In Ship2B Ventures, we have been certified as a B Corp company, joining a movement that includes more than 7000 companies from around the world that are transforming the economy for the benefit of people, communities, and the planet.
The attainment of this certification is a great source of pride for Ship2B as it recognizes our high standards of social and environmental performance, public transparency, and legal responsibility. On the occasion of this special milestone, we took the opportunity to have a conversation with our Impact Manager, Juliana Cadavid, to gain a better understanding of what it means for an impact manager like Ship2B Ventures to be recognized as a B Corp.
S2BV – Why did Ship2B Ventures decide to join the B Corp movement?
JC – Since the founding of Ship2B Ventures, its co-founders and general partners were very clear that they aimed to promote impact investment in Spain by channeling private capital into impact startups that were addressing social or environmental issues.
But that wasn’t the only thing that mattered to them; it was equally important for them that the organization generated social value for all stakeholders surrounding the organization, such as its employees, investors, entrepreneurs, the environment, and society in general.
For this reason, meeting the highest standards of private companies created to drive change and becoming a B Corp firm aligns with the identity and vision of Ship2B Ventures.
With the certification, we ensure that we have a business model that allows us to generate a positive impact on the various stakeholders surrounding our organization while minimizing negative externalities.
S2BV – How does the organization’s commitment to sustainability and social impact reflect?
JC – For Ship2B Ventures, it has always been clear to focus on the impact we want to create and how we generate that change.
From the perspective of the change we want to create, as an impact venture capital, we focus on financing social enterprises that aim to combat climate change, improve people’s quality of life, or reduce the educational gap for children, youth, or adults. Additionally, we focus on founding teams that have a clear intention to create change, measurable change, and financial returns.
From the perspective of how we generate change, since our inception, we have focused on being a company committed to the environment and other stakeholders surrounding us, while also promoting these measures in the companies we invest in.
With this in mind, we have taken various actions such as joining the B Corp movement, measuring our carbon footprint and offsetting our Scope 1, 2, and 3 emissions through the Galicia Rexenera reforestation project, supporting entrepreneurship and female leadership in the companies we invest in, and aligning ourselves with sustainable finance disclosure regulations with social and environmental objectives.
We have offset the 259 tonnes of Co2 emitted in 2022 through the Galicia Rexenera project,
which aims to plant 56,244 trees and absorb a total of 38,481 tonnes of CO2.
S2BV – The B Corp certification involves a comprehensive assessment of the organization in areas such as the impact business model, governance, relationships with employees, the environment, and other stakeholders. What were the most challenging aspects in this evaluation process and how were they overcome?
JC – We began the process in April 2021 by conducting the BImpact Assessment evaluation. With the results obtained, we presented them to the team to decide on the most relevant actions for our organization and define a clear action plan.
We decided to focus on our employees and our key investor and entrepreneur clients. Regarding the aspect of employees, we decided to document and improve different existing HR policies to create a pleasant and opportunistic working environment for team members. This allowed us to conduct an internal evaluation of what we wanted and could implement within the organization. This was one of the most challenging aspects, deciding which improvements were achievable and realistic for the company without forgetting the team’s needs.
Furthermore, we realized that many of the actions proposed by the BImpact Assessment were already being carried out but not formally documented. While it required extensive organizational work and many hours, it allowed us to formalize and organize many internal aspects, leading to lasting improvements in our internal management.
Finally, it allowed us to reflect on certain aspects that we might not have considered without this process, and they will undoubtedly be present in our internal discussions and processes from now on.
S2BV – What implications has becoming a B Corp company had?
JC – As mentioned earlier, prioritizing the well-being of the team was crucial in our approach. Not only did we formalize existing HR policies, but we also established a Human Resources Task Force, clear training policies for the team, a 360-degree evaluation of each employee, and an organizational climate survey. On the other hand, we created family reconciliation measures for mothers and fathers, improving existing ones.
Furthermore, it allowed us to reflect internally on risk-related issues and enabled us to create a stronger policy on ESG matters.
Without a doubt, obtaining B Corp certification, in addition to the time and effort invested, has marked a significant step for the organization, pushing us to be better every day and committed to our goal of driving change in the investment sector.
For this reason, we believe that we must continuously reflect and review our practices to align with the best practices established by B Corp and meet the standards set by B Lab. It will be a challenge, we know, but we firmly believe that there is no other way to do things.
B Corp encompasses more than 7000 companies located in 92 countries.
S2BV – Do you have any final message for entrepreneurs seeking to become B Corps or wishing to intensify their focus on sustainability and social impact?
JC – Becoming a B Corp company is an adventure in which you need many allies within the organization, starting from decision-makers to the people who will ultimately support the implementation of improvement actions. This is very important; it is not a journey of just one member of the organization but a journey of the entire organization, requiring support from a significant portion of its members.
For companies and entrepreneurs embarking on this journey, I suggest conducting the BImpact Assessment and devising an improvement plan based on the evaluation results. An achievable and realistic improvement plan for the organization. It is a process that takes time and dedication but also allows for improvement and evolution.
In the world we live in today, it is not enough to have the intention to do things right; we must take action and truly promote a better future.