B Corporations: Redefining Business Paradigms

In a world where profits often overshadow social and environmental concerns, a new type of business entity has emerged with the solemn mission to redefine success; B Corps embody a different and innovative approach. A 'B Corporation' also known as Benefit Corporation, is a type of for-profit business entity that is somewhat legally required to consider their environmental and socioeconomic impact. These corporations attempt to balance their purpose of environmental sustainability and the aim of profit-maximization. In other words, B Corps meet "the high standards of social and environmental performace, transparency and accountability".

Achieving the B Corps accreditation is often seen as a social misson that must be achieved, but it's not a walk in the park as many may think. Companies must undergo a rigorous assessment process which is conducted by the non-profit organization, B Lab. This assessment evaluates a company's impact across various dimensions, which includes governance, community, customers, workers and in particular the environment.

Some well-known B Corps:

• Patagonia
• The Guardian
• Ben & Jerrys
• Warby Parker
• Kickstarter
• AllBirds

To some extent, B Corporations have began to gain recognition as a way to redefine success in business, thus shifting the focus from solely financil metrics to perhaps a more holistic approach that takes environmental preservation into consideration. A framework that allows companies to pursue their business strategies in a more eco-friendly manner. B Corps seem to be showcasing a new paradigm for business, which further inspires a new generation of businesses that foster long-term stability and environmental advocacy. Today, there is estimated to be more than 6,800 B Corporations from 90 different countries, compared to the few during the first generation of certified B corporations in 2007.