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At the Long-Term Stock Exchange, we are dedicated to creating a world where businesses are empowered to achieve lasting impact and long-term prosperity.
To foster meaningful conversations, we curate conversations from an ecosystem of leaders, entrepreneurs, and visionaries.
The Eric Ries Show, a podcast produced by Founder and Chair of LTSE Services, Eric Ries, reflects our mission.
The show features thought-provoking conversations with world-class technologists, thought leaders, executives, and others who are working to create a new ecosystem of organizations committed to growth with purpose.
To foster meaningful conversations, we curate conversations from an ecosystem of leaders, entrepreneurs, and visionaries.
The Eric Ries Show, a podcast produced by Founder and Chair of LTSE Services, Eric Ries, reflects our mission.
The show features thought-provoking conversations with world-class technologists, thought leaders, executives, and others who are working to create a new ecosystem of organizations committed to growth with purpose.
Disclaimer: Information contained in this podcast was obtained in part from publicly available sources (including the Eric Ries Show) and not independently verified. The Long-Term Stock Exchange and its affiliated companies do not make any representations or warranties, express or implied, as to the accuracy or completeness of the information and do not sponsor, approve, or endorse any of the content herein, all of which is presented solely for informational and educational purposes. Nothing herein constitutes an offer to sell, a solicitation to buy any security, or a recommendation of any security or trading practice.
Some portions of the podcast may have been edited for the purpose of length or clarity.
From the Eric Ries Show:
Escaping the Zero-Sum Economy: A New Model for Local Prosperity | Zita Cobb
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Zita Cobb grew up on Fogo Island, a remote fishing community off the coast of Newfoundland that operated for centuries without cash. Her childhood was shaped by a deep sense of place, the collapse of the inshore fishery, and a belief that communities survive through mutual care. When she left to study business, and later helped build JDS Uniphase into one of the most successful high-tech companies of its era, she carried those ideas with her. The rise and fall of the telecom bubble gave her a front-row view into what happens when profit and speed outrun purpose, sending her searching for a different model of development.
In this episode of The Eric Ries Show, I sit down with Zita to talk about that journey and the philosophy that guides her work today. We discuss why she believes business is a tool for solving real problems and how communities can reclaim agency by understanding their own assets. Zita explains how Shorefast grew into a holistic set of enterprises on Fogo Island, including the Fogo Island Inn, which reinvests all surpluses into local culture and economic development. We talk about how communities can build their own pathways to development and why Zita believes lasting change begins close to home.
—
Brought to you by:
Framer: Build better sites, faster at https://www.framer.com/design Use code "ERIC"
—
Where to find Zita Cobb:
• LinkedIn: https://www.linkedin.com/in/zita-cobb
• Website: https://shorefast.org
—
Where to find Eric:
• Newsletter:https://ericries.carrd.co/
—
In This Episode We Cover:
(00:00) Intro
(02:15) How her father nudged her to leave Fogo Island
(04:46) What life was like growing up on Fogo Island
(08:37) A short history of Fogo Island
(11:15) Leaving home to recover from tuberculosis
(13:15) The experience of leaving for university
(15:04) Early challenges at university
(16:17) What education looked like on Fogo Island
(18:01) How adapting to modern life shaped Zita’s systems thinking
(20:24) Zita’s travels and early roles at Texaco and Shell
(22:30) How Zita got into tech
(24:05) How Zita learned that technical possibility alone is not enough
(26:57) Joining JDS and taking it public
(30:54) The rise and fall of the telecom bubble
(34:08) Why taking JDS public felt like a mistake and what she learned about putting profit first
(38:52) Zita’s father’s legacy
(41:45) Why Zita spent five years sailing after ending her tech career
(44:47) Zita’s work distributing radios in Rwanda
(46:32) Why she went back to Fogo Island to spark economic development
(49:26) The beginnings of Shorefast
(53:11) How the ownership model protects Shorefast’s mission from the pitfalls of money
(56:29) An overview of Fogo Island Inn and how its local-first mission spread
(1:03:32) Why Shorefast chose the harder path and paid deep attention to details
(1:08:18) What community means
(1:12:09) How Shorefast Institute models a new approach to investing for development
(1:16:53) Learnings from The Third Pillar
(1:18:05) Why Shorefast created the economic nutrition label
—
Referenced:
- Fogo Island: https://en.wikipedia.org/wiki/Fogo_Island_(Newfoundland_and_Labrador)
- Texaco: https://www.texaco.com
- Shell: https://www.shell.com
- The Hague: https://thehague.com/en
- JDSU: https://en.wikipedia.org/wiki/JDSU
- Asset Based Community Development: https://abcdinstitute.org
- Fogo Island Inn: https://fogoislandinn.ca
- Saunders Architecture: https://www.saunders.no
- The Ultimate Guide for Creating Products People Trust | Seth Goldman (Honest Tea): https://www.ericriesshow.com/the-ultimate-guide-for-creating-products-people-trust-seth-goldman-honest-tea/
- The Shorefast Institute: https://institute.shorefast.org
- Shorefast: A Strange and Familiar Way to Reimagine Capitalism: https://www.hbs.edu/faculty/Pages/item.aspx?num=58006
- Community Economies Pilot: https://shorefast.org/community-economies-pilot
- The Third Pillar: How Markets and the State Leave the Community Behind: https://www.amazon.com/Third-Pillar-Markets-Community-Behind/dp/0525558314
- Economic Nutrition: https://shorefast.org/economic-nutrition
- Far Away from Far Away: https://collection.nfb.ca/interactive/far_away_from_far_away
—
Production and marketing by Pen Name.
