What does it take to redefine entrepreneurship for both impact and profit, and can owning less of a company mean achieving more? In this episode of The Angel Next Door Podcast, listeners are invited to consider how traditional business structures and investment models can be transformed for greater societal good without sacrificing returns. Blake Jones joins Marcia Dawood as today's guest—a self-described accidental entrepreneur who transitioned from engineering in the oil and gas sector to pioneering employee ownership through Namaste Solar. His journey includes international work in renewable energy, founding a successful solar cooperative, and now leading the innovative Kachuwa Impact Fund, which democratizes impact investing via a cooperative model boasting over 300 members and nearly 100 diversified assets. The episode takes a deep dive into how Blake Jones and the Kachuwa Impact Fund structure investments to balance financial returns with meaningful impact. Offering an accessible, diversified portfolio that pays annual dividends, the fund supports employee ownership conversions, affordable housing, and more—all governed democratically. If you’ve ever wondered how to invest for impact while still earning returns, or how cooperatives operate in practice, this episode is a must-listen for its fresh perspectives, practical insights, and inspiration for anyone looking to shake up traditional business and investing models.
What does it take to redefine entrepreneurship for both impact and profit, and can owning less of a company mean achieving more? In this episode of The Angel Next Door Podcast, listeners are invited to consider how traditional business structures and investment models can be transformed for greater societal good without sacrificing returns.
Blake Jones joins Marcia Dawood as today's guest—a self-described accidental entrepreneur who transitioned from engineering in the oil and gas sector to pioneering employee ownership through Namaste Solar. His journey includes international work in renewable energy, founding a successful solar cooperative, and now leading the innovative Kachuwa Impact Fund, which democratizes impact investing via a cooperative model boasting over 300 members and nearly 100 diversified assets.
The episode takes a deep dive into how Blake Jones and the Kachuwa Impact Fund structure investments to balance financial returns with meaningful impact. Offering an accessible, diversified portfolio that pays annual dividends, the fund supports employee ownership conversions, affordable housing, and more—all governed democratically. If you’ve ever wondered how to invest for impact while still earning returns, or how cooperatives operate in practice, this episode is a must-listen for its fresh perspectives, practical insights, and inspiration for anyone looking to shake up traditional business and investing models.
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MARCIA DAWOOD
0:02
Well, Blake, welcome to the Angel Next Door podcast.
BLAKE JONES
0:05
Thanks. Happy to be here.
MARCIA DAWOOD
0:07
I am really excited for you to come on the show and talk to us a little bit about Kachua and this model that you have for investing in impact. I know when I first learned about it I thought, wow, you're investing in things that actually can spit off revenue and have some type of return and then you're also investing in longer term things. So we're going to get into all the details, but definitely let's start out. Tell us a little bit about your background and then how did you get into this?
BLAKE JONES
0:36
By accident is the short story. I studied engineering and went to work in oil and gas industry after graduating college. And then I have an environmentalist older brother who helped me transition my passion for fossil fuels into a passion for renewable energy and fell in love with the global energy industry and went to work in Nepal for a few years doing renewable energy and came back to the United States and became an accidental entrepreneur with two others. It was just good timing to start a solar company here in the United States in 2004. And we none of us had an MBA. We didn't really know what we were doing. But we started that company and we thought, we're going to do this, we want to do it differently than the way we'd seen it done. And so we started it as an employee owned company in a very flat hierarchy, democratic workplace.
BLAKE JONES
1:22
And it turned out that attracted a lot of amazing people to come work with us. And that company's name is Namaste Solar. It's now 21 years old and a big part of its success is due to being an employee on cooperative. And we were growing so quickly in the early days that we needed to raise money. All the employee owners were investing money in the company, but we still needed more and we didn't want to take money from the usual suspects, from angel investors or we had VC funds calling us all the time. Solar. Solar was hot at the time and we knew that would spell the end of our employee owned cooperative. And we didn't know if there were investors out there who wanted to invest in what we were doing.
