It's time for tech companies to build community and focus on social good, says Alexandra Stanton, CEO of Empire Global Ventures.
Alexandra Stanton, CEO of Empire Global Ventures, explains to TechRepublic's Dan Patterson how the tech business is changing, for the better, thanks to double bottom-line capitalism. The following is an edited transcript of the interview.
Dan Patterson: What you do is particularly unique. You go for what you call double bottom-line capitalism. What is a double bottom-line and how is this changing business here in New York City?
Alexandra Stanton: Double bottom-line means: that we do good while we do well. We are capitalists, absolutely, but the companies that we work with also have some sort of social purpose and usually have a philanthropy attached to them.
Dan Patterson: Often, those two things are at odds, right? Capitalism and doing social good. How do you profit in both of those?
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Alexandra Stanton: I'll give you an example. Trustify is a great, innovative company that is the first aggregated nationwide network of private investigators, and bring the cost down to $99 an hour. They have policies about hiring. They're majority female staff. They're 50% diverse. They have breast-feeding rooms. They have flexible schedules. They have implemented policies that help their employees be great employees. In addition, they work with domestic-violence organizations and do all the pro-bono work for the Midwest Innocence Project. That's a great example of a double bottom-line company.
Dan Patterson: Isn't that all overhead though? How can they be profitable and do social good?
Alexandra Stanton: They are. They're three-years-old and they're in that hockey stick of growth; they're doing just fine.
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