What is a B Corp?
It’s B Corp month! As Tech for Good fanatics, we need no excuse to shine a light on some of our favourite planet-friendly brands. But first, what exactly is a B Corp and how do you become one?
Here’s everything you need to know...
What is a B Corp?
The B Corporation Certification is a sustainability credential created by B Lab, a global non-profit that aims to make it easier for mission-driven companies to have a more positive impact on the planet and its people.
Businesses with B Corp Certification (or B Corps) ‘meet the highest standards of verified social and environmental performance, public transparency, and legal accountability to balance profit and purpose.’
While they fall into a range of sectors and categories, all B Corps have one thing in common: they use their profits and growth to make positive impact for their employees, communities and the environment.
B Lab sums it up nicely, saying ‘this is a community of leaders, driving a global movement of people using business as a force for good.’ So, if sustainable and ethical business practices are important to you, choose to support B Corps!
What are the benefits of being B Corp certified?
As we well know, people want to back businesses they really believe in. Whether you’re a consumer, investor or employee, you want to feel that you’re supporting businesses that resonate with your personal values. Becoming a B Corp is a powerful way of showcasing those values and building credibility and trust.
How do you become a B Corp?
To obtain B Corp certification, businesses need to undergo The B Impact Assessment. This is a tip to toe evaluation, from supply chain and input materials to charitable giving and employee benefits.
There are also several transparency and accountability requirements, as this certification is a commitment to long-term impact. So much so, it’s built into business’ legal structure once they’re officially a B Corp.
Interested in becoming a B Corp? You can complete the free B impact Assesment online to begin the process.
How many B Corps are there?
At the time of writing, there are over 3,800 registered B Corporations spanning 150 industries and 74 countries.
What exactly do B Corps do?
These businesses cover a plethora of different industries, so there really is something for everyone. Whether you’re looking for a more sustainable way to shop, green energy solutions for your home, or a way to invest in the companies you believe in – there's a B Corp for that.
Not only do these companies offer a range of products or services, but they also provide great benefits to their employees. For example, the average pay ratio for highest VS lowest-paid employees at B Corps is 7:1 (versus the average 144:1)! Read more on that, here.
Here’s to all the B Corp founders out there and the incredible work they’re doing.
Later this week we’ll be sharing a list of our top 20 B Corps and why they’re revolutionary, so keep an eye out for that. Which B Corp is your favourite? Let us know on Twitter or LinkedIn, we’d love to hear from you!