B Corporation is Good Business

It’s not often I get overly excited about an op-ed. But this one on the B-Corp, in yesterday’s edition of The State, made my little do-gooder capitalist heart leap. Penned by South Carolina state senator Vincent Sheheen, the article makes the case for bipartisan support of a bill that would allow qualifying South Carolina companies to do business under a new model known as the B Corporation.

A company designated as a B-Corp operates in a legal structure that acknowledges and rewards an organization’s impact on societal issues as well as bottom-line performance. So a company doesn’t have to be all about making money. Nor does it have to be all about doing good, and never making any money. It can do both, peacefully coexisting in a way that gives companies, their stockholders and their employees the opportunity to do business in a way that upholds a set of shared values. All of which makes for a more productive and meaningful work experience.

Some folks believe this new corporate structure has the potential to create an entirely new sector on the economy that can use the power of business to solve critical issues in the world. Count me among them.

So it was with much delight that I read about South Carolina lawmakers coming together in a bipartisan manner to bring this new business model to our state. If passed, South Carolina would be recognized as an early adopter of B-Corp legislation (only seven states in the US have enacted B-Corp laws thus far), another great demonstration of the Palmetto State’s advanced, pro-business climate.

If you’re not familiar with the B-Corp movement, take a moment and watch this TED video from B-Corp founder Jay Coen Gilbert. It may just change the way you think about business, for good.

Jay Coen Gilbert on B-Corp and the Evolution of Capitalism