Minister Bains addresses B Corp community at its annual retreat
B Corps promote inclusive prosperity by using the commercial marketplace to improve the economic and social well-being of Canadian communities
October 4, 2017 – Toronto, Ontario – Innovation, Science and Economic Development Canada
B Corps are innovators; they create companies whose purpose is to benefit society, and they incorporate this purpose into their business model and activities. That was the message delivered by the Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development, at the 2017 B Corp Champions Retreat.
The annual event, hosted by the Business Development Bank of Canada (BDC), brought together B Corp entrepreneurs from over 30 countries to celebrate the B Corp movement’s commitment to harnessing the power of business to create a more shared and durable prosperity. Certified B Corps are businesses that meet rigorous standards of social and environmental performance, accountability and transparency.
In his remarks, Minister Bains acknowledged how Canadian entrepreneurs have embraced the B Corp movement. There are more than 200 certified firms that span a variety of economic sectors and regions. The Minister also applauded the contributions of BDC in raising awareness of the certification and the movement. He highlighted BDC’s important work with B Lab—the nonprofit organization that certifies B Corps—to make B Corp assessment easier for Canadian companies and encourage them to get involved.
“The B Corp community is celebrating its 10th anniversary. As we look ahead to the next 10 years, I would like to commend the continued leadership, collective action and impact of the B Corp community. Our government encourages all Canadians to take a more inclusive and diverse approach to business. We understand the value of having a robust community of entrepreneurs who use their companies to create inclusive prosperity in an environmentally sustainable way.”
– The Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development
“Some people are entrepreneurial. Some people are community-minded. B Corp entrepreneurs are a wonderful hybrid of both. At BDC, we’re proud to support Canada’s growing sector of social enterprise firms, many of which are also B Corps.”
– Michael Denham, President and CEO, Business Development Bank of Canada
Today, there are more than 2,200 Certified B Corps from 50 countries and over 130 industries.
In 2014, the Business Development Bank of Canada became the first Canadian financial institution to receive B Corp certification.
The Business Development Bank of Canada has provided approximately $100 million in financing for B Corps and other social purpose companies.
Follow Minister Bains on Twitter: @MinisterISED
Karl W. Sasseville
Office of the Minister of Innovation, Science and Economic Development
Innovation, Science and Economic Development Canada
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