B Corp 101: Re-defining Business Success

bthechangebadgehi-resFor-profit companies have long been categorized as either C Corps, S Corps, or LLCs.  But look out, there’s a new show in town.

Over the past few years, the Benefit Corporation or “B Corp” has been gaining ground.

B Corps are social enterprises; businesses working for social and environmental good as well as profit.  They’re an important addition to the marketplace, so I wanted to get down to the main points of what it actually means to be a B Corp.

Filling a Need

Working with non-profit organizations, I was often frustrated by their lack of scalability.  NGOs and charities spend a lot of time and resources fundraising and so aren’t able to maximize their impact.  When my business partner and I decided to found Modavanti.com, an ethical fashion retail site, we wanted create a for-profit business aimed at changing consumer behavior and reforming the garment industry.  We felt there was big potential there.

That’s exactly the purpose of the B Corp.

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