Wrong! And it’s always been wrong, of course – Delaware is a great state, but it just got even greater.
July 17 is now historic not just for Delaware, but for the whole movement of states that have legally recognized the new status of “Public Benefit Companies.” Capitalism itself is at a tipping point here because Delaware is, quite notably, home to one million businesses (including 50% of all publicly-traded companies in the US, as well as 64% of the Fortune 500).
Basically, it’s the most important state for any business trying to access venture capital, public capital markets and private equity.
Now, entrepreneurs and companies that hard-wire the three bottom lines of “People, Profit & Planet” into their companies enjoy the freedom to make decisions not for sheer profit and growth, but in the best interests of workers, citizens, the community, the environment, customers, and investors. Now, Benefit Companies have legal status and protection.
On the 17th of July Delaware became the 19th state to enact benefit corporation legislation. 11 more states are working on it right now.
Finally the great skies of the different states (see what I did there?) are clear to scale business as a force for good. Check out the Governor of Delaware’s press release HERE!