Risk & Business Magazine Hardenbergh Magazine Fall 2019 - Page 8

PROFIT + PURPOSE THE NEW ECONOMIC MODEL PROFIT + PURPOSE 2.0 BY AMY JO MARTIN 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 8