"B Corporations," a New Fourth Sector for the Arts?
ALPHA OMEGA ARTS
By Ernest Disney-Britton
Many arts organizations, and quite a few artist cooperatives exist in that space somewhere between a conventional company and a nonprofit. They define success, not just in tickets or artworks sold but also by the group's legally binding mission to foster arts education for the social good. Such groups can benefit from a new model of business operations called the "B corporation", which seeks equity or debt investments that expect a return on investment. Currently, there are 19 states with laws permitting benefit corporations, and according to The Chronicle for Philanthropy, Andrew Kassoy, co-founder of the nonprofit B Lab, is supporting a national effort "to pass legislation in all 50 states." Why is this a benefit to the Arts? To be clear, "B corporation" arts entrepreneurs, such as Etsy.com are seeking profits, and these efforts will not replace philanthropy or government, but sustained by sales, not donations, these Benefit corporations are a new opportunity for expanding the Arts sector.
By Ernest Disney-Britton
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| Plate with Acrylic Decal hand made by two artists Mark Watjen and Abed Monowar. Limited Edition. |
