💪🏾 co-ownership: how it works
your chance to become a co-owner in somos! 🥳
☀️ our ownership model: a quick intro!
[🎥 coming soon]
🧙🏽♂️ making the idea a reality!
🪙 ownco partnership
- we’re excited to be one of ten companies to have partnered with Ownco - a first of its kind ownership sharing platform.
- the partnership paves the way for tokenised co-ownership of somos, meaning teachers (and eventually students, partners, employees, advisors & affiliates!) can earn virtual shares via our options scheme.
⚙️ 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.🥇
- we’ll be inviting sign-ups in late august/early september 2023
1️⃣ our pilot programme: your journey to co-ownership! 🚀
- 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 🧮
🏦 how to earn tokens…
here's the breakdown of how you can earn your tokens:
- 1️⃣ every time you generate $100 in revenue 💰, we say thank you with a token
- 2️⃣ sell any course, class or product that's $15 or over 📚? that's another token coming your way
- 3️⃣ receive an 9+ NPS score from your students 🎓? you get two tokens!
but that's not all. we've got some bonus token action too!
- 🏆 feeling generous enough to leave us a review on trustpilot 🗣️? 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*
- 📢 know a teacher who would love our community 📚? bring them in to sign up as a paid monthly or annual subscriber and earn 2 tokens for every successful referral (as a double bonus, they’ll get 2 tokens too!)**
🎁 what do tokens do?
now for the fun part…
- 🦋 every 25 tokens you earn transform into one virtual share options 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…
remember, at somos you're more than a customer - you're part of our journey, community and we hope, success! 🎆🥳
2️⃣ what’s next?
once we’ve tested out the initial programme, we’ll be opening up:
- a full scheme for teachers; and
- other schemes for the wider somos community.
we’ll keep you posted!
🚀 sounds great, how do i sign up?
🤔 frequently asked questions
- ✊🏾 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.
- 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.
- 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.
- 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.
- 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. 📈
- nope! tokens are given to you in exchange for your contributions to the platform. it's our way of saying thank you!
- 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.
- 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. 🙅🏽
- nps (net promoter score) is a way for us to measure how…
- 1️⃣ happy your students are with your courses and classes, 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 two 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! 🙌🏾🎉