31 March, 2023
As B Corp month comes to a close, a new door has opened for B Lab, the non-profit behind the B Corp movement, as it welcomes a $1 million donation from LinkedIn Co-Founder, Reid Hoffman, no stranger himself to the power of business networks. The donation reflects Hoffman’s belief that business is uniquely placed to lead and influence widespread change (we agree!) and the linked desire to increase the capacity of an organisation facing unprecedented demand.
B Lab has received almost 10,000 submissions for certification from businesses since 2020, a 37% increase compared to the previous three-year period. This has, unsurprisingly, led to a slowdown in the certification process, which is bad news for businesses looking to be part of a more progressive future, and for B Lab’s desire to create systemic change at scale.
It also echoes the rapid increase in demand for the validation of science-based targets by the Science-Based Targets initiative (SBTi) in the run up to COP 26 and release of the Net Zero Standard in 2021, which has ultimately led to a permanent extension to the timelines of its validation services to help it to work through the backlog.
We’re thrilled that the demand for change is surging. But it’s clear that having the capacity to deliver against it is also vital. So for any investor or philanthropist looking to fuel progress, it makes a lot of sense to invest in scaling up the capacity of these engines of change for a better future.
By Jovontae Catline