By Rebecca Dray, CEO of Society Profits
A growing movement across the USA is getting a substantial boost this month, as we launch Society Profits in Michigan, bringing with us the Social Enterprise Mark accreditation and a partnership with the Good Market online platform.
Society Profits will be the first social enterprise support business in the USA to offer curated access to accredited, transparent and trustworthy sellers that exist solely for the purpose of doing good in our communities and for our environment.
Social enterprise is a growing business sector in the USA, combining the best of the non-profit and for-profit sectors; running businesses that sell everyday goods and services in companies that reinvest their profits for social or environmental benefit. Social enterprises often exist to employ those farthest from the labour market and tend to be run by women and minority ethnic groups. Research suggests that the USA social enterprise sector employs over 10 million people and has annual earned revenues in excess of $500 billion. I believe that consumers and corporate purchasers want to rest assured that buying from these companies is genuinely giving money directly to those in need, and that externally verified accreditation is essential for this transparency.
Offering third-party accreditation to social enterprise businesses, and routes to market through social impact procurement, is a concept that has been benefiting society in other parts of the world for many years. I feel strongly that this approach has real potential for local communities in the USA, helping the many hundreds of social enterprise companies in the country to grow and diversify. When the public can trust that a business is reinvesting all of its profits in social or environmental causes, they can buy with confidence and vote with their wallets for a better way of doing business.
Last week, I was in London with Lucy Findlay to sign the exclusive US franchise agreement for the Social Enterprise Mark – the only global accreditation standard for social enterprises. The Social Enterprise Mark uses rigorous criteria to externally verify that an organization is operating as a social enterprise.
There is no other accreditation like this currently in the United States. The Social Enterprise Mark goes further than the B Corp Certification. B Corps are for-profit businesses committed to responsible practices, whereas social enterprises have a social or environmental purpose baked into the very core of their business model. The Social Enterprise Mark accreditation provides a set of clearly defined standards for social enterprise and externally verifies that these standards are being upheld.
I am also excited to be working in partnership with Good Market to provide a curated online platform and marketplace that makes it easier to find and connect with accredited social enterprises. Good Market has a basic curation process that is accessible to startups and local initiatives, but enterprises that have third-party verification earn additional points and are recognised as being at a higher level. When it comes to social procurement, third-party verification is critical. Corporations and other institutional buyers need to be fully confident that they are sourcing products and services from accredited social enterprises.
To find out more about Society Profits, becoming an accredited seller or socially responsible buyer, please contact me via email or on +1 734 623 9907.