Kickstarter legally puts positive impact before profit

The company that helped bring you the first pizza museum and the world's coolest drink cooler has rededicated itself to the greater good.

Crowdfunding site Kickstarter, where entrepreneurs and inventors go to raise money to get their ideas to market, announced that it has converted to a Public Benefit Corporation, which are required by the terms of incorporation to aim to have a material positive impact on society and the environment, and when necessary put the needs of the community over shareholder investment.

"Until recently, the idea of a for-profit company pursuing social good at the expense of shareholder value had no clear protection under U.S. corporate law, and certainly no mandate," the company's three cofounders said on its blog Monday.

They continued, "Kickstarter is excited to join a growing list of forward-thinking organizations -- like Patagonia and This American Life -- that have taken the big step to become a Benefit Corporation. While only about .01 percent of all American businesses have done this, we believe that can and will change in the coming years. More and more voices are rejecting business as usual, and the pursuit of profit above all."

In its new charter, Kickstarter says it will "seek to limit environmental impact," "invest in green infrastructure," and donate 5 percent of its after-tax profit annually to arts education and organizations that "increase opportunities for people of color, women, and LGBTQ individuals."

Benefit corporation legislation has been enacted in 31 states since 2010, when the first law was ratified in Maryland.