Looking to set your business apart from the crowd? Here are three innovative businesses who are making a difference in their local communities and around the world.
Whether it’s an innovative product or operational practice, businesses can benefit greatly from putting innovative ideas at the forefront of their company policies, which can result in accelerated business growth and increased brand awareness.
Let’s take a look at three companies who are making a difference with their leading sustainable and charitable business practices.
Prioritizing sustainability: working towards a greener oil and gas industry
Founded in 1999, Civitas Resources is notable for being Colorado’s first carbon neutral energy producer and a leader in sustainability practices. By implementing green technology, Civitas Resources guarantees the safest, most sustainable, and most efficient oil and natural gas operations.
The company recently made news when Chairman Ben Dell announced that Civitas would be committing to plugging dozens of orphaned wells that had been abandoned by other operators in and around Colorado.
“Civitas is committed to producing energy in the most responsible manner and will always strive to be part of the solution for challenges faced by our communities…Stepping up to plug orphaned wells is the right thing for our industry to do,” – Ben Dell, Chairman, Civitas
Civitas is shining a spotlight on how even companies that are working in an industry that leave an environmental footprint can make a commitment to doing the right thing and take responsibility for mitigating their lasting effects.
Setting sights on repurposing eye care waste
As one of the world’s largest suppliers of contact lenses, Baush + Lomb decided in 2016 that the waste associated with eye and lens care was inexcusable. The company took matters into their own hands that year by founding the “One by One Recycling Program”, the first North American initiative dedicated to recycling contact lenses and other eye care products that would otherwise end up in the landfill.
Alongside the Canadian version of the program titled “Every Contact Counts”, today the programs have collected over 48 million units of contact lenses, eye and lens care materials. The recycled plastic then gets separated by material type and given new life as repurposed products – from playground equipment to park benches.
In addition, “One by One” is committed to donating $10 for every 10 pounds collected to Optometry Giving Sight, a fundraising initiative that aims to solve unnecessary blindness and vision impairment in over 40 countries. The initiative supports everything from schools of optometry and vision centers to the delivery of accessible and sustainable eye care. Not only is this a great way to give back, but it also has created a mutually-beneficial partnership between the two organizations.
“Together, these programs are helping us keep recyclable plastic and aluminum eye health materials out of landfills and oceans so we can help preserve our environment for future generations.” – Amy Butler, global vice president, Environment, Health, Safety and Sustainability, Bausch Health
Want to make a difference in the world? Looking at opportunities within your industry to change the status quo can lead to innovative new business practices, an opportunity to gain new customers and leave a lasting difference for future generations.
Giving back one pair at a time
Now, eight years later, Bombas has become one of the most successful Shark Tank deals in history. An athletic sock designed to look and feel better, the company’s charitable commitment is what really sets them apart from other sock manufacturers.
Socks are one of the most requested donation items from those in need, and if anyone has ever experienced wet shoes and socks, they can understand why. This is why for every pair of socks purchased, Bombas donates one pair to the homeless community.
As of 2021, the company has donated a remarkable 35 million socks to those in need. Bombas continues to raise the bar as a leader in the apparel industry, with recent expansion into underwear, T-Shirts, and slippers.
Despite their success and increased product line, Bombas’ charitable actions haven’t changed – for every purchase of a product from their line, they donate one to those in need. Creating a good quality product in the current market can only get your company so far, but creating a good quality product alongside an innovative business plan can push your company that much further.
Related: Need to accelerate your cash flow to support a new business practice? Learn how invoice factoring can help.
Innovation gets recognized
When companies invest in causes their customers care about, such as sustainable environmental practices and giving back to those in need, they also experience financial growth, new levels of brand awareness and exposure to new customers. For example, Baush + Lomb was a privately owned company since 1853, until the company went public in May 2022 after being bought by Valeant for $8.7 billion.