Crowdfunding Website Kickstarter Reincorporating as Public Benefit Corporation

Setting itself apart from other successful tech start-ups which have gone public or sold for millions of dollars, the crowdfunding website Kickstarter is reincorporating as a public benefit corporation as a way to ensure that the company’s mission will not be compromised by its profits, The New York Times reports.

While the new designation doesn’t prevent the company from selling itself or going public, it requires the company to commit to a high standard of transparency. Public-benefit corporations must do something in the public interest and include that goal in their corporate charter, as well as guide decisions of board members. Last year, Kickstarter became a certified B Corporation, a voluntary label certified by the nonprofit B Lab, that requires them to report social and environmental performance to the public annually.