1 00:00:00,120 --> 00:00:01,970 - When I talk to young people 2 00:00:01,970 --> 00:00:03,290 who are starting out in business, 3 00:00:03,290 --> 00:00:05,600 or I talk to business students now, 4 00:00:05,600 --> 00:00:09,610 I really encourage them to try to understand their purpose 5 00:00:09,610 --> 00:00:11,430 and to do the right thing from the beginning. 6 00:00:11,430 --> 00:00:14,120 I'm Vincent Stanley, I work for Patagonia, 7 00:00:14,120 --> 00:00:16,223 I'm its Director of Philosophy. 8 00:00:16,223 --> 00:00:20,480 (light, intriguing music) 9 00:00:20,480 --> 00:00:24,030 I think Patagonia had an element 10 00:00:24,030 --> 00:00:28,260 of social, but mostly environmental, consciousness 11 00:00:28,260 --> 00:00:29,750 from the beginning, because it came out 12 00:00:29,750 --> 00:00:31,800 of a mountain climbing equipment company. 13 00:00:31,800 --> 00:00:33,830 And the early employees and the owners 14 00:00:34,670 --> 00:00:38,850 had a strong sense of protecting wild places. 15 00:00:38,850 --> 00:00:40,930 You know, the company's conscience 16 00:00:40,930 --> 00:00:43,480 has evolved over the past 45 years. 17 00:00:43,480 --> 00:00:47,583 We did not start out with the kinds of concerns we have now. 18 00:00:48,990 --> 00:00:50,790 I think for somebody who's starting out, 19 00:00:50,790 --> 00:00:54,870 who wants to be responsible, 20 00:00:54,870 --> 00:00:58,780 who wants to build a business that can last 100 years, 21 00:00:58,780 --> 00:01:01,630 wants to have a positive social and environmental impact, 22 00:01:03,170 --> 00:01:05,180 it's easy to find allies now. 23 00:01:05,180 --> 00:01:08,210 It was harder 20 years ago, but the B Corp movement 24 00:01:08,210 --> 00:01:10,300 I think is really significant that way. 25 00:01:10,300 --> 00:01:13,860 One of the challenges of being a mission driven company 26 00:01:13,860 --> 00:01:17,100 is you find that you can do things 27 00:01:17,100 --> 00:01:20,110 when you learn how to change your practices, 28 00:01:20,110 --> 00:01:23,260 how to live with constraints that actually drive innovation. 29 00:01:23,260 --> 00:01:26,090 When you learn how to do that and you talk to other people 30 00:01:26,090 --> 00:01:28,710 who tell you, oh no, that can't be done, 31 00:01:28,710 --> 00:01:31,000 you just wanna persuade them. 32 00:01:31,000 --> 00:01:34,050 My own job really comes out of the Patagonia culture, 33 00:01:34,050 --> 00:01:36,350 and I do believe in a kind of localism. 34 00:01:36,350 --> 00:01:37,360 I think every company 35 00:01:37,360 --> 00:01:40,161 really should respond to its own culture. 36 00:01:40,161 --> 00:01:43,260 What are its best aspects? 37 00:01:43,260 --> 00:01:45,810 What are the things that need to change? 38 00:01:45,810 --> 00:01:47,590 What about the company culture 39 00:01:47,590 --> 00:01:49,170 would you like to see develop? 40 00:01:49,170 --> 00:01:51,270 The lesson I've learned from Patagonia 41 00:01:51,270 --> 00:01:52,640 is that if you're marketing, 42 00:01:52,640 --> 00:01:56,360 you really should identify what your company's culture is, 43 00:01:56,360 --> 00:01:59,360 what your company's personality is. 44 00:01:59,360 --> 00:02:04,330 Identify those elements that are what the better angels 45 00:02:04,330 --> 00:02:07,960 of the company's nature, and use that, 46 00:02:07,960 --> 00:02:11,000 both in the marketing but also in all communications 47 00:02:11,000 --> 00:02:14,670 to suppliers, to employees, 48 00:02:14,670 --> 00:02:16,790 to the communities that you operate in. 49 00:02:16,790 --> 00:02:20,830 And what I think would be key to any mission driven company 50 00:02:20,830 --> 00:02:24,350 now is to understand both what your possibilities are 51 00:02:24,350 --> 00:02:26,240 and what your constraints are. 52 00:02:26,240 --> 00:02:29,360 And then to develop what you sell 53 00:02:29,360 --> 00:02:32,700 or how you serve, around those strengths 54 00:02:32,700 --> 00:02:34,887 and understanding what your weaknesses are.