Q&A

Is The 180 Lab a non-profit?

No. We are a benefit corporation, which is something of a hybrid between a non-profit and for-profit business. (Read the Wikipedia article on benefit corporations for more details.) We’re very excited to be part of this relatively new and growing movement toward the merging of social responsibility and entrepreneurship.

But wouldn’t it be better to be a non-profit or charity?

Not really. It would help in some ways, but according to our advisors and research, it would actually create a greater burden on our development than being a benefit corporation. Because you get the privilege of tax-exempt status from the IRS and state tax offices, the paperwork and requirements of maintaining a non-profit or charity can be enormous. Conversely, the main advantage—being able to accept tax-deductible donations—is not something we envision as useful for most of our projects. We also don’t plan to seek grants. Instead, we expect our projects’ financial support will come from two main sources:
(1) small grassroots donations and product purchases, which generate little to no tax benefit to the person anyhow; and
(2) larger organizations, for which we will establish a sponsor model that allows them to take advantage of other tax-deduction options.

So, how will people know their money is being put to good use and not just lining your pockets?

My, my, aren’t we brash! Just kidding… that’s actually a great question, and we understand the concern since there are, unfortunately, non-profits and charities that do have self-serving intentions. Our solution is to effectively operate as a non-profit or charity would, by making our financials transparent through an annual report. Excellent social enterprises do this, with many great non-profits posting their IRS Form 990 (their tax return) online each year. Reporting our financials to the public not only reinforces confidence, it also supports our status as a benefit corporation. With time and diligence, we will eventually apply for B-Corp Certification, which will further solidify public trust in our organization.

What about the projects you launch?

All of our projects start out as just that—projects. And they reside in the legal “home” of The 180 Lab. But if it becomes legally necessary or otherwise advantageous for a given project to develop into its own legal entity, then we will take that step.

How do I submit my idea to you all?

Sorry, but we do not accept outside ideas or innovations. It is the only way to protect ourselves from claims that we have stolen an idea that we actually developed ourselves.

What about job opportunities?

At this time, we do not have any positions open. However, we’d love for you to point us to your LinkedIn profile, so we can keep you in mind for anything that comes up within The 180 Lab or our projects.