Reid Hoffman Gifts USD $1 Million to Scale the B Corp Movement
NEW YORK, 21 March 2023 — B Lab Global, the nonprofit behind the B Corp movement, today announced it received a generous donation of USD $1 million from Reid Hoffman, Co-Founder of LinkedIn and Partner at Greylock, to advance its journey to transform the economic system to be inclusive, equitable, and regenerative for all. This commitment will unlock B Lab Global's ability to scale at a time of unprecedented interest in its B Corp Certification, with almost 10,000 submissions for certification from businesses since COVID began, a 37% increase compared to the previous three-year period.
Since co-founding LinkedIn in 2003, Hoffman has made an indelible impact on the business sector, making strategic early-stage investments that have grown iconic companies such as Facebook and Airbnb. In addition to his leadership at Greylock, he currently serves on the board of directors for various technology companies, including Microsoft, Coda, and Joby Aviation, and nonprofit organizations, including Kiva, MacArthur Foundation’s Lever for Change, and New America.
“At a time when our world is facing no shortage of social and environmental crises and our political system is increasingly polarized, business is uniquely positioned to lead and influence widespread change,” said Hoffman. “With the influence of the B Corp movement as a credible alternative to business as usual and the benefit corporation legal structure providing a framework for stakeholder governance, B Lab Global has the track record of credible impact necessary to lead business into the future. I believe we need large scale investments in innovative solutions like these to ensure business plays the role that is needed now.”
B Lab was founded in 2006 with the belief that business has a role in creating positive impact for all of its stakeholders — workers, customers, community, and the environment — rather than solely maximizing profits for its shareholders. Mobilizing more than 6,000 Certified B Corporations, 10,000 benefit corporations, and 200,000 users of its impact management tools, the organization has reached a pivotal moment in its journey to transform the economic system to be inclusive, equitable, and regenerative for all. As it enters this new phase of impact, this donation will allow B Lab Global to advance programs and tools that are critical for advancing economic system change.
“We’re incredibly honored to receive this gift from Reid. B Lab has been deep in the work of economic systems change for over 16 years, and it’s gratifying to see that work being recognized, particularly by someone sought after for his successful scaling of for-profit businesses,” said Eleanor Allen, Lead Executive of B Lab Global. “A major investment like this unlocks B Lab’s ability to continue to be the leading institution on using business as a force for good by scaling the B Corp movement and investing in bold policy ideas and products that drive impact for responsible business.”
B Lab relies on philanthropy to create credible standards, build a committed community of users to its products and programs, and advance stakeholder governance legislation and drive its adoption. Learn more at www.bcorporation.net.
About B Lab Global: B Lab Global leads the network of nonprofit organizations behind the B Corp movement. With a mission to transform the global economy to benefit all people, communities, and the planet, we create standards, policies, tools, and programs for business, and we certify companies — known as B Corps — who are leading the way. To date, we’ve impacted over 500,000 workers in over 6,000 B Corps across 80 countries and 150 industries, and more than 200,000 companies manage their impact with the B Impact Assessment and the SDG Action Manager. We’ve created and led efforts to pass over 50 corporate statutes globally that enable any business to embed stakeholder governance, with over 10,000 companies using our legal framework. Make business a force for good with us at www.bcorporation.net.
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