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ESG (Environment, Social & Governance) is one of NASDAQ's most recently updated innovations in guiding their publicly listed companies to increase transparency for their stakeholders who are increasingly concerned about the social responsibilities that large corporations are expected to fulfill. NASDAQ’s position as a major stock exchange allows them to help companies report sustainability metrics using their ESG framework. NASDAQ not only helps companies report on these metrics, but also helps companies improve on ESG measures, through their advisory services. Evan Harvey states, “Our ESG advocacy goes beyond performance measurement and disclosure guidance. We want to help companies master this part of their business” (Nasdaq, 2019). With both their reporting and advising services, NASDAQ is taking a big step in ensuring the companies they work with are accurately reporting and adopting ESG initiatives.
Formed in 2011, the Washtenaw Food Hub in Ann Arbor, Michigan acts as a central point of gathering for local food commerce. The hub provides a physical space for local growers and food businesses to conduct purchasing, processing, aggregation, storage, and distribution. Businesses who are a part of the food hub are required to source produce from local farms. This innovation serves as an important link in Michigan’s local food ecosystem. Washtenaw Food Hub effectively closes the loop, connecting small businesses with year-round resources to sustainably grow.
Veterinary Specialty Center (VSC) in Buffalo Grove, Illinois, is the first veterinary hospital in the United States to become a Certified B Corporation, meaning it is a pioneer of sustainable development in its field. Even in a field that could accumulate a lot of waste due to the inability to reuse certain medical supplies, VSC still finds ways to cut back on waste. The company also makes sure to create an environment that is supportive of workers and the community.
Sweet Beginnings is a social enterprise and wholly-owned subsidiary of the North Lawndale Employment Network that produces and sells local raw honey and honey-infused skincare products, which are sold under the name beelove. Individuals who have previously been incarcerated work for Sweet Beginnings as beekeepers and makers of beelove products. The beelove natural honey and skincare line are available for purchase both online at beelovebuzz.com and at locations throughout the Chicagoland area. By hiring citizens from the local neighborhood without discriminating based on prior records, Sweet Beginnings has created a supportive community which brings economic and social benefits to the entire region.
Starbucks is an organization that defines modern cafe experience. Starbucks’ primary mission is to inspire and nurture the human spirit – “one person, one cup and one neighborhood at a time.” Ethisphere Institute has recognized Starbucks’ innovative way to market its products and service by awarding them with The World’s Most Ethical Companies for the 12th year in a row. Their innovative beverages and overall perspective on social issues like hunger, poverty, and education have made this company the success it is today. With fun, new trendy drinks like the limited-time Unicorn Frappuccino, or the seasonal drinks that everyone eagerly waits for during the holidays. The company cares for its consumers by providing a service that offers a sense of community and comfort.
The Road Less Traveled is a B Corporation based in Chicago, Illinois that is centered around providing young people with a chance to explore the world through community and environmental service. The Road Less Traveled was founded 30 years ago by Donna and Jim Stein with the sole intention of “creating something they believe in.” Since then, the two have been giving youth the opportunity to spend summers abroad to engage in community outreach and sustainability. On these trips, The Road Less Traveled hopes its travelers will gain real-life leadership experience, enhance self-confidence, and make meaningful connections. The lessons and experiences that one gains on these trips cannot be supplanted with standardized tests or homework. These priceless experiences are formative for young peoples’ outlook on the world and are influential in determining the future of our earth. While the company goals and mission have stayed the same, it has recently undergone some management changes. After nearly thirty years, Jim and Donna have announced their retirement and have welcomed Michael Breen and Andy Shlensky as the new owners of The Road Less Traveled. Despite the change in management, Andy and Michael both plan on maintaining the organization's core values and exemplifying a company that does no harm.
Unlike typical restaurants that provide customers with unhealthy, frozen food, Harvest Restaurant Group aims to serve the broad community with their nutritious, fresh food. Their commitment to providing food from local and sustainable sources demonstrates their environmentally conscious mentality.
Cielo Hamacas es una organización socialmente responsable comprometida con el desarrollo sustentable de las comunidades indígenas en México a través de la fabricación y distribución de las hamacas de mayor calidad.Es una empresa integral y que promueve el empoderamiento de las mujeres, en especial las que son de la comunidad indígena maya, quienes representan el 90% de las urdidoras de la organización. Se busca empoderar a las mujeres como jefes de familia y también como empresarias e instrumento de cambio en sus comunidades.
El sur de México es la región más pobre del país y en Cielo Hamacas están comprometidos a lograr un impacto económico y social a largo plazo, ya que no sólo es una empresa de hamacas; es también un instrumento de cambio en la región de Yucatán que busca transformar la vida de las urdidoras y proporcionar así oportunidades para sus hijos.
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"Cielo Hamacas is a socially responsible organization committed to the sustainable development of indigenous communities in Mexico through the manufacture and distribution of the highest quality hammocks. It is an integrated company that promotes the empowerment of women, especially those from the Mayan indigenous community, who represent 90% of the organization's warpers. It seeks to empower women as heads of families and also as entrepreneurs and an instrument of change in their communities.
