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.