Risk & Business Magazine Benson Kearley IFG Fall 2019 | Page 10

PROFIT + PURPOSE
T
HE BUSINESS MODEL OF
THE FUTURE. WHAT’S NEXT
FOR DO GOOD + DO WELL
COMPANIES?
Double or even triple bottom
line companies. Most people are familiar
with the them thanks to the TOMS shoes
phenomenon. The buy one, give one
business model that does well ($) and does
social good at the same time. For each
pair of shoes you buy, TOMS gives a pair
to someone in need. The new BOGO –
exchange get for give.
Secretly, I can’t say I’m in absolute love with
the actual shoe design, but I do love them
and proudly buy the shoes because it makes
me feel good to support the company. And
let’s be honest – it’s a pride thing to flaunt
your “giveback-ness” on our feet. Vibrant
conversations with complete strangers have
been sparked due to the charitable tokens
on my toes. Then there are Warby Parker
glasses. Even better, they’re on your face
versus your feet. They make for great first
impressions – hello giving, caring bright
eyes, nice to meet you. Wink.
So, what’s next? How can we continue to
innovate this “do good, do well” economic
model in order to use business as a lever for
changing the world? I spy an answer to this
question.
Before you start your company or non-
profit, please consider this option. (Or at
least read the bullet points below. I won’t
be offended if you skim or skip to the magic
bullets. I actually think in bullet points so
more power to you.)
I’ve come across a few companies that have
taken the “for profit, for purpose” one step
further. They’re integrating a solution
to a social problem into the product. For
example, ArtLifting helps the homeless
and disabled sell their artwork so they
can put a roof over their heads. Brilliant
concept given the problem and solution are
so tightly integrated into the company’s
sellable product. The challenge has become
the core component of the company and
solution.
Research has shown these homeless
artists don’t want to be a charity case, they
don’t want a handout. They just want an
opportunity to change their life. Having a
job restores their dignity.
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