Hi Lydia! It’s my understanding (and I’ll be forever learning!) that this question relates specifically to the type of business model (ie. product or service) that you offer.
The BIA distinguishes between Impact Business Models (IBMs) “doing impactful things” and companies who have impact through the way they operate, “doing things impactfully”.
If you select YES (which you can do to test it out). You will be asked the following question:
Is your company structured to benefit community stakeholders in any of the following ways?
- A producer-owned cooperative structure in which suppliers share control and benefits of company operations (e.g. farmer cooperative, artisanal cooperative)
- Purchasing fair or direct trade to improve livelihoods for underserved groups in your supply chain
- A micro-distribution or micro-franchising model that provides economic opportunities to underserved groups
- A formal standing commitment to donate a significant portion of sales, profits, or ownership to charitable causes (>2% sales, >20% profits/ownership)
- A community-focused business model that supports and builds the economic vitality of local communities
- None of the above
My sense is that the answer is No, although you might qualify for the second option? I’d say we might need to page @Mindy_B_Lab to the front check outs just to be sure! I thought I’d add the above to help others in the community who may find this post in the coming months/years!