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Support for this episode comes from the University of Illinois Geese College of Business Online MBA known as the I -MBA, which provides unmatched flexibility that allows you to put your degree within reach. Jeff Wayman, a first year I -MBA student has already seen the impact.
My name is Jeff Wayman.
I'm an INBA student at the University of Illinois Geese College of Business, currently I'm head of content strategy for the office of CTO for a tech company.
I have a career path that I pretty much understand, but I'm looking to expand my capabilities and move into more senior leadership roles and so an MBA was always something that was on my mind, you know, I would consider myself a lifelong learner, you know, I enjoy it.
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When I'm grocery shopping, I am definitely one of those people who reads the ingredients label of whatever it is I'm intending to purchase.
If there are more than three ingredients I can't even pronounce, I definitely pause and ask myself, do I want to put this in my body?
Can I find anything useful about this ingredient through a Google search?
It's a habit I've developed over time that's changed my diet for the better.
But maybe there's a new kind of label literacy we all need to learn.
One that speaks to the wider impact a company can have with the dollars we give them.
I'm Madhu Bakinola.
This is TED Business from the TED Audio Collective.
Our speaker today is here to make a bold claim about salad dressing, and she has the data to back it up.
Alex Amuyal is the CEO and president of Newman's Own Foundation, a philanthropic organization that also owns a food company that gives 100 % of their proceeds away.
In her talk, Alex lays out her vision to optimize impact over profits.
Then after the talk, I'll dispense a word to the wise about how not all philanthropy is created equal.
But first, a quick break.
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And now, Alex Amouille takes the TED stage.
I was at a restaurant in Miami a few months ago, in the now super trendy Windward District.
Right at the center of the menu, I noticed a $26 cauliflower, topped with goat's cheese and shishito herb vinaigrette.
Now, 26 dollars for cauliflower might already make you angry, but what my friends and I found particularly absurd was the restaurant's proud announcement that if you purchased this one dish, they would give 1 % of the proceeds to environmental non -profits.
So let's do the math.
That's 26 cents and we can solve climate change.
Yay. And it was just this one dish on the menu.
You wanted to order the burrata with to duchy green tomatoes tough luck for the planet This restaurant is not the only culprit when it comes to paying lip service to corporate giving This type of greenwashing in my mind is worse than doing nothing Because it obscures who's doing really good work from who's good at marketing the very little that they do So you have to read the labels and the fine prints and I have to admit this is an occupational hazard of mine I am the president and CEO of Newman's Own Foundation.
And our mission is to nourish and transform the lives of children who face adversity.
What makes this unique is that the Foundation owns a food company.
100 percent of the profits and royalties from the sale of Newman's Own product go to the Foundation and service on our mission.
So when we put cauliflower on our pizza, it's a 100 percent we give away.
Not one percent. When I tell people what I do for a living, the most common reaction I get is, wow, I grew up with your salad dressing in my refrigerator, but I had no idea you gave 100 % of profits away?
100%, really? You should put that on the label.
Yes, we do put that on the label.
Every. Label. But I understand the confusion.
our message sometimes gets lost in a sea of green -wash products to the point that it's almost unbelievable when we say we give 100 % away.
But we've been doing this for 40 years.
And I realize it sounds unbelievable or even radical to build a business and then give all of the money away.
But you know what sounds more unbelievable to me?
That we live in a world where children still go to school hungry.
a world where only the fortunate few win the lottery of birth and have the choice with what they do with their waking hours.
So when we have that choice, why would we choose to build organizations to optimize click rates to get us addicted to stuff we don't need just to maximize shareholder value?
Why not build organizations set up to maximize impact?
We need different models, systems and institutions, organizations, and I firmly believe organizations like ours that are 100 % for purpose can show us the way.
They can serve as proof points for doing business, philanthropy, and, yes, capitalism differently.
And this is not about tearing capitalism down, on the contrary, it's about using its mighty power for justice.
Bold ambition, I know.
And it all starts with salad dressing.
Or as our founder, Paul Newman would say, using salad dressing, the shameless exploitation in pursuit of the common good.
Paul Newman, actor, race car driver, activist and a man obsessed with good salad dressing.
Obsessed! So much so that he decided to turn his obsession into his business.
Paul and his friend, Hotch, invested $40 ,000 of their own funds to get Newman's Own started.
After a year, they had turned a profit of $300 ,000.
That surprised them, rightfully so!
It's a type of quick return even a venture capitalist would be delighted with today.
But it's what Paul did next that most surprised him.
He gave it all away.
So since 1982, Paul and Newman's Own have given away over half a billion dollars to good causes.
And this helps spark what I call the 100 % for purpose movement.
Our 100 % for purpose club is is small, but mighty Patagonia joined our ranks a few years ago.
There's also Grameen in Bangladesh, Humanities from Australia, and the self -employed Women's is associated in India founded by activist Elibach which now counts over two million members.
A hundred percent for purpose organizations combine the best of the for -profit and nonprofit business models.
They can be organizations truly devoted to serving people and the planet while still operating sustainably.
They also avoid the pitfalls of both models, constantly having to beg for money in the nonprofit world or having to put shareholder interest above all else, no matter the cost of the planet and its inhabitants.
So how do you make a 100 per cent for purpose -businessworking practice?
