Sustainability initiatives are more integral than ever to business today. With consumers trying to match their shopping habits to their values and major corporations publicizing their environmental and social justice commitments, business owners and CEOs are finding that it’s time to think about how their work benefits the world beyond their bottom line.
This shift in how businesses view responsibilities to their communities led to the formation of benefit corporations, or B-Corps. Benefit corporations set themselves apart from standard corporations by building sustainability initiatives into their mission. The distinction lets them put forth a clear set of values for their stakeholders and employees, differentiates them in the public eye, and demonstrates shared interests with consumers. Currently, thirty-six states and DC formally recognize the B-Corp designation for businesses that want to declare the label.
Members of the Kogod community recently had the opportunity to learn more about what goes into a benefit corporation's responsibilities and speak directly with researchers and professionals in the field. The event, organized by Kogod professor of management Garima Sharma, saw nearly fifty representatives from current or aspiring B-Corps converge to discuss ideas, solve problems, and explore the future of sustainable business. Several Kogod faculty attended both to provide support and learn more, and one PhD student even traveled from Germany to participate in the event.