Though the General Lafayette Inn has operated under many names and owners over its nearly 300 year history, no one could have anticipated what entrepreneur and sustainable business guru Michael M. Carter has planned for it — a business incubator “open to members who will foster what he calls a modern brand of capitalism with a social component,” according to an article this week in the Philadelphia Inquirer.
Carter could not be immediately reached for comment.
The guiding principles of the incubator — which is yet to be named — are detailed in a 2021 book co-authored by Carter and Michael T. Moe entitled The Mission Corporation: How Contemporary Capitalism Can Change the World One Business At a Time. The duo outlines seven tenants that can help companies operate ethically and sustainably, including positively impacting a specific market alongside society-at-large, providing full-time employees equity compensation or stock options, reserving three percent of employee time for social and charitable causes, as well as contributing two percent of net income and one percent of revenue or equity to at least one of the United Nation’s 17 Sustainable Development Goals.
Carter’s own illustrious story can be traced from coast to coast, through the IT Sector and a number of successful startups, the most recent being BizEquity which he founded in 2010 and stands as the first cloud-based business valuation system. Likewise, in the same year, Carter also founded Entrepreneurs Management Group, a capital investment and consulting firm.