We should all agree on one simple fact: capitalists can do more. Access to education, environmental cleanup, healthcare improvement, wildlife welfare, famine eradication: we can do more.
So significant is this concept in fact, that it was touted "The Big Idea" by Harvard Business Review in its January 2011 issue. Michael Porter, renowned Harvard Business School strategist, states that "Capitalism is under siege...business is caught in a vicious circle...the purpose of the corporation must be redefined around creating shared value."
Easier said than done for established companies, who have been answering to their shareholders for years. Required to report on metrics such as earnings, cost of goods, operating expenses and overhead, they can throw a charitable benefit bone here and there, but not so much that it infringes on the dynasty of continued bottom-line profits. So, the question becomes, how do we drive this forward.
The answer could be social incubation.
Schoolbags for Kids is a socially responsible start-up (certified B-Corp), built upon the mission that for every bag sold, one schoolbag with supplies will be given to a child in need. Though the company was created by fellow co-founder Luis Garcia and me, the space we work in is not ours. It was in fact donated by Venables Bell & Partners, a top-flight $40 million/yr advertising firm, with a client shortlist that includes eBay, Google, Audi and Intel. The firm ran a contest offering office space and support for a year, receiving hundreds of entries, from which ours was selected.
What's more interesting, is that ten years ago, Venables Bell & Partners started with a single client and a big idea, supported by a larger advertising firm. A decade later, founder Paul Venables is now employing over 170 people, creating unique content for today's market leaders. And he's also returning the favor.
Indeed the concept of incubation is not new. First made famous by Bill Gross, Founder of Idealab, the idea reared its head in 1996, and continued on through the dot com boom: CMGI, eDevelopments, Benchmark Capital, and Kleiner Perkins all followed suit; even IBM and Dell played a hand. Then came the bust.
But as we recover from market crash round two, perhaps incubation has taken on a different form. Whereas the incubator of yesteryear was solely focused on building a billion dollar whim-of-an-idea IPO, such as eToys, GoTo.com and NetZero, Venables Bell & Partners is leading a new charge, one that creates lasting social value. And whereas the incubator of the last decade may have taken a significant equity stake of one's company, our fee was $10. For the entire year. Oh, and a requisite smiling face in the morning.
Which brings us to the second big idea that Venables Bell & Partners hit upon: that lasting value may be defined by the breadth of ideas housed inside of a company's walls. Our start-up, in-fact, is being incubated alongside two others. One is Amundson Films, led by Christian Amundson, an international documentary filmmaker, and the other DayOne Response, innovator of a sustainable bag capable of recycling local water into clean drinking water in global disaster-stricken areas.
Different perspectives provide alternate views, spurning new breakthroughs and varied trains of thought. They also incite reinvention, a critical component to lasting success. Just ask Madonna.
There are over 5,000 public companies in the United States alone. Imagine if each of those companies took the initiative to incubate just one socially conscious enterprise. Imagine if they took the Venables Bell & Partners challenge, and incubated three. That's over 15,000 new ideas incubated each year, in the United States alone.
And who knows...those new tenants just might inspire their incubator's next major breakthrough.
Our 2024 Coverage Needs You
It's Another Trump-Biden Showdown — And We Need Your Help
The Future Of Democracy Is At Stake
Our 2024 Coverage Needs You
Your Loyalty Means The World To Us
As Americans head to the polls in 2024, the very future of our country is at stake. At HuffPost, we believe that a free press is critical to creating well-informed voters. That's why our journalism is free for everyone, even though other newsrooms retreat behind expensive paywalls.
Our journalists will continue to cover the twists and turns during this historic presidential election. With your help, we'll bring you hard-hitting investigations, well-researched analysis and timely takes you can't find elsewhere. Reporting in this current political climate is a responsibility we do not take lightly, and we thank you for your support.
Contribute as little as $2 to keep our news free for all.
Can't afford to donate? Support HuffPost by creating a free account and log in while you read.
The 2024 election is heating up, and women's rights, health care, voting rights, and the very future of democracy are all at stake. Donald Trump will face Joe Biden in the most consequential vote of our time. And HuffPost will be there, covering every twist and turn. America's future hangs in the balance. Would you consider contributing to support our journalism and keep it free for all during this critical season?
HuffPost believes news should be accessible to everyone, regardless of their ability to pay for it. We rely on readers like you to help fund our work. Any contribution you can make — even as little as $2 — goes directly toward supporting the impactful journalism that we will continue to produce this year. Thank you for being part of our story.
Can't afford to donate? Support HuffPost by creating a free account and log in while you read.
It's official: Donald Trump will face Joe Biden this fall in the presidential election. As we face the most consequential presidential election of our time, HuffPost is committed to bringing you up-to-date, accurate news about the 2024 race. While other outlets have retreated behind paywalls, you can trust our news will stay free.
But we can't do it without your help. Reader funding is one of the key ways we support our newsroom. Would you consider making a donation to help fund our news during this critical time? Your contributions are vital to supporting a free press.
Contribute as little as $2 to keep our journalism free and accessible to all.
Can't afford to donate? Support HuffPost by creating a free account and log in while you read.
As Americans head to the polls in 2024, the very future of our country is at stake. At HuffPost, we believe that a free press is critical to creating well-informed voters. That's why our journalism is free for everyone, even though other newsrooms retreat behind expensive paywalls.
Our journalists will continue to cover the twists and turns during this historic presidential election. With your help, we'll bring you hard-hitting investigations, well-researched analysis and timely takes you can't find elsewhere. Reporting in this current political climate is a responsibility we do not take lightly, and we thank you for your support.
Contribute as little as $2 to keep our news free for all.
Can't afford to donate? Support HuffPost by creating a free account and log in while you read.
Dear HuffPost Reader
Thank you for your past contribution to HuffPost. We are sincerely grateful for readers like you who help us ensure that we can keep our journalism free for everyone.
The stakes are high this year, and our 2024 coverage could use continued support. Would you consider becoming a regular HuffPost contributor?
Dear HuffPost Reader
Thank you for your past contribution to HuffPost. We are sincerely grateful for readers like you who help us ensure that we can keep our journalism free for everyone.
The stakes are high this year, and our 2024 coverage could use continued support. If circumstances have changed since you last contributed, we hope you'll consider contributing to HuffPost once more.
Support HuffPostAlready contributed? Log in to hide these messages.