Social-Enterprise Bookseller Offers Incentives to Nonprofit Literacy Partners
Better World Books, a for-profit social enterprise that collects and sells books online, with a percentage of profits going toward literacy initiatives in the U.S. and worldwide, recently announced the creation of an Incentive Stock Option program for its nonprofit literacy partners.
The program offers an initial group of five literacy partners — Books for Africa, Room to Read, Worldfund, the Robinson Community Learning Center and the National Center for Family Literacy — an equity stake in approximately 5 percent of the company.
Better World Books plans to supplement the initial round of stock options with subsequent rounds of performance-based options meant to reward literacy partners for their ability to achieve their own internal metrics for delivering on specified literacy goals and objectives; synergies they create with Better World Books; and innovation in addressing literacy and education challenges around the world.
The company currently partners with more than 1,800 college campuses and 1,500 libraries nationwide, generating more than $6 million for its partners, donating 1.3 million books to literacy programs around the world, and diverting more than 22 million books from landfills. According to a release from Better World Books, more partners may be added to the program in the future.
To learn more about the program, visit betterworldbooks.com