One shining example of a company that practices conscious capitalism is Panera Bread (NASDAQ:PNRA). This quick-service restaurant has a long history of doing good in the communities within which it operates, but it hasn't always led to gains in its bottom line.
As an example, Panera Bread donates all of its leftover bread and baked goods to local food banks at the end of each day. In addition, the company has experimented with a handful of "Panera Cares" cafes, which are non-profits that operate on a pay-what-you-can model. These cafes provide customers with a suggested donation amount for its food items instead of charging a fixed price.
That means that customers are under no obligation to pay for their food, so anyone who faces food insecurity can walk in and enjoy a warm meal free of charge. The company only operates a handful of Panera Cafes right now, but it has set a long-term goal of opening one in every city in the country.
Moves like these show its customers that Panera cares more being a good member of its community than it does about maximizing short-term profits. Perhaps it should come as no surprise that customers reward Panera with their repeat business, which, in turn, has helped to grow Panera into a $5 billion restaurant concept.
Technology for good
Steve Symington: Splunk (NASDAQ:SPLK) has long strived to use its expertise in processing big data for the greater good. The company has offered licenses and education of its industry-leading operational intelligence software platform to five million students through partner Internet2, and has also made them available to nonprofit organizations with the founding of its Splunk4Good initiative.[Splunk]IMAGE SOURCE: SPLUNK.
I was more than happy last week to see Splunk kick its dedication to philanthropy up a notch with Splunk Pledge, under which it promised to donate a minimum of $100 million in software licenses, training, support, education, and volunteer work to nonprofit and educational organizations over the next decade.
In particular, I think it's impressive to see that Splunk is having its employees collectively donate up to 60,000 hours of paid volunteer work every year to "organizations, causes, and social issues they are passionate about." And though this aspect of Splunk Pledge is obviously in its earliest stages, I look forward to seeing which organizations, causes, and social issues this fast-growing, high-tech company chooses to tackle. This is something that should also serve Splunk well by giving its employees a greater sense of loyalty and purpose.
In the end, I agree with Splunk's assertion that "big data can make a difference," to both the world and investors who want to own a piece of this socially responsible business.
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