Today, Etsy (a website/company my wife loves) announced that it has become a certified B corporation.
The news is here.
In the announcement, Etsy explains why they decided to become a certified B corporation:
- Why did we become B Corp certified? We believe that business has a higher social purpose beyond simply profit. The B Corp assessment gives us a framework to measure Etsy’s success against rigorous values and responsible practices as we scale as a company. Albert Wenger of Union Square Ventures, a longtime Etsy investor and advisor, puts it this way: “We believe that the best long-term stewards of Internet-based networks and marketplaces will focus on value creation for all participants instead of solely on shareholders. Benefit corporations provide a legal foundation perfectly supporting this much more comprehensive outlook.”
Notice the confusion of the terms. Certified B corporations, which are the focus of this announcement, are separate from the benefit corporation statutes that "provide a legal foundation." This is part of the confusion I address in a previous post.
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