How BrewDog showed the limits of community capitalism

By Kingsley Omeihe, Senior lecturer of Marketing and Small Business, University of the West of Scotland
Ibiyemi Omeihe, Lecturer in Enterprise, School of Business and Creative Industries, University of the West of Scotland

When brewery and pub chain BrewDog invited customers to become shareholders through its “Equity for Punks” scheme, it appeared to represent a new model of capitalism. It invited beer enthusiasts to invest in the company and become small shareholders. This allowed the Scottish firm to present itself as a community built around rebellion, identity and participation.

For a time, the BrewDog model looked remarkably successful – the company was once valued at £2…

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