchain for the co-ownership scheme?
  • no, we're not using crypto or blockchain for the co-ownership scheme.
  • while we're excited about the possibilities of these technologies, we're focusing on a structure that is accessible and compliant within the current legal frameworks. 📑 vs 🧱⛓️
  • tokens issued by somos are part of a virtual share options scheme that's been approved by our shareholders.
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why are you doing this using tokens?
  • we chose tokens for our co-ownership scheme because they're easier to distribute and more inclusive, especially considering the global nature of our community. 💎
  • plus, tokens offer more liquidity and accessibility compared to traditional forms of ownership.
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what are virtual share options in somos worth?
  • our virtual share options have the same valuation as our actual shares.
  • this will vary over time. what is important is:
    • the valuation at a liquidity event (e.g. the business being sold),
    • the % ownership your shares represent at the time of a dividend payout (e.g. if you own 1% of somos and somos pays out $100 to its shareholders, you’ll receive $1).
  • you can keep up to date with somos’ valuation based on our external fundraising here. 📈
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do i need to pay anything to take part in the co-ownership scheme?
  • nope! tokens are given to you in exchange for your contributions to the platform. it's our way of saying thank you!
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what are the tax implications?
  • when it comes to tax, everyone's situation is different.
  • any income you receive from the co-ownership scheme could have tax implications, and it's your responsibility to report this.
  • we recommend you get independent legal, accounting and tax advice to understand your obligations.
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disclaimer: somos doesn't provide legal, accounting or tax advice, and this information shouldn't be taken as such.
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what are the limitations of tokens + this scheme?
  • tokens cannot be given in exchange for money, they must be in exchange for actions (i.e. work).
  • this is so we are compliant with securities law.
  • tokens cannot be traded directly between individuals. 🙅🏽
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where can i find the full legal terms and conditions for these scheme?
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what is nps and why does it matter to me as a teacher?
  • nps (net promoter score) is a way for us to measure how…
    • 1️⃣ happy your students are with your classes and courses, and
    • 2️⃣ likely they are to recommend them to others.
  • it's calculated based on responses to a question along the lines of: "on a scale from 0 to 10, how likely are you to recommend this teacher to a friend or colleague?”
  • the answers are grouped into:
    • promoters (9-10) 🙌🏾
    • passives (6-8) 😶
    • detractors (0-5). 😫
  • your nps is the percentage of promoters minus the percentage of detractors.
  • at somos, nps is more than just a number - it's an opportunity to recognize and reward great teaching.
    • every time you earn a promoter score (9 or 10), you receive five tokens!
    • also, a count of the students who recommend you will be displayed on your profile as “endorsements”, enhancing your reputation within the somos community!
  • it's our way of thanking you for your fantastic work and contribution to our learning environment! 🙌🏾🎉

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registered in england & wales with company number: 13657044.