With its public offering last week, online arts and crafts marketplace Etsy became the best known B Corporation to trade shares, signaling the momentum of the business classification that allows firms to pursue social as well as financial goals, writes The New York Times.
Etsy is among the largest of more than 1,000 B Corps in 33 countries and is the third such company to go public.
Prospective B Corps must be certified by B Lab, a nonprofit organization that assesses applicants on issues such as giving, transparency, environmental standards, and hiring and pay practices. While small firms still make up the overwhelming majority of B Corps, their ranks include a handful of large companies like Natura, a $2 billion-a-year Brazilian cosmetics maker, as well as several subsidiaries of major corporations.
Read a Chronicle of Philanthropy article about B Lab.