Richard Woo, Board Chair, Canopy | CEO, The Russell Family Foundation
I would like to share the news that there are significant changes underway at Canopy. Effective May 15, 2016, Canopy will transition from an independent LLC and, for the foreseeable future, be stewarded by The Russell Family Foundation in Gig Harbor Washington.
This transition is the result of a slower than anticipated growth rate. Over the past year, Canopy has seen significant interest in its suite of services. Unfortunately, that interest did not translate into new members at the pace needed to justify continuing with the same subscription-based business model. Therefore, the Canopy Board has decided to step back and review its options. It was a tough decision to make, but the Board feels that taking this action now will enable Canopy to reevaluate the model and the best structure for the future.
During this transition, Canopy’s tools and market insights will be accessible through The Russell Family Foundation. The founding members also plan to use Canopy’s learnings around field-building to inform their mission related investments.
Canopy is an innovative addition to the regional investment ecosystem. It has proven there is a need and demand for strengthening the channels of capital flow in local and regional investing. As we chart the path forward, we will provide updates to the impact investing community.
In the meantime, Canopy’s founders want to express their deep appreciation for the vision and commitment of the Canopy staff. They literally built the business from scratch and their accomplishments in just one years’ time are truly remarkable. The Canopy Board would also like to thank our strategic partners – Threshold Group, Global Impact Investing Network, Philanthropy Northwest, Mission Investors Exchange, and the University of Oregon for making this important pioneering work possible.
If you have questions about the Canopy transition or continued access to Canopy tools and market insights, please contact Richard Woo, CEO of The Russell Family Foundation at firstname.lastname@example.org or 253.858.5050.