A new kind of business
On January 2nd, 2015 thedatabank, inc reincorporated as a general benefit corporation. thedatabank, inc is now thedatabank, gbc. As a general benefit corporation, thedatabank is in a new class of corporation that has a socially-minded focus and voluntarily meets higher standards of corporate purpose, accountability, and transparency. thedatabank is also a certified B Corp through the B-Labs assessment process and is currently one of just two businesses in Minnesota that had both B-Labs certification and public (general) benefit corporation status.
“It’s exciting to be part of the first class of public benefit corporations in Minnesota. The rapidly growing number of public benefit corporations across the country are fundamentally changing the way people conduct and think about business.” said Chris Hanson, CEO of thedatabank, gbc.
How are B Corporations different?
According to B Labs’ Benefit Corp Information Center, there are three main factors that make benefit corporations different from other types of corporations. “Benefit corporations: 1) have a corporate purpose to create a material positive impact on society and the environment; 2) are required to consider the impact of their decisions not only on shareholders but also on workers, community, and the environment; and 3) are required to make available to the public an annual benefit report that assesses their overall social and environmental performance against a third party standard.”
Our dedication to using business for good
thedatabank has prided itself with making Technology for Change since its inception, but there is always more that we can do. Along with our B Corporation certification, we work with local organizations and companies to change the way that we can use businesses for good.
Our CEO, Chris Hanson, has played an integral role is bringing the Public/General Benefit Corporation Status legal status to Minnesota. Chris spent months working on legislation for PBCs.
Currently, Chris is working on MNVest legislation.
thedatabank is a founding sponsor of the Minnesota Social Impact Center, which is a new organization dedicated to increasing the social impact of individuals and organizations seeking new entrepreneurial strategies to address today’s social and civic issues. MN Social Impact Center’s goal is to accelerate social impact by building an ecosystem for innovators.