Eric may be an investor in the companies discussed.
Show Notes
Zita Cobb grew up on Fogo Island, a remote fishing community off the coast of Newfoundland that operated for centuries without cash. Her childhood was shaped by a deep sense of place, the collapse of the inshore fishery, and a belief that communities survive through mutual care. When she left to study business, and later helped build JDS Uniphase into one of the most successful high-tech companies of its era, she carried those ideas with her. The rise and fall of the telecom bubble gave her a front-row view into what happens when profit and speed outrun purpose, sending her searching for a different model of development.
In this episode of The Eric Ries Show, I sit down with Zita to talk about that journey and the philosophy that guides her work today. We discuss why she believes business is a tool for solving real problems and how communities can reclaim agency by understanding their own assets. Zita explains how Shorefast grew into a holistic set of enterprises on Fogo Island, including the Fogo Island Inn, which reinvests all surpluses into local culture and economic development. We talk about how communities can build their own pathways to development and why Zita believes lasting change begins close to home.
—
Brought to you by:
Framer: Build better sites, faster at https://www.framer.com/design Use code "ERIC"
—
Where to find Zita Cobb:
• LinkedIn: https://www.linkedin.com/in/zita-cobb
• Website: https://shorefast.org
—
Where to find Eric:
• Newsletter:https://ericries.carrd.co/
—
In This Episode We Cover:
(00:00) Intro
(02:15) How her father nudged her to leave Fogo Island
(04:46) What life was like growing up on Fogo Island
(08:37) A short history of Fogo Island
(11:15) Leaving home to recover from tuberculosis
(13:15) The experience of leaving for university
(15:04) Early challenges at university
(16:17) What education looked like on Fogo Island
(18:01) How adapting to modern life shaped Zita’s systems thinking
(20:24) Zita’s travels and early roles at Texaco and Shell
(22:30) How Zita got into tech
(24:05) How Zita learned that technical possibility alone is not enough
(26:57) Joining JDS and taking it public
(30:54) The rise and fall of the telecom bubble
(34:08) Why taking JDS public felt like a mistake and what she learned about putting profit first
(38:52) Zita’s father’s legacy
(41:45) Why Zita spent five years sailing after ending her tech career
(44:47) Zita’s work distributing radios in Rwanda
(46:32) Why she went back to Fogo Island to spark economic development
(49:26) The beginnings of Shorefast
(53:11) How the ownership model protects Shorefast’s mission from the pitfalls of money
(56:29) An overview of Fogo Island Inn and how its local-first mission spread
(1:03:32) Why Shorefast chose the harder path and paid deep attention to details
(1:08:18) What community means
(1:12:09) How Shorefast Institute models a new approach to investing for development
(1:16:53) Learnings from The Third Pillar
(1:18:05) Why Shorefast created the economic nutrition label
—
Referenced:
- Fogo Island: https://en.wikipedia.org/wiki/Fogo_Island_(Newfoundland_and_Labrador)
- Texaco: https://www.texaco.com
- Shell: https://www.shell.com
- The Hague: https://thehague.com/en
- JDSU: https://en.wikipedia.org/wiki/JDSU
- Asset Based Community Development: https://abcdinstitute.org
- Fogo Island Inn: https://fogoislandinn.ca
- Saunders Architecture: https://www.saunders.no
- The Ultimate Guide for Creating Products People Trust | Seth Goldman (Honest Tea): https://www.ericriesshow.com/the-ultimate-guide-for-creating-products-people-trust-seth-goldman-honest-tea/
- The Shorefast Institute: https://institute.shorefast.org
- Shorefast: A Strange and Familiar Way to Reimagine Capitalism: https://www.hbs.edu/faculty/Pages/item.aspx?num=58006
- Community Economies Pilot: https://shorefast.org/community-economies-pilot
- The Third Pillar: How Markets and the State Leave the Community Behind: https://www.amazon.com/Third-Pillar-Markets-Community-Behind/dp/0525558314
- Economic Nutrition: https://shorefast.org/economic-nutrition
- Far Away from Far Away: https://collection.nfb.ca/interactive/far_away_from_far_away
—
Production and marketing by Pen Name.
Eric may be an investor in the companies discussed.
Disclaimer
The information is provided for informational and educational purposes only, and nothing contained herein should be construed as investment advice, either on behalf of a particular security or an overall investment strategy. Information about the company is provided by the company, or comes from the companies’ public filings and is not independently verified by LTSE. Neither LTSE nor any of its affiliates makes any recommendation to buy or sell any security or any representation about the financial condition of any company. Statements regarding LTSE-listed companies are not guarantees of future performance. Actual results may differ materially from those expressed or implied. Past performance is not indicative of future results. Investors should undertake their own due diligence and carefully evaluate companies before investing. Advice from a securities professional is strongly advised.
Curated Conversations
