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A platform where companies going out of business get one final chance to be saved by local communities

Image credit: Lynne Sladky / AP

Darko Savic
Darko Savic Apr 28, 2022
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A place where companies that are about to go out of business can share their problems in hopes that people will care and help them get through the tough times.
  • People may wish to support/save a company they like if they discover on time that the company is in trouble.
  • The last resort for a company about to go under.
  • A company facing collapse is newsworthy for local media. The coverage increases the company's chances of survival.
How it works
When a business runs into hard times and it looks like it will have to be shut down, the owner can share details about their problems on a platform. On the platform, people can see companies that are in trouble within their local area or on a global scale.
The CEO records themselves explaining what went wrong and what it would take to fix it. The video gets shared on the platform (and social media).
If people want to help save the company they can help via activism, financial support. advice, volunteering, or anything else that can be done.
To prevent this from being used for nefarious purposes, the same company can appear on the platform only twice in its lifetime.
Creative contributions

Doing more to prevent fraud

Povilas S
Povilas S Apr 28, 2022
I think the attempt to fake their failure by some companies to gain benefits on such a platform is almost guaranteed. This would be even easier for them to do if the platform was not locally restricted (foreign people intending to help couldn't assess the situation objectively).
The situation might become similar to cases on Kickstarter when people advertise their "legit" project very well, take the money and disappear without realizing the idea. So I think we should brainstorm some ways to prevent this apart from limiting the number of times each business can ask for help on the platform.
Maybe allowing to ask for help only once is a better option than twice, because then the owners would think twice before using their only chance for help just to tease some additional money out.
Companies who are not even real in the first place could still abuse this though. These days a lot of businesses are only virtual or have little physical presence. Would the site be dedicated to those companies who have a substantial physical presence or any company, including entirely virtual ones?
Providing some proof of imminent bankruptcy to the moderators of the site could help. Like legally confirmed documents of income and spendings, etc. The moderators could then decide if the case is legit and worth publishing on the site. It would be best if the moderators had substantial experience in the fields of business or/and law or went through specialized training in order to objectively assess this.
The site and the salaries of the moderators could be sustained by the business model where a certain percentage of the gathered income from the supporters would go to the company owning that website.
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Miloš Stanković
Miloš Stanković2 years ago
It would be great if the moderators were financial auditors, or to have them in addition at least.
Could opening the books to the public be a viable option for transparency? Most people wouldn't even know how to read them, yet the auditors can help with that too. Breaking down, making an impartial judgement on whether the company was run logically, morally, or frugally.
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General comments

Goran Radanovic
Goran Radanovic2 years ago
Great idea. In some cases, people may find out about the business for the first time. The rescue meeting could be their advertising avenue, and the platform may provide business analysts to examine the business and steer it on the path to success.
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Darko Savic
Darko Savic2 years ago
I can't find the story online but I remember the previous king of Thailand once saved a textile company from going under by asking people to support it by buying shirts.
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