If I’m understanding this right: Wow, good on them!
So we’ll not be seeing any UK subsidiaries then, if they’re not obliged to avoid tax.
The world will only be a better place when making the world a better place is the number one priority of corporate charters, above monetary profits.
Public benefit corporations are the wave of the future.
FTFY. YW.
I wonder why they (and others like them) don’t just go all the way to 501©3? Anybody know what state they incorporated in? I don’t think mine even has the PBC category as a check-box on the form, just for-profit or non-profit.
Im super skeptical of this. I wonder if that allows them to avoid responsibility for failed kickstarrters. Ive stop buying into KS as the failure rates are too high and the rewards too low. When occulus got bought by facebook if this had been a legitimate investment the early KS supporters would have walked away with millions off the sale instead where just early adopters with crap frist gen versions that got the hype for face book to want to buy it.And if they fail? KS doesn’t do anything and will not help in pursuing failed KS’s. Its the classic privatizes profit socialize failure that bankers etc love. Im fallowing a KS from here in Vancouver bc canada that turned into a crap show check out the drake and drake II miniature games on ks insanity that this con has gone on and on etc. in the end not policing failed ventures will kill KS.
or better yet…
we need this kind of prosecution!
http://www.gamasutra.com/view/news/253471/State_court_orders_Kickstarted_game_creator_to_pay_54k_for_failing_to_deliver.php
KS is a classical high-risk enterprise. You have a bunch of naive beginners trying to get something done; a high failure rate is a given in this scenario.
If this had to be addressed from the KS side, the fees would likely have to be much higher.
KS is crowd-funded VC, or Angel Funding, depending on your stance with the terminology.
As you say, classic high-risk. VCs typically look for investments that are minimum 10x (that’s the ROI they want in the end for their cash).
With that 10x expectation (and lots of times they shoot for higher than that, like 30x) comes a lot of risk because you have unproven businesses with unproven management teams. That’s why there’s a money problem in the first place.
Naturally, most VC bets tank. The 10-30x return now and then funds all the rest.
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