Risk & Business Magazine Spectrum Insurance 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 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 your 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 “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 charity cases, they
don’t want a handout. They just want an
opportunity to change their life.
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