Make business a force for good. This is the primary goal of a B-Corp.
But, do you know what it is exactly? Can you guess how to incorporate these movements into your business, aligning purpose and profit?
MYoMY, a Dutch and fair trade accessories company, is an example of a B-Corp. We’ve interviewed Marja Baas, founder of the brand, who shares about her entrepreneurial journey and the B-Corp adoption.
Let’s first understand the concept behind everything. Shall we?
What’s B-Corp
B-Corp certified companies are for-profit businesses that have changed their definition of success. In addition to the return to shareholders, the business’s products and services must benefit society and the environment.
Summing it up, “B-Corps are mission-driven companies that balance purpose and profit,” as seen on the certification’s official website.
Therefore, each B-Corp meets verifiable social and environmental performance standards, public transparency, and legal accountability. Therefore, together, these companies lead a global movement of people who use business as a force for good. Competing to be better for the world.
Why B-Corp Is Important & What Are Its Benefits
As we always say, nowadays, it is not enough to just launch a product. It takes purpose behind it, even to effectively reach the target audience.
But beyond that, what’s the point of growing a business if there’s no purpose behind it? In other words, a value that becomes the brand’s differential and contributes to the construction of its legacy.
There are several reasons to become a B-Corp. Attracting and retaining talent, being part of a new movement, being a performance benchmark, attracting investors, differentiating yourself in the market and generating positive media are some of the reasons. But companies and leaders who have engaged in this movement also report that, in undertaking the necessary assessment to become a B-Corp, they have recognized different issues. Some of them concern ways to improve employee engagement, positively impact the local and global community, and reduce the footprint. company environment.
Through the Impact Assessment tool B, companies begin to measure and assess what really matters in social and environmental aspects, in addition to having a clear horizon to support strategies and improvement plans.
There are also discounts on products and services within the network formed between certified companies. The idea is really for one business to help the other.
How Companies Can Become a B-Corp
B Lab, a North American non-profit organization, gives the certification. Summing it up, companies must complete the B Impact Assessment tool and obtain a minimum score of 80 points out of 200 to receive it.
An Assessment Review is scheduled from this step, where documents that prove the answers given are verified. At this stage, there is a conversation with the B Lab team that provides support to clarify the issues and request new documents if necessary.
There is also the “Transparency Questionnaire” that allows the company to confidentially submit to B Lab any sensitive practices, fines and sanctions related to the company or its partners. In addition, companies are subject to “context checks” such as reviewing public records, news and searching for company names, brands, executives/founders and other relevant topics made by the B Lab team.
For certification monitoring, 10% of B-certified companies are randomly selected each year for an in-depth Certification Assessment. This assessment aims to verify the Certification requirements and also confirm the accuracy of the answers presented in the company’s Impact Assessment B.
To maintain B Corporation certification, the company must update its assessment every two years, provide additional documentation to verify its responses, and achieve at least 80 out of 200 available points. This process ensures that companies that have become certified B Corp companies continue to develop in line with the criteria, even as the business grows or changes.
Impact Assessment B is updated every two years, so recertification also gives companies the opportunity to set improvement targets against the most up-to-date standards and assess their performance over time.
MYoMY & B-Corp
“B-corp was quite natural to us,” says Marja Baas, founder of MYoMY. In 2021, the Dutch brand got the certification from the B Lab because of the purpose and social-driven way they conduct their business.
Since then, they got 102.6 as a score – other ordinary businesses that complete the assessment get a media score of 50.9.
As Marja says, B-corp is highly connected to a business’ intention and purpose. Especially, when the company considers its values as important as profit.
MYoMY & Its Purpose
Marja founded the bag brand MYoMY in 2007. It has become famous for its iconic MY PAPER BAG, designed by Ramon Middelkoop. The sustainable alternative for the well-known paper bag.
MYoMY now markets various bags and accessories with the goal to create a fairer and equal world. As a Social Enterprise and B Corporation, the Dutch company works with changemakers and partners in Bangladesh and India. In other words, fair trade, with respect for nature, and a timeless design. Every MYoMY bag is made to create a chain of empowerment from maker to wearer.
MYoMY has been a social enterprise from the beginning. It means that the brand is part of the social economy whose primary goal is to have a social impact. For example, they work together with entrepreneurs and fair trade production partners who want to be changemakers in their own environment.
Furthermore, the company believes in long-term relationships to create a more equitable world together. The sale of MYoMY bags facilitates fair trade jobs that give our employees a fair wage, safe working conditions, and access to training and personal development.
MYoMY Current activities
Currently, they work with different fair trade producers in Bangladesh, India and recently Romania. For instance, at Leatherina in Bangladesh, there are now 45 skilled artisans working. And, they not only guarantee fair wages and good working conditions. As Marja says, they also “give hope and financial independence for these women.”
Besides their eco-leather, MYoMY also started working with new vegan innovations like their Apple Skin material. Made of the apple industry’s waste, like jam and juice, the product is a further step towards circular and upcycled materials.
Furthermore, MYoMY believes that everyone is a changemaker and that they can change the world with their choices. B-Corp can help you as well, to discover purpose-driven brands and make ethical and sustainable choices.
Check out our previous article about the Sociology of Fashion and how it impacts our society!
