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Adding ‘how’ to ‘why’ – the B Corps phenomenon
• The question ‘why’ is at the heart of conscious capitalism. Why do businesses do what they do? Is it just to make money? In many cases that’s clearly true. But for business leaders who embrace the ideas of conscious capitalism, there has to be something more. There has to be a sense of contributing to the common good, there has to be a higher purpose.
• But how do you turn that higher purpose into a successful business reality? For anyone struggling with that question, B Lab may be able to help.
• B Lab is a US-based non-profit organisation serving a global movement of entrepreneurs who want to use the power of business to solve social and environmental problems. Whilst as they say on their own website that “the movement to redefine success in business didn’t begin and won’t end with B Lab”, the organisation is responsible for a number of important initiatives.
• According to B Lab, their B Corp certification scheme is to sustainable business what LEEDcertification is to green building and Fairtrade certification to coffee. There are currently more than 800 Certified B Corps from 27 countries and 60 industries, all of which have demonstrated their compliance with rigorous standards of social and environmental performance, accountability, and transparency.
• Thanks to the influence of B Lab and the community of Certified B Corps, laws have already been passed in 11 US states creating a new type of corporation—the benefit corporation. Benefit corporations operate in the same way as traditional businesses but are required to comply with higher standards of corporate purpose, accountability and transparency.
