How did you become involved with LIYCC?
David: I cannot honestly say it was due to any sort of soul searching on my part, or deep desire to get involved, more like some fortuitous combination of events. The Board of LIYCC approached a friend of mine, a very experienced lawyer and businessman, whose plate was already full. He then directed the Board to speak with me. I was not conversant particularly with coops, nor impact investing but after some discussions with the team, I became quite intrigued with the idea of working in the space. The opportunity to try and assist small Calgary entrepreneurs with their business ventures with a view to sustainability was enticing.
Why do you feel your background is of value to LIYCC and its members?
David: I think my background brings a number of attributes which can be of assistance to many businesses, including LIYCC. I am a retired lawyer, who was involved in business for close to 40 years. This included over a quarter of a century as the Executive Director of the Alberta Securities Commission. This gave me more than some familiarity with the securities regulatory framework which governs capital raising. I also bring a different demographic to the LIYCC Board. The Board is comprised of young professionals who have incredible backgrounds and energy, Their devotion to the coop is extraordinary. Due to the passage of time, I bring more history and experience than most, some good, some bad, to the board table. Any board is improved by having diverse voices at the table, and I am hopeful that my presence adds to assisting in a different perspective for board decisions.
What do you find particularly interesting and challenging at LIYCC?
David: As I previously shared, the opportunity to assist the small Calgary entrepreneur in sustainable business ventures was alluring. I have spent a good portion of my business life in regulating business conduct in the capital formation area. This involved a balancing of two complementary, yet often diverging, interests: the protection of investors and the facilitation of capital raising by businesses. If one interest is preferred too heavily at the cost to the other, then chaos will reign. Investors need to be fully informed of the risks they are undertaking, and in the entrepreneurial context, all investments are speculative. Investors need to understand their risk tolerance and that investing in start-ups is not a sure bet. On the other hand, for start-ups to succeed and prosper, there needs to be capital provided by investors to give these companies the opportunity to continue to grow, provide jobs, and improve our world. At LIYCC, we are trying to ensure that both sides of the equation, the investor and the business, get an opportunity to play an informed part in this process.
Where do you see the future of LIYCC?
David: It is a very interesting time for the coop, a number of decisions need to be made about its future – should it grow, should it become more diverse in terms of what it invests in and who is permitted to invest, or should it remain static in terms of its structure. There are very interesting conversations happening at the board level. I look forward to working with this group to try and assist in any way I can to further the future of LIYCC.