Over 1.4B people around the world live off the grid, according to IRENA.org. 780 million people around the world lack access to clean water and WFP.org reports that 842 million do not have enough food to eat. In terms of healthcare, 1.3 billion lack access to necessary healthcare systems. The numbers are so staggering that they make it difficult even for those who would like to help as they do not know how or may have even lost belief in the systems that are currently tasked with doing so.
How do we, as a species, incentivize caring about the future of our race and the planet we currently inhabit? We desperately need modern and forward-thinking problem solving in business that takes full advantage of proven economic incentives, technological advances, helps clean up our world and combines success with moral courage to do what is right and just.
We can apply these same formulas to solving major global problems that affect billions of lives. This morally responsible and motivational course of action is what I call need-based capitalism. Products and/or solutions are based around basic human need, not want or desire for non-essential luxuries. The only additional criteria required to add to the already proven-successful, incentive-based structure that in turn will affect positive change and provide solutions to macro problems, is the development of these businesses strictly around solving the problems themselves. This providing of responsible and sustainable solutions, in fact, and synergistically, is also makes for a strong business case. In other words the size of the problem directly correlates to the market size and business opportunity.
Happy Earth Day everyone! This year marks the 44th annual celebration of Earth Day, and we’ve all made a lot of progress towards becoming more environmentally friendly. In fact, according to Reader’s Digest, 1 out of every 3.3 Americans considers themselves environmentally conscious, and 1 out of every 2.3 Americans recycle. Though some have considered the environmental movement to be just a fad, it is clear that many more of us are concerned with the impact we have on the environment.
With the arrival and recognition of Benefit Corporations, even corporate law is changing to accommodate our growing environmental and social consciousness! Benefit Corporations are for-profit companies that wish to pursue a social and environmental mission, even if that mission cuts into their profit. We here at MyCorp are huge fans of B-Corporations, and to celebrate Earth Day we thought it’d be fun to take a look back at some of our blog’s most interesting, and informative, Benefit Corporation-related posts.
- Never heard of a Benefit Corporation? MyCorp released a handy infographic to help explain the background of Benefit Corporations, and why they are such an important new entity.
- If you’re looking for creative ways to further your environmental mission, our guest blogger Kristina Jackson was kind enough to give us her 7 tips on how to further your green agenda through social media.
- Trying to figure out if your business can go green? Check out this post by guest writer Clint Robertson on the 6 unlikely industries entrepreneurs can go green in!
- If a Benefit Corporation sounds like something you are interested in, we can help get you get it set up and running. Our CEO Deborah Sweeney even wrote a post on how to run a Benefit Corporation!
- Even if you’re not ready to commit to running a Benefit Corporation, you can still work to do your part and reduce your impact on the environment. Our guest blogger Kandace Heller recommended six ways you can reduce your business’s waste.
Have any questions about Benefit Corporations? Thinking about forming your own? Leave a comment below, or give us a call at 1-877-692-6772, and we’ll be happy to help you out!
Nancy Goldstein, Founder and Chief Strategist at Compass(x) Strategy
What’s your (x)? It’s a question that Nancy Goldstein, Founder and Chief Strategist at Compass(x) Strategy likes to ask her clients in order to help companies overcome their most difficult marketing and growth strategies and put something good, useful, and powerful into the world. And while Compass(x) has been a proud certified B Corporation since 2011, the business was initially an LLC and Goldstein originally worked in brand management – not exactly in the same world as the one the B-Corp resides in!
Today we asked Nancy five questions about her B-Corp and discovered more about the journey she and her business took on their way to becoming B Corporation certified and why marketing is no longer about what your company does, but rather everything that you are.
Timothy S. McCausland, Senior Vice President & Chief Strategy Officer at Orange County Trust Company
In 2010, with over 25 years working in transactional matters involving real estate, trusts and estates, commercial matters and finance, attorney Timothy S. McCausland began investigating the growing trend of states adopting benefit corporation legislation. The B-Corps won McCausland over, especially since at the time he resided within a more rural part of New York and felt that the B-Corp would be a great fit for his region. By working alongside a colleague and friend, Gary Schuster, and familiarizing his state legislators with benefit corporations, the pair was able to push for the legislation and ultimately, for benefit corporation legislation to be passed in New York.
Today, we’re interviewing Timothy, currently serving as the Senior Vice President for Orange County Trust Company, on where he thinks B-Corps are heading, the benefits of going B-Corp for your business, and why once the switch is on for setting up a B-Corp, it can’t be switched so easily back off.
One of the main reasons we chose to start this blog was to help explain the facets and aspects of business that typically get overlooked. To help us do this, we decided that, every Tuesday, we are going to post a new “Business Basics” piece to discuss subjects that readers, despite being aware of, may not know much about. With that in mind, one of the first subjects we are going to look at is the Benefit Corporation.
What is a Benefit Corporation?