BLAKE JONES
1:59
And we were pleasantly surprised that there are. That's where I learned the term impact investor. And over a couple of years we raised almost $5 million from 125 different impact investors who invested in us because of being an employee on cooperative, of being a certified B corporation because we were in the solar industry. They were looking for just that type of investment. And I would interview the investors to make sure that it was a good fit. And in interviewing them, I was so inspired to hear how they invested in alignment with their values and how they were finding these investment opportunities. I'd ask them, well, what else are you invested in? How are you finding these? And so I decided I'm going to do that with my money, take it out of Wall street and start investing in companies that I would meet when we would go to B Corp. Conferences or employee ownership conferences or cooperative conferences.
BLAKE JONES
2:51
And over time, my personal impact investing portfolio grew and grew. And then fast forward a decade later, friends and family and colleagues were saying, wow, you've got the most exciting portfolio. Those are neat companies. That's the kind of companies that I want to invest in. How can I do that? And that's where I'd learned about you need to be an accredited investor to participate in a private offering. A lot of, a lot of profit offerings. The minimum investment amount is very high. So a lot of the people who are asking that, they learned that they couldn't actually do that themselves.
BLAKE JONES
3:24
And even if they could, they need to know how to find the deals and how to do due diligence on them, et cetera. So they thought, they asked, can we just piggyback on what you're doing like? And so being a co op enthusiast, I said, yeah, let's do it. Let's just do it as a cooperative. And so that's how we started the investment cooperative. And then fast forward to today. Now it's got over 300 members. It's got a portfolio of almost 100 assets that total about 65 million. So it's been snowballing ever since.
MARCIA DAWOOD
3:50
Amazing. So explain for our listeners who don't know exactly what a cooperative is, how it's structured.
BLAKE JONES
3:57
Yeah, I think most of us may not be aware that there are cooperatives all over the place. There are a lot of farmer owned cooperatives like Land O Lakes and Organic Valley and Sunkist. There are purchasing cooperatives like Ace Hardware and True Value Hardware. There are financial services cooperatives which are also called credit unions. I didn't know that. Credit unions are cooperative banks. There are co ops all over the place. But one of the hallmarks of a cooperative is that it's got democratic governance.
BLAKE JONES
4:25
So you can invest more in the cooperative but you're only going to get one vote. So like it's one, one member, one share, one vote. And usually if you invest additional amounts in a cooperative, it's going to be in the form of a non voting share, non voting stock. So that it stays as a democratic form of governance and shareholder control. That doesn't mean that you make operational votes democratically. It just, it just means at the shareholder level, like at Cultural Impact Fund, we have investors who invested more than a million dollars and some of those invested as little as $5,000. And you get a proportional financial return on that, but everyone only gets one vote. So that's one example of what it means to be a cooperative.
BLAKE JONES
5:06
Just another one is that it's owned by the members who utilize the cooperative. So if you're a member of rei, like a lot of people have heard of rei, you're buying your outdoor equipment from rei. Those are the members who comprise the ownership group. Or if it's an employee owned cooperative like Namaste Solar, it's the employees who work there that are the owners. And if you're a organic dairy farmer, only those organic dairy farmers can be the true members or the owners of Organic Valley, the agricultural cooperative.
MARCIA DAWOOD
5:37
Interesting. Then explain a little bit how that works. When it comes to Kachua Impact Fund, there are shareholders. Everybody has one vote, even regardless of what dollar amount people put in. Then what is it that they actually can vote on? Because they're not doing like day to day operational things, right?
BLAKE JONES
5:55
Yep. It's the same thing that shareholders vote on at other companies. Usually the board of directors is the primary thing, whether or not to sell the company or just liquidate all the assets, the cooperative. So that's the primary thing. And cooperatives, since cooperatives have a very democratic form of governance and good democracies that have good checks and balances. Another example of something that our members vote on is our board of directors can't vote to compensate themselves more without the co op members approving it. Those are the main things shareholders, what shareholders vote on at any other company. That's.
BLAKE JONES
6:27
Those are the things that shareholders that cooperatives vote onto.
MARCIA DAWOOD
6:30
Interesting. Okay, so Kachowa Impact fund has about 100 assets inside the fund. So tell us what types of assets they are and how you find them.
