Friday, November 21, 2014

Accepting Applications: Fredrikson & Byron Benefit Corporation Cultivator Program

Hot on the heels of the launch of the Minnesota Social Impact Center comes another opportunity to do business on purpose. Thanks to Minnesota Rising 2014 Un/Conference presenter, Jeff Ochs, for sharing about the opportunity to participate in Fredrikson & Byron's Benefit Corporation Cultivator Program. See below for details to apply by the December 1 deadline!

Impact Angels logo
IMNPACT Angels invites you to apply for the Fredrikson & Byron Benefit Corporation Cultivator Program

IMNPACT Angels, an affinity group of Gopher Angels, is the first angel network in Minnesota devoted to impact investing
If you've thought about launching a social business or plan to seek impact investment, the Public Benefit Corporation form is designed for you! 

Through its Benefit Corporation Cultivator Program Fredrikson & Byron is providing free legal services for over a year to 10 new Public Benefit Corporations and your business could be one of them.  Other companies offering services to companies accepted into the Benefit Corporation Cultivator Program are:
  • The Improve Group is providing free social impact evaluation consulting services and,
  • The Restore Collaborative is offering free use of their co-working space.  
  • Additional prizes are being explored. 
Application deadline is December 1, 2014. Information and application instructions can be found here: Benefit Corporation Cultivator Program

What is a Public Benefit Corporation?

A public benefit corporation is a new legal corporate form that will be available in Minnesota starting on January 1, 2015. It is designed to help entrepreneurs start and grow social businesses.

 Public benefit corporations (PBC) are like traditional for-profit business corporations in most ways except that they make some special commitments. First, a PBC declares a legally binding social purpose, in addition to its general business purpose, which its directors and officers must consider when making strategic decisions for the business. Second, a PBC must publicly report its progress toward its social purpose each year to the Minnesota Secretary of State.  

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