When Launcht was chartered in 2011, it was one of the first companies in the country to embrace a new kind of corporate classification. Today, Launcht is registered as a Benefit Corporation (BC), a status that allows us to integrate a social mission alongside our financial goals into our business DNA.
A bit of background. In 2010, Maryland became the first state to offer a new kind of incorporation option to businesses. The status was designed to address an increasingly common phenomenon among for-profit firms: the desire to integrate a social and environmental mission within the corporate charter. Managers are usually given leeway to pursue whatever course of action they see fit, so the need to formalize the consideration of social and environmental impact— known as a triple bottom line—may seem arbitrary. However, in certain circumstances, particularly in the event of an asset sale, management is often obligated to pursue the maximum possible share price. BC classification adds the nuance of social and environmental considerations to that discussion. When similar legislation became effective in 2011, we jumped on the opportunity.
For Launcht, Benefit Corporation status is important both functionally and symbolically. When it comes to business decisions, the classification means that Launcht equity holders can expect a social and environmental mission alongside a financial one. Financial success is crucial to our longevity, yes, but a more comprehensive set of goals are what motivate us day in and day out. Symbolically, it means that our principles are woven into the fiber of our business, not just plastered on a hard-to-find Corporate Social Responsibility page. Furthermore, it reflects our deep-seated belief that there is meaningful intersection between enterprise and social responsibility.
On a day-to-day basis, it means we are perfectly at home working on a wide range of projects, from corporate cause-marketing campaigns, to university crowdfunding to non-profit fundraising. A recent example of our work in the non-profit sector is our newly-announced partnership with the Points of Light Foundation, the world’s largest volunteer organization. They came to us with an exciting idea. Points of Light needed a platform that could use crowdvoting to organize volunteer recruitment and registration, but also host a second-stage social fundraising campaign. The result? A tool that rolls crowdvoting and nonprofit crowdfunding into one. Here are Launcht, we’re thrilled with projects like these that allow us to combine smart business with meaningful work. With Benefit Corporation status, that combination is in our very DNA.
To learn more about our non-profit crowdfunding platforms, click here.