In class we have discussed Sales and redemptive entrepreneurship and what that looks like for different areas of business, organizations, and philanthropy. However, we have not quite looked at the application of redemptive entrepreneurship and companies that are doing this well. Well, today I will look at one company in particular who has captured the essence of redemptive entrepreneurship through their companies missions, values, and operations. Patagonia was founded by Yvon Chouinard when he instilled in his children the passion for rock climbing. Chouinard started hanging out at Stoney Point and Tahquitz Rock, where he met some other young climbers who belonged to the Sierra Club, including T.M. Herbert, Royal Robbins and Tom Frost. Eventually, the friends moved on from Tahquitz to Yosemite, to teach themselves to climb its big walls.Chouinard started hanging out at Stoney Point and Tahquitz Rock, where he met some other young climbers who belonged to the Sierra Club, including T.M. Herbert, Royal Robbins and Tom Frost. Eventually, the friends moved on from Tahquitz to Yosemite, to teach themselves to climb its big walls.
After many years of slow business he started his company to sell software, clothing, and other tools to help him rockclimb and his friends. Patagonia however is a B-corp company meaning that it benefits workers, the community and the environment. To qualify as a B Corp, a firm must have an explicit social or environmental mission, and a legally binding fiduciary responsibility to take into account the interests of workers, the community and the environment as well as its shareholders.Since 1985, Patagonia has pledged 1% of sales to the preservation and restoration of the natural environment. We’ve awarded over $140 million in cash and in-kind donations to domestic and international grassroots environmental groups making a difference in their local communities.They also give back to many different organizations and people in need. A perfect example of redemptive entrepreneurship.
BoweryJE22