Reflection of the Week
Transforming Lives and AI
Happy Friday, all! I hope you had a good week.
I had an eye-opening conversation about AI on Mission Driven Business this week. I chat with tech trailblazer and Sama CEO Wendy Gonzalez. Sama is a mission-driven Certified B Corp that seeks to raise the standards for machine learning and global working conditions. The company’s innovative approach to ethically sourcing and training tech talent has lifted more than 68,000 people out of poverty since 2008.
In the episode, Wendy dives deep into Sama’s unique for-profit business structure, including reserving a Board of Directors seat for its non-profit. She also touts the importance of conviction and self-awareness when building and running a business.
Episode Highlights
Mission-driven businesses can have more than one mission.
Mission-driven businesses can have more than one mission, according to Wendy. For instance, Sama has a “triple bottom line” of bringing long-term value to people living in poverty, the planet, and the bottom line.
“We were really founded on this premise that talent is distributed equally, but opportunity is not,” she said. “We started with the mission first, and the core mission is what we then built a business problem to solve for around.”
Hold earnings calls and learnings calls.
You’ve probably heard of a company’s earnings calls when the executives share updates about the firm’s financial metrics. Sama applies the same concept to its mission by hosting “learning calls,” in which the company provides updates on its impact metrics.
“The idea from the very beginning is you have to track with rigor what our impact is,” Wendy said. “It’s no different than how you would track your financials.”
If you’re a big company, consider B Corp Certification.
Sama is a Certified B Corp, meaning it meets verified, high social and environmental performance standards, has made a legal commitment to accountability, and transparently shares information. Wendy said the company pursued B Corp status once it transitioned from a non-profit financial structure to a for-profit structure because the B Corp Certification is the best and most recognized accreditation standard for impact-driven companies.
“We were big enough that we thought B Corp Certification is going to be important for us, so that nobody believes that our transition in financing means that anything has changed,” she said.
One downside to B Corp Certification is that it requires a lot of effort and expenses. If you’re a small company, you may be unable to afford the resources needed to comply with the reporting requirements. Still, if you’re an established impact-driven company, Wendy recommended looking into B Corp Certification.
“If you’re a customer looking for a recognized seal of approval, that’s recognizable,” she said.
Fire yourself annually.
About once per year, Wendy does a mental exercise in which she fires herself as CEO and evaluates whether she’d rehire herself for the job. The exercise is an opportunity to reflect on the kind of leader her company needs and where her energy and convictions lie.
“If you’re the CEO, you’ve got to be not only the CEO your company needs today but the one your company needs tomorrow,” Wendy said.
Questions of the Week
- Have you ever thought about becoming a B-Corp?
- When was the last time you hosted a learning call?
- Would you rehire yourself as CEO of your business?
Tools of the Week
Wendy provides so many great snippets of information. You can learn more about her, Sama, and becoming a B Corp through the links below.