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SOCAP10: Haile Johnston, Common Market


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SOCAP10: Haile Johnston, Common Market

  1. 1. L O C A L F O O D D I S T R I B U T I O N C E N T E R Common Market Philadelphia
  2. 2. Presentation Outline 1. Genesis of the idea 2. Planning process 3. Role of social capital 4. Where are we now and where are we going?
  3. 3. Urban Food Desert or “swamp” •High incidence of chronic disease •High rate of childhood and adult obesity •Very low access to healthy food
  4. 4. Vision Common Market envisions a future where all communities are nourished by wholesome food grown by sustainable local farmers
  5. 5. Mission Statement  Create an infrastructure to help build a more equitable and sustainable food distribution system for the Philadelphia metropolitan area  Help ensure the viability of local farmers by providing an economically superior alternative to the mainstream food distribution network  Provide urban consumers with increased access to locally and sustainably grown food
  6. 6. Target Market =Institutions •Self-sustaining ops! •Broad coalition •Achieve economies of scale and reach mission of affecting broader access to local foods •Parallel project launched by partner organization •Leveraging excess capacity of existing distribution facility •(c)3 corp. structure Planning Process
  7. 7. Customers •Hospitals •Universities •Philadelphia School District •Private and independent schools •Affordable CSA project with Saint Christopher’s Foundation for Children
  8. 8. Role of Social Capital  “First Industries” bond issue  $100k Planning grant  Eligible for 50% loan guarantee  Foundation Grants and PRI  Small Corporate Grant  Revolving lines of credit  $60K from The Reinvestment Fund (with state guarantee)  $130K from RSF Social Finance (guaranteed by receivables)  Total Y-1 startup= $90K
  9. 9. Where are we?
  10. 10. Where are we going?  Year two sales @ $600K  Focus on food safety  Infrastructure in place for growth  Working toward break even (BE)  BE projected to be at $1.2M sales in year 4
  11. 11. Stages  Idea to Planning  LaunchStartup  Model testing and redesign  Finding efficiencies  Early growth phase  Working toward break even  Proof of model  Scalability Replicability  Other geographic markets  Suggestions or Questions?
  12. 12. Contact (424) 242-4535