Southern Mexico is the poorest region in the country, and at Cielo Hamacas they are committed to achieving a long-term economic and social impact since it is not only a hammock company; It is also an instrument of change in the Yucatan region that seeks to transform the lives of warpers and thus provide opportunities for their children.
The company we’ve been researching since the beginning of the semester is Audible, which is a subsidiary of Amazon. Audible was founded in 1995 by Don Katz and has been headquartered in Newark, NJ, since 2007. Audible could be classified as a new product because when it first launched in 1995 there wasn't anything like it at its time. People were still consuming knowledge from books by reading them the old-fashioned way. Audible’s innovative approach to this old school method changed the way we as humans read, or in this case listen to, books. Audiobooks have grown in popularity in the United States and there is no sign of slowing down. The majority of Audible users are made up by millenials and Gen z. They have adopted this new technology and have been enjoying it ever since. Some of the older generations do listen to audiobooks but the majority still read books the old-fashioned way. The business model isn't something new; they generate revenue by subscriptions. For example, they will offer you a 30-day trial and once that's over it will cost $14.95 a month. The service is very easy to sign up for because once you’ve entered your credit card information your account will be automatically charged every month. Putting this all together Audible is a new business innovation, especially for its time back in 1995. Today the service is being used all over the world and has become popular amongst the younger generation.
Reshop is a retail store in Guayaquil, Ecuador from second-hand designer clothes, shoes and accessories. The business’ goal is to sell what people don’t use anymore and sits at the back of closets; this allows them to stop accumulating and all parties involved benefit from the sale. Their basic operation consists in receiving clothes from people who don’t want it anymore, the owners choose what they like and is in perfect state, they assign a price with the input of the market and the supplier, they sell it, and finally both the store and the supplier receive a share of the revenue. The owners of the store have been able to bring something new and successful to their community: it is a new way to regain money and allocate it elsewhere, as well as reduce consumerism; this is a reflection of SDG 11 and 12. Reshop is inspiring Guayaquil to be more sustainable and motivating consumers and producers to be more responsible. Muriel Pons, the co-owner, was very kind to supply us with more insights on how this business was created and its growth since they opened their store.
Playa Bowl’s innovation is within the business model itself and resonates throughout their business from the materials they use to build the business to the containers they serve their healthy food in. The term “The Playa Way” is a mission for the company and its franchisees to pursue their mission of serving customers and local communities, fostering healthy habits and lifestyles, and their refusal to cut corners.
The United Nations (UN) estimates around 1.6 million people die annually in Africa due to the lack of access to health care services or adequate medicine. A large part of this number is primarily due to lack of access to nearby pharmacies with quality and original medicines. This situation prompted Abimbola Adebakin and her team to aggregate pharmacies under one platform to connects patients, who need medicine, with the right pharmacy and have medicine in a timely manner. Her ambition, starting with Nigeria and then Africa, is to eliminate death due to a lack of timely access to the right medicine.
Editorial Ecuador has implemented recycling mechanisms in order to avoid waste and take advantage of all the resources obtained from their raw materials. They reuse their waste and they cooperate with other agencies to deal with the remaining waste.
For founder Pete Krull and Earth Equity Advisors, it all starts with a simple, but profound, question, "what do we want to own?" From there, this Asheville, North Carolina advisory builds and manages diversified investment portfolios for clients, offering only socially and environmentally responsible investments. That question, along with an unyielding commitment to a vision of a regenerative future and sustainable values, has made all the difference.
There are multiple layers of innovation embedded in the incubator: partnership and company innovation. The partnership is twofold: the partnership between Wells Fargo, the U.S. Department of Energy National Renewable Energy Laboratory (NREL) and the Donald Danforth Plant Science Center (Danforth Center). The second part relates to the cohort companies and the successful business network's Wells Fargo boasts.
The second innovation comes from cohort companies. Inventions include ways to increase energy efficiency via energy management, combating the waste of energy from HVAC systems, automated crop protection, smart glass, energy storage, energy analysis, housing materials and more.
Citation:
Javorsky, Nicole. “Wells Fargo Incubator Grows Solutions to Tough Energy and Food Problems.” TheHill, 26 Nov. 2019, thehill.com/changing-america/sustainability/energy/472083-wells-fargo-incubator-grows-solutions-to-tough-energy.
Beyond providing the products and services customers need to stay healthy, CVS Pharmacy aspires to help its surrounding communities stay on their path to healthier habits and lifestyles. CVS has enacted a ban on tobacco, worked on creating interpersonal relationships with local communities, as well as started other initiatives to promote community health in an effort to support the health of the local community.
Logikard C.A. is located in Ecuador and is dedicated to producing and building the cards used in our daily lives (credit, debit cards, ID cards, etc). This is a technological innovation directed toward consumer safety. At the same time, the company works for a better world through sustainable development goals including increasing health and wellbeing, increasing gender equality, and reducing inequalities of other sorts. This is accomplished internally by the company by its working conditions and hiring practices.