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http://ssrn.com/abstract=2243833
 
 

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Hunting Stag with FLY Paper: A Hybrid Financial Instrument for Social Enterprise


Dana Brakman Reiser


Brooklyn Law School

Steven Dean


Brooklyn Law School

April 2, 2013

Dana Brakman Reiser and Steven A. Dean, Hunting Stag with FLY Paper: A Hybrid Financial Instrument for Social Enterprise, Boston College Law Review, 2013, Forthcoming
Brooklyn Law School, Legal Studies Paper No. 332

Abstract:     
Social entrepreneurs and socially motivated investors share a belief in the power of social enterprise, ventures that pursue a “double bottom line” of profit and social good. Unfortunately, they also share a deep mutual suspicion. Recognizing that social ventures — just like traditional for- and non-profit enterprises — need capital to flourish, this Article offers a financing tool to transform that skepticism into commitment. Unlike the array of new entities that have emerged in recent years — including L3Cs, benefit corporations and flexible purpose corporations — the hybrid financial instrument it describes provides a robust and transparent solution to the puzzle that lies at the heart of every social enterprise: how to blend a profit motive with a social mission. Recognizing their shared dilemma as an example of what economists call a stag hunt, FLY Paper strikes that elusive balance by allowing investors and entrepreneurs to credibly signal a reciprocal commitment to the pursuit of a dual bottom line.

Number of Pages in PDF File: 40

Keywords: Social Enterprise, Corporate Finance, Game Theory, Flexible Debt, Tax, Benefit Corporations, L3C, Flexible Purpose Corporations

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Date posted: April 3, 2013  

Suggested Citation

Brakman Reiser, Dana and Dean, Steven, Hunting Stag with FLY Paper: A Hybrid Financial Instrument for Social Enterprise (April 2, 2013). Dana Brakman Reiser and Steven A. Dean, Hunting Stag with FLY Paper: A Hybrid Financial Instrument for Social Enterprise, Boston College Law Review, 2013, Forthcoming; Brooklyn Law School, Legal Studies Paper No. 332. Available at SSRN: http://ssrn.com/abstract=2243833

Contact Information

Dana Brakman Reiser (Contact Author)
Brooklyn Law School ( email )
250 Joralemon Street, Rm. 814
Brooklyn, NY 11201
United States
718-780-0396 (Phone)
718-780-0376 (Fax)

Steven Dean
Brooklyn Law School ( email )
250 Joralemon Street
Brooklyn, NY 11201
United States

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