Kickstarter Kicks Into Benefit Corporation Mode

According to a blog post by co-founders Yancey Strickler, Perry Chen, and Charles Adler, Kickstarter, the popular crowdfunding site has reincorporated as a Public Benefit Corporation under Delaware law.  According to the co-founders, the decision to become a Public Benefit Corporation allowed the company to “spell[ ] out a specific list of values and commitments we’ll live by” and was accomplished without a single dissenting vote from shareholders and investors. 

Kickstarter joins a growing list of high profile companies that have decided to combine a commitment to the public good with the desire to make a profit by converting to a public benefit corporation, including outdoor outfitter Patagonia, the e-commerce site Etsy, and Warby Parker, the eyeglasses retailer.

Since 2010, 30 states and the District of Columbia have passed legislation allowing for the formation of benefit corporations.