Businesses Try to Make Money and Save the World
ALTRUSHARE SECURITIES is a brokerage firm, engaged in the sort of things you might expect of a Wall Street outfit, like buying and selling stock, and providing research on companies. Unlike its peers, however, the firm is majority-owned by two charities that each control about one-third of it.
So is it a for-profit business? Or a nonprofit fund-raising machine?
In fact, like hundreds of new businesses starting up around the country, it is both. Altrushare is an example of the emerging convergence of for-profit money-making and nonprofit mission.
The practice is even creeping into corporate bluebloods like General Electric, whose $12 billion Ecomagination business promotes its products’ minimal environmental impact as well as their positive impact on the bottom line.
“We’re a for-profit institutional brokerage, and we have to compete on execution and commissions and do so with the same technology and talent you would expect from a top-tier firm,” said Peter Drasher, a founder of Altrushare, which is based in Bridgeport, Conn. “What makes us different is our nonprofit ownership and our mission, which is to support struggling communities with our profits.”
(continue reading here.)
No comments:
Post a Comment