21 May '13, 3pm

Big news from Patagonia, plus some major changes

wants to play fairy godmother. The outdoor-apparel giant has announced plans to invest more than $20 million in like-minded, socially responsible startups through a new in-house venture fund. Known as “$20 Million & Change” —the name is a nod to both the initial capital and its potential to “change” the way people do business—the fund will fall under the auspices of a new holding company that will serve as an umbrella for Patagonia’s apparel arm and the company’s various subsidiaries. Patagonia Works , which succeeds the Lost Arrow Corporation, will not only cover present Patagonia holdings, but it will also incubate new companies or investments that use business to “inspire and implement solutions to the environmental crisis,” according to Yvon Chouinard, the rock-climber-turned-entrepreneur who founded Patagonia 40 years ago.

Full article: http://www.ecouterre.com/patagonia-creates-20m-venture-fu...

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