To address inequality and poverty, Baltimore needs to solve numerous societal issues and create more jobs. A new report says the city put more energy toward an initiative that does both at the same time.
B-Corps, which are companies that are equally focused on margins and mission, are a relatively recent addition to the economic system. Companies have to get certified to gain the “Benefit-Corporation” status, and report on their good work along with their profits.
Maryland passed legislation allowing B-Corps in 2010. A few already exist here, such as global higher ed company Laureate Education and healthcare firm Audacious Inquiry. But the report issued by the Abell Foundation says Baltimore could do more to make the city a hub for the companies. The city could do a lot to document and the B-Corps that are already here, as well as vet the social enterprises that are already here for B-Corp status, the report states.
“From a national perspective, there are few cities in the United States that have such a dense, well-developed network of people working at the intersection of commerce and social change,” the report states.
While money isn’t the main focus for the companies, there tends to be a redistribution when it comes to workers. B-Corps often have higher wages, the report states.
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