The Rochdale Pioneers "Law First" of their Rochdale Equitable Pioneers Society rules of 1844 stated that:

"The objects and plans of this Society are to form arrangements for the pecuniary benefit, and improvement of the social and domestic condition of its members, by raising a sufficient amount of capital in shares of £1 each, to bring into operation the following plans and arrangements:"

By 1860 the Pioneers' commitment to the principles of self-help and self-sufficiency were such that the "Rules of Conduct" for their co-operative society stated: "That capital should be of their own providing …."

In 1844 the Pioneers saved for a year to raise capital in shares of £1 from each member; a significant sum which equated to a week and a half's wages for a skilled worker at the beginning of the Industrial Revolution. Some co-operatives have reduced the capital investment required to become a member and to gain voting rights to an insignificant nominal amount. This devalues membership and creates an inherent danger that the core co-operative values of self-help and self-responsibility are not applied.

A co-operative that relies heavily on external sources for the capital needed to fund its business operations creates a risk of breaching the 4th Principle of autonomy and independence through the financial and compliance covenants imposed by commercial lenders or venture capital investors.

The balance between the relative weight of member capital and external capital should be carefully watched by members. Too much reliance on external capital can lead to loss of autonomy, independence and democratic control with investors gaining control of key business decisions as a condition of their investment.