BLAKE JONES
6:40
By design, more than 60% are real estate, mostly commercial real estate, like industrial flex spaces, warehouses. But Also we have two affordable housing apartment buildings, but more than 60% of it's real estate. So we're technically a real estate cooperative, a real estate company. And then with the other 40%, we invest in all different types of investments in private companies. So debt, equity, revenue sharing agreements, safes. We also make a lot of limited partner or LP investments and professionally managed funds. So we have a little bit of everything and the goal is to diversify the portfolio as much as possible in all these different asset classes, which is for the good of the cooperative and for the good of all the co op members. Because we're trying to make it more friendly and accessible and welcoming to investors.
BLAKE JONES
7:32
But if investor only has a limited amount to invest, we want to make sure that they're not having all their eggs in one basket. By participating in one private offering and one direct investment in one company, they can invest in our co op. And it's a, it's very diversified portfolio with all these different asset classes and reduces risk as a result. We also have a low investment minimum, $5,000, which makes it more accessible. And then we're also not a partnership. We're technically, we're a corporation or a cooperative corporation. So we don't do K1 tax forms, which is. We're a pain in the neck.
BLAKE JONES
8:03
Nobody likes K1s. So we, we do give up that tax advantage of being a partnership. But one of the benefits, the upsides, is that we're issuing everybody a 1099 div tax form every January. It's very simple, very easy to incorporate your taxes. And so those are some examples of ways which we try to be accessible and welcoming to investors.
MARCIA DAWOOD
8:21
Yes, that is very much, so much better than a K1. And you're very good about getting them out very early. So. Yes, full disclosure. I am an investor in Kochwa impact fund and I think you were the first tax document I actually got this year. So good to hear it. That's exciting. I know.
MARCIA DAWOOD
8:40
Last year it was September 15th and I was still waiting for K1, so. Yeah, that's how it goes. Yeah. Anyway, okay, we could just like, we could gnaw on that all day. But let's talk a little bit about why people are getting a 1099 dividend document. It's because you're giving out an annual dividend and that's basically from the revenue that you're getting off of the real estate. Is that right?
BLAKE JONES
9:04
Yeah, and not just that, but the other asset classes to 60% real estate. And you're right with leases, it's rental income coming in every month, it's cash flows. Well, it's got good income. That's great to have. In our portfolio. We do invest in startups, but startups are limited to 30% of the non real estate portion, which is up to 40%. So less than 12% of our portfolio are startups. And those tend to be waiting for a capital gain, which can take a while.
BLAKE JONES
9:30
But we invest in a lot of other companies that, for example, cooperatives and employee owned companies where they have, they're selling a share of non voting preferred stock that pays a target dividend every year. And a lot of these companies have been around for 30, 40 years. They're profitable, they're well established and they're generating great, great dividends. We also invest in, we also buy loans. So we'll DO loans to CDFIs, community development, financial institutions, loans to nonprofits, those generate interest, will participate in loans to like clean energy loans for people putting solar panels on their roof. We'll participate in a pool of those loans. So all the different types of asset classes, a lot of them are generating capital gains, which are lumpy, but a lot of them are generating steady, consistent income month in, month out, year in, year out. And that's what we use to pay dividends to our co op members.
BLAKE JONES
10:22
And we take 100% of our net income each year and we pay that out in dividends. So we don't, we pay out all the profit.
MARCIA DAWOOD
10:29
Interesting. So what happens like when one of the startup companies, let's say, hits it big and now there's a payout, will it work the same way?
BLAKE JONES
10:37
Yep. So that capital gain that happens in that year and there may be multiple capital gains from the out of the hundred assets we've got, others are generating income, not capital gains. All of that gets aggregated, consolidated onto our income statement and then whatever the profit is, that trickles down to the bottom line. That's what we're, that's what we're paying out to co op members. So all the different sources of income, all the different types of income, it all belongs to the cooperative, it all belongs to the co op members.
MARCIA DAWOOD
11:03
And so then it's simply divvied out. You did say this before, but just to clarify, it's divvied out by the percent of however much people invested in the first place.
BLAKE JONES
11:13
Yep. Essentially we pay out our dividends. They're called patronage dividends in the co op world in accordance with cooperative principles. And it's not. This is another difference between an investment co op and a conventional fund is that in a conventional fund might have a share price that's going up and you're doing net asset valuations or NAVs, and we don't bother with that. We have fixed price shares. So if you invest $5,000 in 2026 and you're a member of the co op for 10 or 15 years and you're ready to leave the co op later, the goal would be to give you your $5,000 back and for you to have earned dividends all along the way. It's fixed price shares.
