Reimagining Capital
Exploring alternative funding models for entrepreneurs at Boulder Startup Week
I recently moderated a panel at Boulder Startup Week, titled Reimagining Capital: How Innovative Funding Models Strengthen Communities and Businesses. The panel discussion aligns directly with the purpose of Community Returns, considering how our local economies can organize themselves in ways that are regenerative and support the people in their communities.
Given this alignment, I thought I’d post a recap of the panel. The speakers offered a refreshing and grounded exploration of what it means to finance a business in a way that supports long-term resilience, worker well-being, and community impact, rather than chasing quick returns or unsustainable growth.
The panel convened an incredible lineup of experts and entrepreneurs who are actively building, funding, and supporting businesses outside the dominant venture capital model:
Cindy Willard, Senior Director of Capital Activation at Impact Capital
Alan Ramirez, Director of Lending at the Colorado Enterprise Fund
Verity Noble, Co-founder of Nude Foods Market
Suzanne Prendergast, Executive Vice President at SOIL Boulder
Matt Licina, Technical Content Manager at the National Center for Employee Ownership
The conversation centered around a core question: How can founders access capital that aligns with their values, sustains their mission, and strengthens their communities?
Alternative Paths to Capital
Panelists discussed a range of funding models that are often overlooked in mainstream startup ecosystems:
Debt financing, when structured thoughtfully, can provide growth capital without sacrificing ownership.
Customer-funded models, like crowdfunding or pre-selling products, enable businesses to grow with the support and investment of their future customers. Specifically, Verity shared Nude Foods' success in raising capital using WeFunder.
Revenue-based financing and mission-aligned capital provide flexible terms for values-driven businesses.
Employee ownership offers a transformative strategy for succession planning, wealth building, and deepening employee engagement.
A consistent theme throughout was the need for entrepreneurs to understand their own business models and to be strategic about choosing funding that supports, rather than undermines, their long-term goals.
"Raising money is hard," said Cindy Willard. "Let’s acknowledge that. But the power relationship between you and your investors is far more equal than you think it is."
Aligning Capital with Mission
The panel also pushed back on the idea that all capital is neutral. Suzanne Prendergast described SOIL Boulder's mission-aligned approach, explaining that they intentionally prioritize community benefit over profit, by providing zero-interest loans to local food producers and farmers. “We’re not in the business to make money off this,” she said, highlighting the need to make capital more accessible to small producers and entrepreneurs.
“It's a completely different approach to staying in the community and actually bolstering it; we don't want equity, I don't want your plow, I want your success. I want to see you thrive. For our loan recipients, the question becomes, who's going to lend you the money, and what is the journey that you want to take?”
Verity Noble has raised money through various forms to sustain and grow Nude Foods. In the early days, they relied on customer pre-sales to fund operations. Going this route requires trust, and she emphasized the role transparency plays in building trust: “Transparency is key—and then becoming a hub for the community.”
The conversation also explored how employee ownership can shift both the culture and trajectory of a company. Matt Licina reminded attendees that shared equity isn't just an idealistic dream: “If you include employees, share the profits, and share the equity, it does actually work.”
The Bigger Picture: Capital as a Tool for Equity and Belonging
Beyond funding mechanics, the panel touched on something deeper: the opportunity to reimagine capital itself, not just how to access it, but how to redefine what it's for.
"The most successful businesses I’ve seen are the ones keeping their eye on the problem they’re trying to solve," said Cindy Willard, "and not just focused on generating profit."
Each panelist brought forward practical strategies and real-world examples, offering entrepreneurs in the audience a broader set of tools and the encouragement to seek capital on their own terms.
Some Key Takeaways for Entrepreneurs:
Be clear on your business model and funding needs before pursuing capital.
Look for funders whose values align with your mission.
Consider customer-funded models, debt, and revenue-based financing as viable alternatives to equity.
Explore employee ownership as a long-term strategy for sustainability, succession, and equity.
Remember: capital should work for your business, not the other way around.
I loved this discussion and the panelists' prompting to reframe our minds around how to fund a business and the role of business in a community.
In my opinion, a business has a responsibility to the communities they exist within and the money it takes to sustain and grow that business can either be extractive and take more from the community than it returns, or it can be additive or even regenerative, strengthening the places where they operate and supporting their employees, partners, and customers in meaningful ways.
Business owners have a choice, and I’m grateful to the folks who sat on this panel for sharing how entrepreneurs can approach that choice with wide eyes and a generous heart.
Resources and information about the presenters can be found here.