Episode description

Luke Hohmann is the Founder and CEO of FirstRoot Inc.. FirstRoot Inc’s teaches students financial literary by giving them real cash and the chance to make a real impact in their school. With a structured program to guide them on their decision making process, students are able to learn through their own experiences how money really works.

Join us as Luke he shares about the power of participatory budgeting in any organization, just how he managed to achieve an 80% to 100% participation from the students, and why he structured his company as a Benefit Corporation. 

Resources:

https://firstroot.co/ - Check out FirstRoot and its programs!

Actionable Take-aways:

1. The more you work, the more opportunities you create for yourself. Like Luke, you may find your next business idea from your existing business. Always be open to new ideas and challenge the status quo.

2. Allow your customers to have a bigger stake or a chance to be more involved in the business. When they see that their actions have a direct impact, they will become more loyal to you in the long run.

3. If you are looking to start a company that prioritizes doing good for the public and society, do some research or ask a lawyer as to what is the best corporate vehicle you should incorporate. Luke decided to incorporate FirstRoot as a Benefit Corporation and this has allowed him to prioritize the good he wants to do for society over maximizing profits.