First of all, we want to thank you for your support and encouragement over the past few years as we've tried to turn the idea we had for Benefacting into a reality. We wouldn't have made it this far without you.
We're writing today to let you know that we've decided to close up shop. After over 18 months of waiting we've received a response from the IRS regarding our application for federal tax-exempt status. Unfortunately, it was their determination that Benefacting doesn't qualify as a 501(c)(3) non-profit. At this point it seems like the only way forward would be to reincorporate as a for-profit entity. However, we both still hold down regular jobs to support our families, and with both of our wives pregnant, those families are growing. Neither of us is in a position to dedicate the time and resources necessary to reinvent Benefacting as a traditional tech startup.
Luckily, there's good news. It seems another group of talented folks was ahead of us and has launched a for-profit website based on almost exactly the same idea as Benefacting. The website is www.probueno.com and it's exciting to see the success they're having.
This isn't a decision we have come to lightly, but we both feel a peace about winding things down. Benefacting has been an incredible experience. Not every crazy idea to change the world will pan out, but we're glad we tried this one. We've been stretched and pushed out of our comfort zones, and we've learned a lot.
Thanks again for taking this journey with us.
Trevor & Brad
PS. We'd love to talk more and answer any questions you have. You can reach us at firstname.lastname@example.org