On April 24, 2014, the Minnesota legislature passed the Minnesota Public Benefit Corporation (PBC) Act. This enactment allows organizations in the state the option to distinguish themselves from other entities by becoming a for-profit but socially minded business. Minnesota entrepreneurs will be able to incorporate as PBC’s starting on January 1, 2015.
To celebrate and help launch the field, the Improve Group is teaming up with Fredrikson & Byron, a Minneapolis law firm, and The Restore Collaborative, to support winners of the Benefit Corporation Cultivator Program. The Improve Group will help the 10 new PBC’s to define their specific public benefit, decide how they are going to measure it, and prepare the PBC’s to do their annual public reporting next year. We want to help champion this movement for businesses who provide social benefit as well as turn a profit. Winners will also receive legal support from Fredrikson & Byron and co-working space from the Restore Collaborative.
If you or your organization is looking into the option of becoming a PBC in Minnesota, we strongly recommend applying to receive assistance through the Cultivator Program. The application deadline is December 1. Information and application instructions can be found here: http://bit.ly/10asECo.