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November 19, 2013

Athabasca Working Towards Establishing an ODC

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Ten community leaders in Athabasca are working towards establishing an opportunity development co-op (ODC) in the northern Alberta town of about 3,000.

The project is part of the Unleashing Local Capital initiative, which encourages communities to invest money locally, direct their own economic development and reduce dependency on government supports by moving outward-bound investments towards local businesses, which keeps local capital flowing through local communities.

Dr. Mike Gismondi, a professor at Athabasca University, is one of the 10 people steering the project, which will see people in the community invest money in projects they like.

Mike says an ODC has “lots of potential” in Athabasca, but the first step will be crucial to its success.

“We’ve got to be careful and pick the right first project and explain to people how it works; about how they can just invest in the projects they’re interested in, not in everything, and that we’re not running the project — we’re in the business of investing in businesses,” Mike tells ACCA News.

Click here to view the full article by Deron Hamel.

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