BLAKE JONES
11:51
We don't. In a conventional fund, you want your share price to go up and that's one of the main ways in which you make money, is by exiting the fund at a higher share price. Us it's what is the actual income that the cooperative is generating? Net asset valuations are very speculative, usually very inaccurate and time consuming. And we don't, we just don't go there. So it's all about what is the actual income that the cooperative is generating. And we divide that up. But bear with me here, the type of income that's predictable annual income, like rental income from our real estate. I've got a signed lease, you know what that rental income should be? We divide that out over the course of the year that it was earned.
BLAKE JONES
12:28
So if you join the cooperative and you invest $5,000 on January 1st and I invest $5,000 on July 1st, you would get twice as much of that type of income as I would. Because you were invested for the entire year. I was only invested for half a year and we both invested the same amount of money. If we have a big capital gain, like when we sell real estate, say we sell it 20 years later or one of our startups as a big liquidity event and exit, that capital gain is divided differently. It's divided over the, over the period of time that we owned that asset. So if we own that real estate for 20 years, and I'll do easier math, if you invest a dollar for all 20 years that we own that real estate, you would have $20 years of patronage. If I invest $1 in the final two years that we own that real estate, I would only have $2 years. That capital gain gets divided up proportionally between us based on how much money over what period of time we'd invested in the cooperative during the period of time that we owned that asset.
BLAKE JONES
13:23
So it's a little complex because it's a new concept, but mathematically it's very straightforward and it's a very fair way to divide up the income that the cooperative generates without getting to bother with highly speculative and accurate net asset valuations.
MARCIA DAWOOD
13:37
Yeah, that's really interesting. And that makes sense. If somebody's an investor for longer and there was an some type of a gain, they should get proportional returns for what they the time and money they invested, right?
BLAKE JONES
13:51
Yep. And someone could argue, well, the value of that real estate really shot up in the final three years because of the new baseball park that was built in the area. Sure, someone could make that argument. But our co op is all about long term thinking, making long term patient investments. And so we're valuing all years equally. Not years in which you can speculatively argue that market value increased more during these years. Of those years, we're just, it's all about the long run. We want to look at it in the long run and we value time equally.
MARCIA DAWOOD
14:20
Great. And so how do you source deals?
BLAKE JONES
14:23
So we benefit a lot from our membership. We have a lot of members who are angel investors. We have a lot of members who are working in the co op world, cooperative organizers. We have a lot or just impact investors themselves. And we get a lot of deal flow from our membership. Or they might know a nonprofit in their area where the nonprofit has made that area their home for a long time. But the landlord's going to sell the building up from underneath them and they need help buying that building because they want to, they want to stay there. We do a lot.
BLAKE JONES
14:55
That's usually how we find a real estate deal is to help a private impact company or a nonprofit to gain control of their real estate destiny. And we'll buy the building for them and share ownership with them over the long run so that they can stay in the building they want to stay in. Then we also just have members who say, you know what, I know the restaurant in my neighborhood, we love it. We've been going there for a really long time. And the owners are baby boomers and they want to sell to their employees and they're converting to an employee ownership model, but they need financing in order to do that. That's exactly the kind of project that Kocho is interested in. So mostly from our members, but also it's nice that word has spread. And so we get a lot of deal flow from all different sources and it's great to see a lot of inspiring companies come our way.
MARCIA DAWOOD
15:37
So go back to that example you just gave. Cause that's super interesting. And we had Gina Schaefer on the podcast before, who actually she was part of Ace Hardware chain and she had several stores and she has slowly been exiting through an employee stock option program. So how in that example that you just gave, explain how the financing would work, how Katra would come in?
BLAKE JONES
16:00
Yep. And by the way, there's a lot of these that are happening right now. They call it the Silver Tsunami, the baby boner generation, owning hundreds of thousands of small businesses throughout the country. And they're wanting to retire, they could sell in the conventional path through a broker or what have you. But a lot of them want to sell to their employees. But the employees may not have the financing or the funding to buy out the owner. And in that, in some cases the owner's providing a little sale or financing, sometimes they're not. Either way, the employees need to raise some money to help do the conversion to employee ownership and buy the company from the owner.
