Saturday, October 3, 2015

Kickstarter is now a Public Benefit Corporation (but what does that mean?)

FAST COMPANY

Unlike many tech startups, Kickstarter was making money by its second year of operation. By some rough estimates, it might be worth half a billion dollars now. But the company isn't planning to sell. Last year, Kickstarter became a certified B Corporation—a voluntary designation that requires it to conduct detailed assessments of the company's social and environmental impact. But it wanted to go a step farther. And now they've legally committed to a mission bigger than making money. On September 21, Kickstarter Inc. ceased to exist. Now the company is Kickstarter PBC—a public benefit corporation, meaning that positive value for society is one of its legally defined goals. The company's success will be measured by how well it brings creative projects to life—its legal mission—not by profits. [link]