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Latina Lista: News from the Latinx perspective > Causes > Crowdfunding > Crowdfunder: Bike company creates innovative bicycles and delivers 100% of profits to making cycling better

Crowdfunder: Bike company creates innovative bicycles and delivers 100% of profits to making cycling better

LatinaLista —

Campaign: Advocate Cycles

Advocate Cycles is a bike company that exists solely to create innovative bicycles and deliver 100% of profits from the company back to making cycling better for everyone.

Advocate Cycles is using a new, pioneering legal approach called the Specific Benefit Corporation (SBC), a corporate form that started in Minnesota on January 2, 2015.

It is designed to help entrepreneurs start and grow social businesses and provide a guarantee to consumers that the social promise set forth is upheld.

Benefit corporations are like traditional for-profit corporations in most ways except that they make special commitments.

First and foremost, an SBC 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.

As a means to be held accountable, SBCs must publicly report its progress toward the designated social purpose each year to the Minnesota Secretary of State.

Advocate Cycles has elected to pledge 100% of their after-tax profits to be donated to non-profits making cycling better for all people.

Because of this pledge, they have no profit motive to offer investors, so they are asking for support to make this first-in-the-industry company a reality.

The campaign’s goal is $10,000 and ends in 29 days.

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