BLAKE JONES
16:34
So we will Often you can do it with debt, you can do it with a class of non voting stock, especially when they're employee owned cooperatives. But some combination of debt and equity from Consula and usually multiple other sources. And there are also a lot of loan funds that specialize in these types of employee ownership conversions. But we will, that group will provide enough funding for the employees to buy out the owner and become owners of the company. And then the idea would be we want it to be employee owned, usually for a very long time, not pursue some exit in five years. So usually we're happy to own that non voting preferred stock that's paying a dividend. It's aligned with our impact themes. We're happy to own that stock for the long run.
BLAKE JONES
17:21
Sometimes they will. If the company grows, they'll refinance the debt or find a way to redeem the shares. But we're okay with making very long term investments as long as it's an employee owned cooperative. Over the long run, we're very happy to hold that investment. And in general, our co op is a buy and hold, is a buy and hold portfolio.
MARCIA DAWOOD
17:40
And how does that work for the employees? When you come in and do something like that, are you preferred over the employees then since you put capital in?
BLAKE JONES
17:49
Yeah. So like at Namaste Solar, where my day job is an employee owned cooperative, the employees are the common stockholders. One, one share, one member, one vote. Right. And those earn dividends. But a preferred dividend rights are given to our external investors who own a class of non voting preferred stocks. They're preferred dividend rates. They need to be paid their target dividend of 6 and a half percent per year first before the employees can pay themselves a dividend.
BLAKE JONES
18:17
And then if the company needed to liquidate, they also have preferred liquidation. So there are many different ways to do it. But that's an example of how it's done at Namaste Solar.
MARCIA DAWOOD
18:26
Interesting. And then what about with the startups? How do you do diligence? How does that all work before you make a decision? And how does this decision get made.
BLAKE JONES
18:34
Yep. So our board of directors, which is democratically elected by our members, doubles as an investment committee. As we grow, we're likely to have a separate investment committee from our board and multiple professional staff managing the cooperative as we grow. Right now the board doubles as an investment committee. We make all the investment decisions. And yeah, we do due diligence on every type of investment regardless of what asset class it is. And luckily we have a very diverse board, people with a lot of very diverse background and experience. We have some former venture capitalists, managed VC funds, we have multiple operators or operator entrepreneurs, a cpa, a former cpa.
BLAKE JONES
19:10
We have a little bit everything and that, that helps us plus our membership. Sometimes we'll call on say a real estate broker who's one of our co op members. We ask for advice from a lot of our members regularly, but we'll do due diligence like any fund managers would and make sure that it's the type of investment that is going to be a good fit for our cooperative.
MARCIA DAWOOD
19:29
And how many people are on the board right now?
BLAKE JONES
19:31
There are five and then we have three advisors to the board. Nice. Yep.
MARCIA DAWOOD
19:39
Great. So I'm, I just love the concept of the Kochwa Impact fund because you're doing good while doing well, hence the name of my book. And you are, you're diversifying in such a way that really does at least make the investor feel that they have, while they're doing good, while they have this great opportunity, they also have a really robust portfolio to know that, hey, chances are, of course you can't ever guarantee anything, but like chances are you have diversified enough between the real estate and the fact that's spitting off revenue and the some of the other things that you've done in the capital gains that are happening that there will be returns to the investor. You're not saying what you know, that you're guaranteeing anything, but it is definitely a different model than what I've seen before.
BLAKE JONES
20:36
It is. And it's got its pros and cons. I think some people might look at it and say, well wait, I could make, I could generate higher returns if I invest in conventional funds. A lot of the investments that we make generate a high impact return. Like a loan to a CDFI might only earn 3 or 4%. That's a pretty low return. And we're looking, we're generating return on a portfolio wide basis. So we have some investments that are generating double digit percentages and some single digit percentage everything in between.
BLAKE JONES
21:00
But some people could argue, yeah, I could make more by putting it in conventional fund. Some people want liquidity more quickly. When someone joins our cooperative, we're saying you should plan on being a member of the cooperative for at least seven years and ideally a decade or more because that's how you can generate the most return. Because some of our investments there may not be that capital gain or 10 years or more and we're never going to pressure any of our investees to pursue that liquidity event. We're very patient investors. That's part of what we're trying to do. Liquidity is an issue. Others might say our dividends are very lumpy because yes, we're generating rental income each year and dividend and interest income, but we don't know.
