iWisdom’s Path to B-Corp: Embracing Sustainability in Pharma and Biotech
At iWisdom, we may be a smaller player in the vast pharmaceutical and biotech sectors, but we firmly believe that every business—no matter the size—has the potential to make a meaningful impact. That’s why we are excited to announce that we’ve recently submitted our B-Corp assessment, a critical step we are taking toward ensuring our growth is both profitable and sustainable.
What is B-Corp Certification?
B-Corp, short for Benefit Corporation, is a rigorous certification for companies that seek to balance purpose and profit. B-Corp-certified companies commit to high standards of social and environmental performance, accountability, and transparency. The certification covers various impact areas, such as workers, governance, community, environment, and customers, requiring companies to prove that their operations make a positive impact on these fronts. For us at iWisdom, pursuing B-Corp status isn’t just about recognition; it’s a testament to our commitment to responsible business practices that benefit society.
Our Journey to Sustainability: From Idea to Purpose
Our journey toward B-Corp certification began as a simple idea—a concept that sparked questions about whether we were ready for this challenge. The assessment process isn’t just about answering questions or filling out forms; it’s a deep dive into our business practices and values, requiring a commitment to sustainability that affects every level of our organization. As we progressed through the assessment, sustainability evolved from an initial concept into a defining purpose for us. We realized that adopting sustainable practices wasn't just possible for a company of our size—it was essential.
Key Insights from the B-Corp Process
Applying for B-Corp certification reflects our belief that sustainable business practices aren’t reserved for large corporations alone. Although the journey wasn’t without challenges, it has offered valuable insights, particularly regarding time management, education, and prioritizing impact. Here are three of the most important takeaways from our B-Corp journey:
Allocating Time for Decision-Making: Time management became crucial, especially in coordinating with executives. We dedicated time each week to discuss decisions and evaluate our progress. Ensuring that leaders had the time to engage deeply in the process was key to maintaining momentum.
Educating the Company on Purpose: B-Corp Certification isn’t just a task to check off; it’s a fundamental shift in business perspective. We focused on educating our team about the purpose behind the assessment, emphasizing that it’s a mission toward industry transformation. This understanding transformed the initiative from a set of tasks into a shared goal.
Prioritizing Impact Areas: Given our industry’s context, we identified which areas of impact to focus on most heavily. For iWisdom, the “Workers” area was our highest priority.
Inspiring Change in the Industry
As a small business, pursuing B-Corp certification sends a message to our industry that sustainability and profitability can—and should—go hand in hand. The pharmaceutical and biotech industries have historically focused on growth and innovation, but sustainability must be part of the equation in today’s world. Our hope is that by taking this step, we can encourage other companies, regardless of size, to prioritize sustainable practices and put people and the planet first.
We’re excited about this journey and look forward to the positive changes it will bring to iWisdom. Most importantly, we hope to inspire others in our industry to join us in reimagining business for a more sustainable future. No matter how big or small, every step counts.
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