Two words. Social entrepreneurship.
In the last few years, there seems to have been an exponential increase in the number of business who are socially conscious and have a motive outside of simply making a profit. These companies are adopting corporate missions to give back to society whether by donating a large portion of their revenues to non- profits or by establishing a one- for- one business model.
Take for example, TOMS.
It all started with one guy who had a vision for starting a company that was sustainable, yet providing a basic need to those who did not have shoes. Now, TOMS is an incredibly successful shoe company who gives a pair or shoes to a person in need every time one is purchased. Their signature look has now turned into a multi- dimensional product line and have now expanded their giving efforts to provide clean water, safe births, and bully prevention to countries all over the world. This one-for-one model has proved to be a success and has resonated with consumers all over the globe.
Another up and coming company is Warby Parker. They are an eyeglass company that has adopted this same business model: for every pair of glasses you buy, they give a pair to someone in need. Warby Parker is establishing a brand that really adheres to millennials and their purchasing decisions. They are opening stores all over the country that each have a unique feel of the local community they are in. Inside the store, they have created an interactive experience for their consumers by providing photo booths and sales personnel who are knowledgable and relatable to their customers.
They have been able to provide over a million pairs of glasses to people around the world to date. Warby Parker is seeing success and this is only the beginning.
Going forward, I think we will start seeing even more businesses start adopting this business model because it allows them to maximize their profit while also giving back to the community in a large way.