Our commitment is first and foremost to the community of people living with or affected by diabetes or other conditions of glycemic dysregulation.
Beta Bionics is proud to be incorporated as a Massachusetts public benefit corporation and certified as a B Corporation®. We believe we were one of the first, if not the first medical device company to be doing business as a benefit corporation, and we're fairly certain that Beta Bionics is the first company to do so in the diabetes space. We believe the same is true for our B Corporation® certification.
Our status as both a Massachusetts public benefit corporation and a Certified B Corporation® makes all the difference in the way we do business and will allow us to move more quickly toward a healthier and happier diabetes community.
Traditional corporations have only one requirement: returning money to their shareholders. Unlike traditional corporations, Massachusetts public benefit corporations are legally required to consider the impact of their decisions not only on their shareholders, but also on their stakeholders. For Beta Bionics, that means you, your kid(s), our kids, and other loved ones living with conditions of glycemic dysregulation. In fact, Beta Bionics has a member of our board of directors whose sole job is to ensure that we remember to consider our public impact in every decision we make. You may have heard of him. Chances are that if you have ever been to a Friends for Life conference, you've met Jeff Hitchcock, the director of the non-profit Children with Diabetes.
Our public benefit mission is as follows:
To provide and protect our turnkey solutions for safe and effective autonomous glycemic control;
To bring our technology to as many people living with diabetes or other conditions of glycemic dysregulation as possible in an expeditious and responsible manner;
To continue to innovate and to offer the latest advances as expeditiously and responsibly as possible; and
To act in the best possible interest of the community of people living with diabetes or other conditions of glycemic dysregulation in connection with fulfilling our corporate functions.
Many people have asked us what the difference is between a public benefit corporation and a Certified B Corporation®. Some companies choose to pursue one or the other, but Beta Bionics is proud to say that it meets the standards of both a Massachusetts public benefit corporation, as well as a Certified B Corporation®. These standards include higher levels of transparency, accountability, sustainability, and performance. The table below highlights some of the key similarities and differences between the two.
Certified B Corporations® and Benefit Corporations complement each other and are both leaders of a global movement to use business as a force for good. Both meet higher standards of accountability and transparency than traditional for-profit corporations, but there are also a few key differences, as outlined in the table above.
On October 21, 2015, Beta Bionics incorporated as a Massachusetts public benefit corporation. On January 26, 2017, Beta Bionics was certified by B Lab® as a Certified B Corporation®. If you are interested in reading more, here is a link to the legislation on Massachusetts public benefit corporations, and here is a link to the B Corporation® homepage.
We'd love to hear your thoughts about our model and our public missions. Reach out to us if you'd like!