With the public benefit designation, the company is now required to submit an annual public benefit statement detailing its work for public good. The first of these statements will be issued in February 2017. Kickstarter joins a small (.01% ) but fairly illustrious group of ventures in the United States with this particular designation, including the radio show This American Life and outdoor clothing company Patagonia. The crowdfunding company still serves as a for-profit, while doubling down on its social mission of supporting creative endeavors.. Co-founder and chairman Perry Chen said to The New York Times that Kickstarter also wanted to serve as a model for young, socially-minded entrepreneurs: “As younger companies come up and think about how they operate and how they want to be structured, maybe they won’t be so easily swept up by all the usual choices,” he said. Time will tell what this move will mean for the company’s financial projections, but it’s an act of good faith and transparency that Kickstarter users and backers may appreciate.
