In a recent Fast Company article, Phillip Haid, the co-founder and CEO of PUBLIC, a cause-marketing agency and incubator, stated companies have realized the value of combining the revenue-generating and philanthropic sides of their business, believing that co-existence produces greater impact and revenue.
He identifies four companies within the next wave of social innovators that embrace profit and purpose as the new way to do business:
- Uncharted Play produces an energy-harnessing soccer ball called the Soccket. It provides off-grid power to kids and families in rural and remote areas and refugee camps to improve learning, air quality, and health and increase income potential;
- Teeki provides eco-conscious, conflict-free activewear made from recycled plastic bottles;
- Rareform repurposes billboards into surf bags, backpacks and totes, and is a member of 1% For The Planet program, which means it donates 1% of its revenues; and
- LSTN takes proceeds from every pair of headphones sold and puts them towards restoring hearing to one individual.
Phillip Haid concludes that creating a social impact doesn't require companies to go outside themselves to effect positive change.
What other social purpose businesses are you aware of? We'd like to know.