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From 2012e.igem.org

Executive Summary

The Arizona State University iGEM E-team seeks to address the business challenge of maintaining high levels of organizational performance in both the synthetic biology and global economy. For the purposes of this wiki and discussion of this challenge, performance is defined as three components according to the American Management Association: high levels of innovative output, high skilled worker retention rates, and maintaining corporate integrity. The survey found that ultimately, companies that maintained a strong social focus were able to access these components most effectively. Thus, the ASU iGEM E-team believes that the best business model in answering today’s economic challenges is the Community Focused Corporation.

The Community Focused Corporation operates as a much needed update to modern business paradigms. It takes into account the social impact and advantages of a non-profit organization while maintaining the ability to self-sustain and expand like a for profit corporation. This model is essential because modern expectations of business have changed. Highly skilled workers are now seeking better company cultures and benefits—and rather than money, passion and intrinsic motivation plays a crucial role in performance. The CFC differs from conventional for profit models due to its unique ability to attract passionate employees. Since the company operates as a social cause driven engine, at its core it exists to counteract some kind of social need. According to the 2007 American Management Association survey, the graduating Stanford business school class cited that they would “prefer to work in an environment that was committed to ethics and social causes.” There is a legitimate need for companies to begin taking an interest in the community. As more and more skilled workers begin citing company culture as a crucial element in the job hunting process, the CFC takes this a bit further and goes as far as generating its own money for its causes, establishing the company’s ability to also be fiscally independent and cover expenses for maintaining highly skilled worker retention rates.