LEXINGTON, Ky., March 07, 2017 (GLOBE NEWSWIRE) -- Kentucky entrepreneur Nate Morris, the founder, chairman and CEO of Rubicon Global, today commended the Kentucky General Assembly for passing House Bill 35, legislation that will allow for the creation of public benefit corporations – companies that have an expanded purpose beyond maximizing share value to explicitly include general and specific public benefit.
“I am thrilled that Kentucky has taken this positive action to make the Commonwealth more competitive for business and attractive for investment so we can create new jobs,” said Morris. “Benefit corporations give entrepreneurs and investors a new foundational tool on which to build their business. Kentucky is leading the way and I commend members of both parties for voting overwhelmingly in favor of this bill.”
House Bill 35, sponsored by Rep. Jerry Miller (R-Louisville), passed the Senate on Tuesday. The legislation passed the House of Representatives by a vote of 78-17 on Feb. 14. It now heads to Gov. Matt Bevin for his signature. Kentucky Economic Development Secretary Terry Gill testified in support of the bill in front of the Senate Agriculture Committee.
“I started Rubicon Global in Kentucky based on the idea that businesses – through the free market – can and should do good in the world,” said Morris. “We built a company that uses technology to disrupt the global waste and recycling industry and take on entrenched incumbents. Rubicon has reduced costs and boosted recycling opportunities for local governments, Fortune 500 companies, small and medium businesses and residential customers. That’s the spirit of benefit corporations.”
Morris founded Rubicon in Louisville in 2008. The company is headquartered in Atlanta and has offices in Lexington, New York and San Francisco. Rubicon was recently named a Next Billion-Dollar Startup by Forbes and one of the World’s Most Innovative Companies by Fast Company . Investors in Rubicon include Kentucky business leaders Brad Kelley, C.M. “Bill” Gatton, Chris Sullivan and Sandra Frazier.
Morris has been a vocal advocate for benefit corporations. In 2013, Morris worked with the leadership of companies including Warby Parker, Prudential Financial, Patagonia and Ben & Jerry’s to pass a benefit corporation law in Delaware. Morris has supported the idea across the country; states surrounding Kentucky, including West Virginia, Tennessee and Indiana, have all passed laws allowing for benefit corporations.
Rubicon is a certified B Corporation, a private certification issued to for-profit companies by B Lab, a global non-profit organization. B Lab itself advocates for public benefit corporations.
Morris lives in Lexington. In 2016, he was named the first Entrepreneur-in-Residence at the University of Kentucky Gatton College of Business and Economics. Morris gives guest lectures at the college, serves as a mentor for the UK Venture Studio and for UK teams in business plan competitions, and spends several days per year at the college engaging with students, faculty and community members. He has also helped to start a social enterprise curriculum at the Gatton College.
About Rubicon Global
Rubicon Global is the worldwide leader in sustainable, cloud-based waste and recycling solutions. Using its proprietary technology-enabled platform, the company provides comprehensive waste stream solutions that enable companies to reduce operating expenses and implement recycling programs. Rubicon’s goal is to create a more sustainable solution for businesses and the planet. Learn more at www.rubiconglobal.com .
Contact: Dan Bayens, dan@contentcreativemediallc.com, (859) 489-3022