BLAKE JONES
21:38
We can't predict when those years are going to be that one of our startups sells for a big capital gain or when a non profit that we're supporting, they've outgrown the real estate that we've bought for them and they're ready to move out and then it's time to sell that real estate and there'll be a big capital gain. So our we show a graph to our co op members. It looks like sawtooth that our dividends are going to be very lumpy. It's going to be like sawtooth and we can't predict when they'll be those ups and downs, but it will generate something each year. And the average that we're aiming for over the long run, the average over the long run is between 5 and a half to 8% per year. And for some that may be too low. For some that may sound great for a diversified portfolio with lots of different risk profiles and all the different assets with really high impact. And I think our club members, what we're doing very much appeals to them.
BLAKE JONES
22:21
But yeah, there are pros and cons depending on your perspective, your vantage point.
MARCIA DAWOOD
22:24
I'm. You make a good point. But you're also saying that hey, you can invest for impact and you can get returns. So sure. Are you're, you are. I like that you're looking at the long term. You're in it for the long game. A lot of cases some people think, oh, if I invest in a private company and then it exits and I'm going to make all this money, I'm going to find the next Google.
MARCIA DAWOOD
22:45
And we know that's not happening, right? Or maybe it is, but in a very small percentage of evil. So how can we I, I have a love hate relationship with the word impact because I do want to invest for impact. I also do want to prove, and I think Katra is doing that, that you can have impact and have returns too. And I think in as long as you're really looking at it over the long term. Right?
BLAKE JONES
23:11
I agree. And some people say, well, what is impact? How do you measure impact? And it's very subjective. But the way our co op measures it is we have 10 impact themes and every single one of our investments needs to align with at least one, ideally two or three of our impact themes. And some examples of our impact themes are one of them is cooperatives. Another one is employee ownership. Another one is renewable energy and energy efficiency. Another one is sustainable land use. So we like to invest in organic farmland and sustainable timberland, for example.
BLAKE JONES
23:40
Another one is companies that are majority owned or led by women and BIPOC. So we've got those 10 impact themes. Some of them are very easy to measure. This is either a cooperative or it's not. It's either woman CEO or not. We like the simple to measure ways of determining whether or not aligns with our impact themes. Some are ways of measuring impact are much more subjective, but we just try to keep it simple and our co op members know that going into it. These are the 10 impact themes that we're doing.
BLAKE JONES
24:05
It would be up to the co op members or their elected board directors if we ever to change that. But everyone knows this is what the co op is pursuing. For example, a lot of our co op members have given us feedback that they're very excited about investing in affordable housing. It's not explicitly one of our ten impact themes, but it aligns with like another arm of things is social justice. Or you could argue affordable housing aligns with that. But either way, we've decided to invest in in affordable housing. There's a firm that's run by two women who are fantastic at developing affordable housing projects in a unique and different way. We're very happy to invest in those partly because our co op members wanted some investments in affordable housing and partly because we wanted to support those two women entrepreneurs who are starting to develop more affordable housing projects.
MARCIA DAWOOD
24:47
Amazing. Well, Blake, thank you so much for coming on the podcast today and explaining this all to us. Really very interesting. Where can people learn more about the Kachua impact Fund?
BLAKE JONES
24:57
Our website. It's a great place. Kachuaimpactfund.com and kachua is spelled k a c h uwa. Kachulainpactfund.com how'd you come up with a name? It means Tortoise. Spent three years in Nepal. And Sanskrit is to many Southern Asian languages the way that Latin is to a lot of Southern European languages. And kutua means tortoise in a lot of those South Asian languages. And Tortuga and tortoise.
BLAKE JONES
25:28
And a lot of those were taken. But we liked the idea of slow and steady wins the race. The message from tortoise and the hare, it fits very well with the cooperative's ethos. So we decided to call it Kocho Impact Fund. And we knew that it would sound weird, but at least it was unique, like the fund.
MARCIA DAWOOD
25:43
I love that story. All right, well, thanks so much for being here, Blake.
BLAKE JONES
25:46
Yep. Thanks for having me.