Kickstarter Rehashes Itself As A Public Benefit Corporation

Kickstarter announced today that it is no longer known at Kickstarter Inc. — it is now Kickstarter PBC, a Public Benefit Corporation. For those unaware, Benefit Corporations are companies that are for-profit, but that have obligated themselves to benefiting society, not just shareholders. That means operating for the social good isn't just something a PBC says it wants to do — it is something it has legally obligated itself to do. So far only about .01% of US companies have become a Benefit Corporation.

With this move, Kickstarter has essentially solidified its decision to embrace its altruistic side first — an atypical move in a world where businesses typically put their profit goals first.

The company announced the new designation today, saying that, among other things, it will donate 5 percent of its post tax profits to entities battling inequality and organizations involved with arts education.

The company says that no Kickstarter shareholders voted against the decision to reincorporate as a Public Benefit Corporation.

The company has published an updated company charter that details its goals as a PBC, including that its operation needs to reflect its values, it is committed to the arts, that it'll support a more equitable and creative world, and more.

SOURCE: Kickstarter