News and Events
People think that businesses should do more than just make a profit. According to a study by Cone Communications “91% of global consumers expect companies to do more than make a profit, but also operate responsibly to address social and environmental issues.” When it comes to actual purchasing decisions, 84% of consumers are willing to seek out responsible products and 90% say they would boycott if they knew a company was irresponsible or deceptive. The rise of benefit corporations could produce companies that were built from the ground up to meet the needs of this large group of people. The question is, can they do it better than traditional companies and corporate social responsibility?
Businesses need to make a profit otherwise they have no reason to exist. The public good, or even a passing interest for the outside world seems to be the domain of non-profits and government. There is a growing call for corporations acting responsibly towards the world they share with us. Benefit corporations are a recent attempt to change the perception of what for-profit businesses can be for society. These companies aim to serve their customer and the public good without sacrificing profit. These companies are facing a widespread and deeply held assumption that a company should only be focused on making a profit. This was not always the case. As the Atlantic explored in a recent interview, societies have long expected their entrepreneurs to work towards the public good. In England, this view has been found to exist even in medieval times.
In an interview at Singularity University’s Global Summit in San Francisco, SU associate founder and CEO Rob Nail discussed the power of bringing diverse groups of people together to address the world’s biggest problems. Nail is a roboticist by training and was founder and CEO of Velocity11 prior to Singularity University. …more at singularityhub.com
Executives are trained, conditioned and typically believe its their job to stick to a positive script. But when an apology is called for, the good ones get it right…read more at Listed
Public benefit corporations, which are recognized in over 30 states, have now been adopted in Texas. The Texas public benefit corporation laws became effective on September 1, 2017. Now, businesses can incorporate in the State of Texas as a public benefit corporation…More at jdsupra.com