WHAT DO PATAGONIA, Ben & Jerry’s, and Etsy have in common? They’re all B Corporations. As part of the B Corp movement, they have committed to using business to build a better and more sustainable world. Along with 2,294 other corporations, they have signed a “Declaration of Interdependence” and are attempting to redefine the for-profit sector.
To become a B Corp, businesses must complete the B Impact Assessment, which scores the company on its environmental impact, relationship to its workforce, commitment to the community, and transparency in governance, as well as the benefit of the product to customers.
In 2016, the B Corp Community launched the “inclusive economy challenge” to encourage for-profit entities to think critically about the economy and work to create opportunities for all people to flourish. During the pilot year, 175 B Corps took on the challenge; together they eliminated wage gaps and expanded company ownership.