PROFIT FOR GOOD: building businesses that donate 100% of their profits to charity
Feb 20, 2025
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Join Alex Amouyel, CEO of Newman's Own Foundation, alongside Humanitix co-founders Josh Ross and Adam McCurdie, as they discuss a bold approach to capitalism. They explore how businesses can thrive while donating 100% of profits to charity. Insights include the innovative ticketing model of Humanitix that disrupts traditional norms, the transformative legacy of Newman's Own, and the shift towards valuing societal impact over mere financial profit. Together, they inspire listeners to rethink business success through a philanthropic lens.
Newman's Own Foundation exemplifies a successful business model that prioritizes philanthropy, donating all profits to social initiatives since 1982.
Humanitix disrupts the ticketing industry by contributing all booking fees to charities, raising $10 million in contributions this year alone.
The 'profit for good' movement showcases a transformative shift towards socially responsible businesses that integrate financial success with meaningful social impact.
Deep dives
The Impact of Newman's Own Foundation
Newman's Own Foundation, led by CEO Alex Amuiel, focuses on nourishing and transforming the lives of disadvantaged children. Founded by actor Paul Newman, the company started by selling quality salad dressings and committed 100% of its profits to charity, resulting in over $600 million in donations since 1982. The foundation's mission encompasses various programs, including support for summer camps for children with serious illnesses, school food initiatives, and indigenous food justice. This unique business model not only provides quality products but also significantly impacts social welfare through intentional philanthropy.
Humanitix: A New Wave of Ticketing
Co-founders Adam McCarty and Joshua Ross established Humanitix as a ticketing agency that donates all profits from booking fees to effective charities, alleviating poverty and disadvantage. Inspired by companies like Newman's Own, they recognized the potential to disrupt the traditional ticketing industry, which is often criticized for high booking fees. Since its inception, Humanitix has donated $10 million this year alone, highlighting its rapid growth and positive impact on various charities. Their model emphasizes the importance of transparent philanthropy in sectors like event ticketing, fostering a culture of giving back.
The Profit for Good Business Sector
The emergence of the 'profit for good' business sector represents a significant shift in how companies can operate while prioritizing social impact. Beyond Newman's Own and Humanitix, other notable examples include Patagonia and the Australian company Who Gives a Crap, which allocates a portion of its profits to sanitation projects globally. This sector highlights a growing recognition that businesses can succeed financially while making meaningful contributions to society. As awareness of these models increases, it presents opportunities for consumers and entrepreneurs to choose and create more socially responsible companies.
Personal Motivations Behind Social Enterprises
Personal stories from the founders illustrate the deep motivations behind their commitment to social good. Alex Amuiel's journey reflects a desire to utilize her skills for humanitarian purposes, inspired by her family's history as refugees. Similarly, Josh and Adam's experience in Sri Lanka sparked their ambition to create Humanitix after witnessing the impact of poverty. Their narratives underscore the importance of aligning personal values and skills with impactful work, driving home the notion that everyone can contribute meaningfully to societal change, regardless of their background.
Balancing Ambition and Purpose
Throughout the discussion, the guests explore the delicate balance between professional ambition and personal fulfillment in a mission-driven context. They emphasize that pursuing impactful careers can lead to a meaningful life, intertwining professional growth with societal contributions. Alex notes the importance of continuously evaluating one's role in driving change, while Adam and Josh discuss how their focus on charity enhances employee fulfillment and satisfaction. Ultimately, they advocate for integrating purpose into everyday work, asserting that a well-lived life is one where personal aspirations align with contributing to a better world.
Adam McCurdie and Josh Ross, founders of Humanitix, and Alex Amouyel, CEO of Newman's Own Foundation talk about whether the example their companies set can transform capitalism.
