Co-operative businesses are better placed to weather Covid-19 economic storm, according to the 2020 Co-operative Economy Report.
The report reveals co-ops have almost double the chance of surviving their first five years: 76% of co-ops (up from 72% in 2019), are still operating after the difficult first five years of existence, while just 42% of all new companies make it beyond five years.
“Co-ops are more resilient because they are created to meet the needs of their members. As owners, those members – customers, suppliers and/or workers – have a vested interest in the success of the co-op over the long term,” says the report. “Crucially, those same members all have a say in how the business is run.”
While the UK is facing tough economic conditions as a result of Covid-19, during the crisis millions of people have participated in and benefited from solidarity and mutual aid. “Co-ops can help the UK build back better by giving people better options in the way they consume, earn a living and do business.”