The industrial world often gets a bad reputation from the negative effects of certain giant corporations. Ruthless for-profit companies may prioritize dollar bills over their overall impact. But a B Corp focuses on the company’s social mission. This includes how it takes care of the environment and people. A “socially, ethically and environmentally responsible” company donates to charities, takes care of the planet and prioritizes purpose over profits. Joining Bold TV’s Philip Michael is Asim Khan, the co-founder of B Corp ZYN, a holistic wellness beverage brand. They were an honoree on Certified B Corporation’s 2019 Best for the Community list.
Three different types of corporations
Typically, the main goal of a corporation is to make the largest profit possible for its shareholders. And for-profit B Corps still have that goal. But their mission is two-fold: Invest profits into the company’s growth and into charitable causes. Since ZYN’s first sale, they provide over 10% of revenues to charity. The difference between a B Corp and a nonprofit corporation is that nonprofits have the sole goal of donating their investment returns.
From Wall Street to B Corp
Khan and his brother co-founded ZYN, but not before they spent years on Wall Street with investment banking, private equity and hedge funds. These years in the finance industry gave them a nice launching point to fund their own venture. Their experience and seed money provided them a platform to enact conscious capitalism. Instead of taking, taking, taking, they’d like to try giving. “We wanted to build an ethical company that gave back to society and not just made money,” Khan said.
For a list of B Corps to support, check out these “Best for the World” lists.
For more on corporations and their domino effects, check this out.