Episode 12 - Benefit Corporations (B-Corps)
In this episode, Jerrid and Courtney discuss Benefit Corporations, also known as B Corps. To obtain a B Corp certification, organizations must adhere to a set of guiding principles that involve the betterment of people and the planet. This process may also include site visits. Another component of becoming a B Corp deals with legal status. As is the case with other business classifications, registering as a B Corp may impact taxation rates.
Although a worthy certification, many people outside of the social justice and social entrepreneurial fields may not know about B Corps. However, as consumers, having this awareness could help people make more informed decisions about which businesses to the patron. Take a coffee shop for instance. Customers may decide to choose Coffee Shop A over Coffee Shop B if they discovered that Coffee Shop A paid its employees a livable wage and operated sustainably.
B Corps are still in the business of making money—they would not be able to survive otherwise. They just earn profits in a way that gives more than they take. In doing so, this philosophy encourages organizations to have larger conversations within their internal ecosystems and with shareholders. All the same, not every social enterprise has gone the B Corp route. Reasons include not seeing the value, not being able to afford it, or simply not qualifying.
In the Central Florida area, examples of B Corps include Clean the World, Downtown Credo, and Ten Thousand Villages. Some B Corps may identify themselves to consumers with a sign on the door or next to the cash register. Information of this type is becoming increasingly important to consumers as they use their money to support various causes.
Links For more information on topics discussed during the show, see the list below.