New York associate Robert Esposito was quoted in a Boston Globe article titled, “Showing true GRIT.”
In 2012, students at the Massachusetts Institute of Technology started a company called, GRIT, Global Research Innovation and Technology. GRIT created the “Freedom Chair,” a wheelchair designed to cruise on terrain from sandy beaches, to grassy fields and hiking trails. The company operates as a so-called social enterprise, meaning they are pursuing a social mission like a nonprofit does, but can still make money.
“The traditional legal framework did not accommodate a for-profit corporate form that would also allow the pursuit of a non-financial mission of the company,” said Robert. For-profit social enterprises can accept money from nonprofit foundations if their missions line up, but most raise private equity like any other startup.