AltSchool Continues to Innovate Progressive Education Model: Educational Startup Officially Converts to Public Benefit Corporation and Certified B Corporation
FOR IMMEDIATE RELEASE: November 17, 2014
AltSchool Continues to Innovate Progressive Education Model
Educational Startup Officially Converts to Public Benefit Corporation and Certified B Corporation
SAN FRANCISCO, CA., November 17, 2014 – AltSchool is proud to announce becoming both a Certified B Corporation and a PBC, a public benefit corporation. AltSchool is building a network of micro-schools powered by its innovative technology platform that enables teachers to deliver a personalized learning experience for all children. By voluntarily setting high standards for social contribution, environmental responsibility and accountability to a greater good, AltSchool is distinguishing itself within the education sector and modeling a better way to do business for its students and families.
By becoming a B Corporation, AltSchool has made a commitment not only to be one of the best educational companies in the world, but to be the best for the world. Certified B Corporations are legally required to consider the impact of their decisions not only on their shareholders, but also on their stakeholders, which for AltSchool means students, parents, and educators. In becoming a B Corp, AltSchool is honored to join companies including Patagonia, Seventh Generation, Method, Ben & Jerry’s, Warby Parker, and Etsy.
Jay Coen Gilbert, Cofounder B Lab shares, "AltSchool represents the kind of purpose-driven innovation sorely needed in education. As for-profit businesses get into the education space, it is important that they meet the highest third party standards of performance, transparency, and legal accountability to meet the needs of all their stakeholders, not just their shareholders." As a public benefit corporation, AltSchool will also create an annual benefit report that assesses its overall social and environmental performance against a third party standard.
Max Ventilla, Founder and CEO of AltSchool, comments, “AltSchool was created to advance innovation in education and to improve access to quality schooling. Becoming a Certified B Corporation and a Public Benefit Corporation helps codify and support our mission. In AltSchool's case, delivering a broad social impact goes hand-in-hand with creating a large and thriving business.” AltSchool’s investors provided unanimous support for the conversion to a public benefit corporation as well as a Certified B Corporation. “The greatest companies of our time, the best businesses are founded and built by missionaries, not mercenaries,” says John Doerr, partner at Kleiner Perkins Caufield & Byers and an AltSchool investor. “AltSchool is on a noble, sustainable mission to create longterm social value."
AltSchool micro-school network has four locations within the city of San Francisco and is opening new locations in Brooklyn and beyond for Fall 2015.
AltSchool is reimagining K-8 education from the ground up to achieve its mission of helping all children reach their full potential. AltSchool’s world-class team of educators, entrepreneurs, and technologists is working together to build a network of micro-schools that offer personalized, child-centered learning experiences. Founded in 2013 by technology entrepreneur and parent Max Ventilla and headquartered in San Francisco, AltSchool is backed by Founders Fund, Andreessen Horowitz, First Round Capital, Harrison Metal, John Doerr, Jonathan Sackler, Learn Capital, Omidyar Network, and other leading investors. AltSchool currently operates schools in San Francisco and will be expanding to Brooklyn and other locations Fall 2015. More information is available at www.altschool.com.
About B Corp
Certified B Corporations meet rigorous standards of social and environmental performance, legally expand their corporate responsibilities to include consideration of stakeholder interests, and build collective voice through the power of the unifying B Corporation brand. As of June 2014, there are more than 1,000 Certified B Corporations from over 60 industries and 34 countries, representing a diverse multi-billion dollar marketplace.
About B Lab
B Lab is a nonprofit organization that serves a global movement to redefine success in business so that all companies compete not only to be the best in the world, but the best for the world. B Lab drives this systemic change through a number of interrelated initiative: 1) building a community of Certified B Corporations to make it easier for all of us to tell the difference between “good companies” and good marketing; 2) passing legislation to accelerate growth of social entrepreneurship and impact investing (24 states have already passed benefit corporation legislation); 3) developing B Analytics, a customizable platform for measuring, benchmarking, and reporting on impact 4) providing free, powerful tools for businesses to measure, compare and improve their social and environmental performance (more than 15,000 businesses use B Lab’s free B Impact Assessment).
Media Relations for AltSchool