Noah J Nelson on Monday, Sep. 21st
Okay, that’s an oversimplification, but that’s what headlines are for, right?
Kickstarter announced today that… we’ll let’s spare the electrons and just drop a block quote:
Kickstarter Inc is no more. We’re now Kickstarter PBC — a Public Benefit Corporation. We’re thrilled to share this news, and we’d love to take a minute to tell you exactly what it means.
Until recently, the idea of a for-profit company pursuing social good at the expense of shareholder value had no clear protection under U.S. corporate law, and certainly no mandate. Companies that believe there are more important goals than maximizing shareholder value have been at odds with the expectation that for-profit companies must exist ultimately for profit above all.
This makes K$… oh, man, I can’t use that anymore can I? Okay. This makes Kickstarter one of the higher profile PBCs around.
Given that crowdfunding is a key component of the kind of “copyleft” culture that drives the Creative Commons movement this is a really amazing step. The biggest crowdfunding platform out there is now officially no longer in it to get rich. (Again, not quite that simple, but the symbolism is in the right place.)