Now named Kickstarter PBC , they are now only about .01% of companies have become Public Benefit Corporations, including Patagonia and This American Life.
WASHINGTON, September 21, 2015 – Kickstarter Inc., the crowd funding website, has a new name today. It’s
now Kickstarter PBC — a Public Benefit Corporation.
Public Benefit Corporations differ from regular business models. According to an email from Yancey Strickler, Kickstarter Cofounder/CEO, “Benefit Corporations are for-profit companies that are obligated to consider the impact of their decisions on society, not only shareholders. Radically, positive impact on society becomes part of a Benefit Corporation’s legally defined goals.”
Only about .01% of companies have become Public Benefit Corporations, including Patagonia and This American Life.
You can read their new charter here.
Among some of the points that are sure to attract attention are Kickstarter’s vow to avoid tax loopholes and tax management strategies to reduce its tax burden, and a pledge to donate 5% of its after tax profit to arts and music education (mostly in the New York City area) and to organizations that address systemic inequality and ending prejudices against people of color, women, and LGBTQ persons.
They also promise to deliver an annual benefit statement that will show the results of their efforts. The first report is expected in February, 2017.
Kickstarter vows to limit their environmental impact by investing in green infrastructure, supporting green commuting for employees and choosing vendors based on their environmental record. They haven’t forgotten their employees – they’re planning a supportive environment for their workers’ creative efforts, including time off to pursue creative projects and/or mentoring people underrepresented in the tech, art and business fields.
Kickstarter was launched on April 28, 2009 and in the past six years has helped over 92,000 projects, ranging from inventions to films find funding from average citizens, not corporations or big investors. Over 9.5 million people have backed a project and $2 billion has been pledged, over $1 billion of that in the first 24 hours.
One of its most popular projects was Coolest Cooler, which not only chilled drinks but had a blender, waterproof Bluetooth speaker and USB charger. The inventor set a goal of $50,000 to bring the project to market, but over $13 million was pledged.
Click here for reuse options!
Copyright 2015 Communities Digital News
This article is the copyrighted property of the writer and Communities Digital News, LLC. Written permission must be obtained before reprint in online or print media. REPRINTING CONTENT WITHOUT PERMISSION AND/OR PAYMENT IS THEFT AND PUNISHABLE BY LAW.
Correspondingly, Communities Digital News, LLC uses its best efforts to operate in accordance with the Fair Use Doctrine under US Copyright Law and always tries to provide proper attribution. If you have reason to believe that any written material or image has been innocently infringed, please bring it to the immediate attention of CDN via the e-mail address or phone number listed on the Contact page so that it can be resolved expeditiously.