Ever wanted to own a restaurant? How about co-owning one?
Or how about having a 1/500th share?
Investors will get that opportunity later this year when Urban Space 500, a crowdfunded restaurant, opens in the Ukrainian capital Kyiv.
The Teple Misto online platform for startup initiatives, which is based in Ivano-Frankivsk, is looking for 500 investors to put $1,000 each into the project. Eighty percent of the profits from the business will be reinvested in social initiatives to develop Kyiv.
Teple Misto first used the crowdfunded restaurant business model in Ivano-Frankivsk, in western Ukraine two years ago, opening a restaurant called Urban Space 100.
The idea was for the place to be not just a restaurant, but also a space for delivering presentations and discussing ideas with like-minded people. Since its launch in 2015, Teple Misto has successfully financed 38 projects and spent almost Hr 600,000 ($22,000) on various initiatives to improve the city, such as helping stray animals, and developing Ivano-Frankivsk’s cultural life.
The opening of Urban Space 500 in Kyiv will bring the same idea to the capital. The management model consists of two parts: a social component provided by Teple Misto in cooperation with NGO Insha Osvita, and restaurant management performed by the Druzi company.
The goals of Urban Space 500 are to create an accessible platform for city events, and to establish a fund to finance social projects and start-ups. The initiative looks to attract 500 socially aware investors who will invest $1,000 each in the enterprise and allocate funds to other projects.
The co-owners will meet four times a year to consider applications for their grant program, and select the best ones.