What's a cooperative? It's a business owned by the members. Every member have an equal share in it. To be part of the cooperative, you usually pay a social share (like 5$), and you become a member. Members have a rebate to products of the cooperative, and, at the end of the year, profits are redistributed to members. So, a cooperative is not about who have the biggest capital, but who is a member. The most member a cooperative have, the better its health.
I really like this concept and think it would be an excellent contribution to the community. This goes along with the "credit union" model that many people are familiar with.
In my opinion this would be a true COOP unlike an ASIC based GLBSE offering. In that scenario it is really just another mining investment using newer technology that you are helping purchase. Your idea caters to the need of people that still want to actually do the mining and not just invest. A members mining pool could also be an option for something like this. The ability to get discounted mining gear is great bonus as well.
The possibilities are endless. Imagine if the COOP was also in the Lending business and members could vote on which loan requests to approve and for what business ventures while evaluating risk/reward as a group.
Nice work Brunic......sub.