Better Together, for a Better World - It's B Corp Month!
Have you heard that it’s B Corp Month? And that Melbourne is actually the heart of the fast-growing B Corp region on the planet?
Yep, that’s right! Through July, the spotlight will be shining on some of the world’s most socially and environmentally impactful businesses. In our backyard, that means the likes of Keep Cup, Intrepid Travel and Dumbo Feather.
Before going any further, let’s start with a 101 intro to the B Economy:
Ok, so B Corp stands for ‘Beneficial Corporation’. The way I understand it is that in the United States, where the phenomenon began, the term ‘Benefit Corporation’ is a legal status for businesses who commit to purpose beyond profit. i.e. they’re geuninely walking the talk.
On a spectrum, you have Not-For-Profit’s at one end and For Profit’s (business as usual) at the other. B Corps sit in the middle.
In Australia, and other countries, businesses can become accredited B Corps through an independent verification process which is kind of similar to becoming Australian Certified Organic. It’s a clear signal to staff, customers and your partners of what you stand for.
To sum up, B Corp accreditation is a way to increase your businesses impact, transparency and resilience. And it turns out that during the last financial crisis, Certified B Corp companies were 63% more likely to survive than other businesses of the same size. (Forbes, May 12 2020)
I was super proud to join the inaugural B Local Melbourne committee this year. Regeneration Projects is an aspiring B Corp and we’ve pencilled in time to start the free-to-use initial Impact Assessment. By laying this groundwork, we’ll be ready to go the whole nine yards when our first 12 months of operation is complete.
Melbourne has a unique opportunity to establish itself as one of the world’s leading regenerative business clusters in the world. Maybe even the first! Think of it as the Silicon Valley of Regeneration. B Corps, 1% for the Planet members and all other purpose-driven organisations are part of that pursuit.
For Victorian and Tassie-based businesses, I warmly welcome you to jump into our Melbourne Speed Networking event next Wednesday, July 15, 8-9:30am.
See you there!
PS: For more info also check out https://blocalmelbourne.com