Have you ever heard about the B Corporations? Important companies like Ben & Jerry’s, Etsy, Patagonia, Danone, Cabot Creamery and more than 2,655 companies around the world had been granted with this important certification. B Corps are a new kind of business, one that measures success not only in terms of profit. Learn what B Corporations are and why Sense Ecuador is applying for this certification.
The raise of B Corporations
When the co-founders of Sense Ecuador gathered to define the commercial structure of the company years ago, they had different points of view about how to launch an e-commerce, how to manage their day-to-day operations and so on. However, they all agreed in the need of creating a positive impact in the community and the environment through their business. A real quest for the impossible, many may think, as it’s difficult to find a balance between purpose and profit.
Fortunately, Sense Ecuador is not alone in this path. A decade ago, the B Lab started working with leading businesses, investors, lawyers and other stakeholders to create a comprehensive set of legal and performance rules that enable them to certify companies that use business as a force for good. The final goal was to generate the most good for as many people, for as long as possible, through the power of markets. By now there are over 2500 certified B Corporations around the world.
How Sense Ecuador decided to become a B Corporation?
From the very beginning, the Sense Ecuador team curated eco-friendly premium products from all regions of Ecuador that were also good for the communities that produced them. A principle that by now is still at the core of the company’s activities. However, it wasn’t until the e-commerce was already launched that co-founders realized the company had the foundations of a B corporation integrated to its DNA.
Over a cup of coffee, a stakeholder mentioned that Sense Ecuador might be eligible to become a certified B Corporation. At the very beginning co-founders stared at each other wondering what exactly that meant. They recognized terms like Fair Trade and USDA Organic products -certifications granted to some of their stock. However, the term B Corporation was unfamiliar for them, since the B movement is quite new in Ecuador.
The first step for obtaining the certification was to take the B Impact Assessment, a rigorous evaluation that measures the company social and environmental performance. Sense Ecuador scored 90.2 in its first assessment, a significant achievement since the minimum score for being certified is 80. Sense Ecuador doesn’t have a year of operations yet, a necessary requirement to become a B Corp. The company obtained the status of certified B Corporation – Pending. After its first anniversary, Sense Ecuador will officially become the 8th company in Ecuador to obtain such certification.
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