Originally posted by California Economic Summit
There's a growing category of businesses looking to make money while saving the world. Rather, they look to have some sort of social or environmental impact while running a business and providing jobs. They're called for-benefit or part of the "fourth sector." If you're looking to get into the sector, good news: There's an effort underway in California to make it easier to do good while doing business.
Last week in Los Angeles, the Summit co-hosted an event covering the impact economy, including brainstorming ideas about how to help for-benefit companies startup and grow in California and also discussing the benefits of using the innovative "Pay for Success" model to fund government programs and projects.
Calling it "Growing the Impact Economy in California," the Summit's Capital Action Team co-hosted the event with the White House's Investing in Manufacturing Communities Partnership. Since for-benefit companies don't fit in the same category as a for-profit or nonprofit, there are a number of barriers to starting up and growing through capital investment.