Benefit Corporations, whether certified or not, are independently operating businesses that go above and beyond the traditional confines of business operation. Rather than conducting business in an effort to advance the business’s own personal interest, B-Corps are tasked with identifying opportunities to improve the world around them from a social and environmental standpoint. This involves stepping outside themselves to determine what the business can do to bring about change in the social and environmental spaces and how this change can make a true beneficial impact.
B-Corps are often able to accomplish what they do thanks in part to the non-profit organization behind them. This organization is called B-Lab. Headquartered in Wayne, Pennsylvania, B Lab is committed to overseeing the operations and actions of B-Corps nationwide. For Certified B-Corps, B Lab enforces stringent regulations for t given business’s social and environmental performance, requiring an annual report of how a business has achieved their goals in these facets of performance. B Lab reviews these reports to determine whether or not the business is meeting their standards.
Before any report is submitted, a business has to pass through B Lab’s assessment, which identifies the level of adherence to the social and environmental performance standards set by B Lab in a given business. B Lab requires a score of 80 out of 200 on this assessment to be considered for certification.
Aside from social and environmental values, B Lab holds accountability, transparency, and communication in high regard. It is absolutely vital for businesses to interact with B Lab regarding all areas of operation. B Lab offers businesses a wealth of resources, including networking connections to investors, marketing opportunities, technology enhancement, and other information regarding the overall state of affairs in the B-Corp community.
B Lab is responsible for making the B-Corp what it is today. In turn, innovation and sustainability are running rampantly throughout the business sector.