B Lab, founded in 2007, certifies B Corporations that legally commit to social and environmental goals alongside profit. The certification audits supply chains, employment, and governance. One example: an eyeglasses company uses a one-for-one model with VisionSpring. About 1,000 B Corps now operate across 80+ industries in 30+ countries.
Questions this video answers
2007
For every pair sold, the company distributes one to someone in need (one-for-one).
About 1,000 businesses in more than 80 industries across more than 30 countries.
Chapters
We've had massive technological innovation and incredible prosperity, but somehow huge social and environmental problems continue to exist. Those are problems that can't all be solved by government or by traditional nonprofits or foundations. What we noticed is an increasing number of entrepreneurs were trying to use business as a tool to solve social and environmental problems. But business structures weren't really set up to support businesses pursuing a higher purpose than just profit maximization. Normal companies have a legal obligation to maximize value for their shareholders, Period. We wanted to create an opportunity for a company to both make money and make a difference. And so we created this nonprofit B lab to help support that global movement of entrepreneurs that was trying to use business as a force for good. The result was a whole new class of B corporations. So to be certified as a B corporation, a company needs to meet higher sets of social and environmental performance standards, of transparency and of legal accountability. They look into your supply chain. They look into your employment practices. They look into your governance. There's validation that our practices are socially responsible and based on sound ethics. We sell prescription eyeglasses, and for every pair that we sell, we distribute one to someone in need. We partner with this amazing social enterprise called VisionSpring that trains low income men and women to give eye exams and sell glasses. Being a B Corp tells the world that that's our values. It also tells our shareholders we're going to prioritize this. Since B Lab began in 2007, B Corps have spread all over the world. We wanted to communicate that this business is different, and the B corporation and rating were ways of doing that. You're part of a network that is trying to change the face of commerce. It allowed other people to know that we were the real deal. We feel as though we've joined forces as part of a movement that we hope will change the way that businesses all around the world think and operate.
Long before we came around and invented the name B Corp, There were entrepreneurs trying to use their businesses as a force for good. What all of those people were limited in doing was scaling and in having an impact beyond their own business. They didn't have collective voice because there wasn't an identifiable movement. Many of the entrepreneurs are in the room. We're trying to use business to solve social and environmental problems. And so now, as part of the B Corp community, they're no longer feeling alone. And they're part of a community of a thousand businesses from more than 80 industries across more than 30 countries that all share one unifying goal, which is to redefine success in business. And if they can do that successfully, one day, all companies will compete not only to be the best in the world, but to be the best for the world.
