Doing well financially in business does not have to be distinct from doing good (for one's community, for people, for society, for the environment). The Good Lab at LMU serves as an interdisciplinary and collaborative student-industry platform designed to help companies and their brands do well by doing good socially. Examples of epic ideas our students have created include:
- Banana Bank - to increase awareness of how much usable food we throw out and waste every day
- TestAppeal - to promote STD testing and prevention on campuses
- H.U.G. - to provide access to hygiene products to the thousands of women in greater L.A. who simply cannot afford them
The Good Lab enables LMU students across disciplines to work together as change makers. Students connect with companies who are committed to joining the ‘business for good’ movement with deliverables ranging from research and discovery to ideation and validation to pilot testing and activation.
The ENSO Agency's 2018 World Value Index reports that:
- 81% of consumers believe that business can be a force for positive social and environmental change.
- Yet, only 36% trust business leaders to do what's right (down 20% from 2017).
- Companies that stand for something bigger than the products they sell are more likely to connect with consumers on a deeper level.
The 2018 Accenture Strategy Research Report, "The Rise of the Purpose-Led Brand," shows:
- A majority of consumers in the U.S. no longer make decisions based on product or price; The Good Lab supports brands whose purpose aligns with our beliefs and we reject those that don't.
- Our expectations for brand purpose present an opportunity for companies to build differentiated, authentic and profitable firm-customer relationships.
- The report found that 62% of U.S. consumers want companies to take a stand on current and relevant issues.
The LMU College of Business Administration understands:
- Every one of us thinks it’s the right thing to do.