I am proud to announce that Bear Lake Coffee Co. has achieved a Pending B Corporation Status as of April 2022. We will be spending the next 12 months working towards achieving a full B Corp Certification.
What is a Certified B Corp?
For centuries, capitalism has been the engine of economic growth. It needs to evolve to better work for everyone, not just the privileged few. Reimaging capitalism as a force for good doesn't mean abandoning everything that makes capitalism great. It simply means recognizing that the system can be used to benefit society as a whole, not just a few. That is what the “Certified B Corporation” global movement is all about.
Certified B Corporations are for-profit businesses that demonstrate a true balance between the needs of shareholders (financially focused) and stakeholders (focused on the workers, community, and environment). These businesses are legally required to consider the impact of their decisions on their workers, customers, suppliers, community, and the environment. There are currently over 4900 Certified B Corporations in more than 70 countries and over 150 industries. As of 2020, there are approximately 214 million companies worldwide. That means that 1 out of every 44,000 companies worldwide today meets the B Corp certification standard.
What is a Pending B Corp Status?
The Pending B Corp status is designed to give start-ups that are less than a year-old time to prepare for the rigorous process of full B Corp Certification. To become a Pending B Corp, companies must complete a B Impact Assessment (BIA), achieving a score of 80 or higher; they must meet the legal requirements and pay a certification fee.
How Do Businesses Go From Pending to Certified?
A startup can transition from Pending to full Certified status if it meets the requirements within 12 months after achieving the “Pending” status. This full certification is facilitated by B Labs, and it includes a review & validation of the BIA submitted. If the updated score is still 80 or greater, the B Lab will select certain questions and ask the company to provide documentation for the answers it provided. After reviewing & validating all supporting documentation, if the final updated score is still over 80, the company moves to Certified status after paying the applicable annual fee.
The world needs more B Corps!
Certified B Corps puts people and the planet first and strive to create a positive impact on both. I am proud that Bear Lake Coffee Co. has joined this global movement that is reimagining capitalism.