Submitted by: Driptech, Inc.
Posted: Mar 29, 2010 – 06:31 PM EST
MOUNTAIN VIEW, Calif., Mar. 29 /CSRwire/ - Driptech, inc. (www.driptech.com), founded in 2008 to create affordable drip irrigation systems for subsistence farmers in the developing world, recently achieved certification as a B Corporation. A B Corporation is recognized as a new kind of company which uses the power of business to solve social and environmental problems.
Cited for excellence in leadership and public benefit, Driptech earned this distinction from B Lab, a nonprofit organization focused on establishing comprehensive and transparent standards of social and environmental performance and accountability. Driptech is one of 80 California companies to have earned B Corp certification. Totaling over 280 B Corporations in 29 states and counting, they represent a diverse multi-billion dollar marketplace.
"It is an honor to be recognized for our commitment to social benefit, which is fundamentally ingrained in Driptech's products and mission. We are dedicated to ensuring that our positive social mission continues to drive the company," said Peter Frykman, Driptech's founder and chief executive. He said B Lab's certification and support amplifies his organization's ability to help small-plot farmers escape poverty. To merit certification, Driptech met rigorous social and environmental performance standards which verify creation of economic opportunity, contribution to strong communities, and preservation of a healthy environment. In addition, B Corporations commit to benefitting not only shareholders, but all stakeholders, including employees, suppliers, consumers, the community, and the environment.
"Driptech is a quintessential example of a B Corporation that is using business to alleviate a poverty issue," said Chrissy Houlahan, B Lab's Vice President of Services. "With global water scarcity continuing to worsen, Driptech is bringing low cost, water-efficient drip irrigation, a proven technology, to farmers in some of the poorest areas of the developing world."
Driptech designs and manufactures affordable drip irrigation for small farmers in developing countries, and is an award-winning, revenue-generating, angel-backed social venture based in Mountain View, CA. Through proprietary manufacturing and novel distribution, Driptech products are on track to reach millions of people who have been unable to use water-efficient drip irrigation previously, and help small farmers increase their standard of living significantly. For more information, please visit www.driptech.com.
About B Lab
B Lab is a nonprofit organization dedicated to using the power of business to solve social and environmental problems. B Lab drives systemic change through three interrelated initiatives: 1) building a community of Certified B Corporations to make it easier for all of us to tell the difference between "good companies" and just good marketing; 2) accelerating the growth of the impact investing asset class through use of B Lab's GIIRS impact rating system by institutional investors; and 3) promoting supportive public policies, including creation of a new corporate form and tax, procurement, and investment incentives for sustainable business.