At risk of stating the blindingly obvious, all founders of for-profit companies want their businesses to be profitable. It’s the table stakes for starting and running a business.
But what if you wanted to do more?
What if you wanted to start a company founded not only on providing stellar products and services but also on principles of environmental sustainability, social accountability and inclusivity – what steps are available to signal to customers, workers, investors and markets that you are serious about these founding principles?
And perhaps more importantly, is it possible to engrain these principles into your company’s DNA to ensure that everyone involved understands and adheres to these values long term?
It turns out there are a few options for socially conscious entrepreneurs that want to combine their for-profit endeavors of raising capital and marketing and selling products and services with the pursuit of social good (as opposed to focusing on solicitating charitable donations and fundraising – the purview of founders of traditional nonprofits).
These options include organizing as a public benefit corporation and obtaining a “B Corp” certification. Despite certain similarities, there are important differences between public benefit corporations and B Corps, which I’ve outlined below.
Read full article here.