I told you this was about salad dressing, and so, just like any good salad dressing, it's the alchemy of the right ingredients.
First ingredient, make a profit.
Sounds obvious, But we know many companies who never have. And listen, this is not about making a profit in your first year, but you have to remember, if your goal is to give away as much money as you can, you want a good business and product with steady positive cash flow.
From Australia, Adam McCurdy and Josh Roth set out to create 100 % for purpose business from the ground up.
They founded an event ticketing company called Humanitix.
Not because they thought, wow, ticketing, such a cool industry.
On the contrary, they saw a promising market because people hate ticketing platforms with high fees, bad customer service, and monopolistic trading practices.
One of these companies recently got in trouble with the US Justice Department and Taylor Swift. Honestly, I don't know which one is worse.
People thought Adam and Josh were also radical, because they built a hydro -tech business without taking one dollar from venture capital.
But I'm happy to say that in eight years, they're profitable, and have already given away close to $7 million in grant funding.
Which brings me to ingredient number two, raise money right.
You can't give away 100 % of your profits today, or in the future, if you give away control to investors who are not aligned with your vision.
Yvonne Schwienach, the founder of Patagonia, declared earth to be the company's only shareholder in September 2022 to great fanfare.
He could only do this because he had kept Patagonia private for over 50 years.
And let me be clear.
This doesn't mean you can't raise money as 100 % for -purpose business.
By definition, you're trying to be cash flow -positive.
That makes you attractive to banks and lenders for loans, you can also tap into sources few for -profits typically have access to, grants and impact investments for example.
All of this brings me to ingredient number three, reverse the governance.
People have then assumed that as I head up a corporate foundation, I report into the food company CEO, it's actually the opposite, and that makes all the difference.
When Paul died in 2008, he gifted the food company to the foundation.
That was heavily discouraged at the time.
Congress had passed a law in 1969 making it hard for foundations to earn more than small stakes in for -profit businesses to close a tax loophole.
Newman's own worked with legislators to support the passing of the Philanthropic Enterprise Act in 2018, paving the way for this new type of organization, and allowing non -profits to owe corporate entities under the right circumstances.
To align with the Philanthropic Enterprise Act, we keep the food company and foundation quite separate with two distinct boards of independent directors.
Because the governance is reversed, the food companies board reports to the foundations board. We have a common brand, but the foundations dollars can't be used to market the products and the food company can't tell us what organizations or causes to give to.
And unlike a number of private foundations, we don't have an endowment.
Why? First, because Paul said, let's give it all away.
He didn't say, let's hoard it first so we can exist in perpetuity and then just sit there giving away the 5 % minimum required by law.
Overall, I love being endowment free because our donors are the millions of consumers who buy Newman's Own Products.
And we give away all that we can every year because children who face adversity in the best cannot wait.
Fourth and final ingredient.
Forget the competition.
They are playing by the rules that got us to where we are today.
You have to trust that being 100 % for purpose is the way to win over customers, employees, and realize your mission.
Yes, you can't give company stock options, but you can provide your employees with good salaries, great benefits, and a real sense of purpose.
And that's what 95 % of college graduates are looking for in a job.
You might not have the dollars for big splashy ads, and you can't slash your prices so low and lose money to meet your competition if they're willing to do that to gain market share.
But 66 % of customers, and especially 91 % of millennials, say they would switch to a new product from a purpose -driven company.
Most importantly, remember the endgame.
Success is about being all -in for impact fact, and showing everyone there's a different way to do business and capitalism.
Imagine what we could do if 10 % of US companies joined our ranks, or 10 % of global companies.
The last thing I'll say is this.
Paul used to tell the kids with cancer he met at the summer camps he founded to go raise a little hell.
And perhaps a little hell raising is exactly what we need to fix this absurd world where where some people can afford 26 dollars for cauliflower, and just a mile away, other have to send their kids to school hungry.
I invite you all to joining me in raising a little hell.
Go create, convert, and work with a 100 percent -for -purpose organizations.
The world cannot wait.
We can and must build organizations and systems differently, and in doing so, we can use capitalism's mighty power in service of justice.
Thank you. That was Alex Amouyel talking at TED at BCG.
I love how direct Alex's talk is.
She puts it all on the line.
We need to up our standards when we think about impact.
As consumers, we've gotten savvier about greenwashing.
You know, a feeble claim that a product is actually good for the environment when it's really, mostly marketing?
well, maybe it's time we wise up to impact washing.
I mean, for some of your favorite foods, have you ever taken a moment to Google the brand and learn more about the company?
What's its mission?
Vision, does it have a set of values that is reflected in the food it produces?
Alex gives plenty of examples here of 100 % for -purpose companies that are putting their money where their mouth is, so we know what it's possible.
And as for the rest of us, it's time to start reading more labels to figure out what these companies are all about, what percentages they're using for good, and if they're holding up their end of the bargain.
That's it for today.
TED Business is part of the TED Audio Collective.
This episode was produced by Hannah Kingsley Ma, edited by Alejandro Salazar, and fact checked by Julia Dickerson.
Special thanks to Maria Latias, Vera DeGrange, Daniela Ballarizo, Tsakasang Manivang, and Roxanne Heylash.
I'm Madupa Ekanola, thanks for listening.
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