What are BIC companies and how they are taking over the Colombian business world

On Tuesday, April 5, Expo BIC was inaugurated, the business meeting of the so-called Benefit and Collective Interest Companies or Companies of Benefit and Collective Interest (BIC), whose first exhibition was installed by the president, Iván Duque Márquez, at the Agora Convention Center, in the country's capital.

These companies in mention are all those that voluntarily decide to adopt new business practices to promote social, environmental and economic development in the country.

In line with the above, the president stressed that this label is gaining space and speed around the world and much more in Colombia “which is at the forefront of the application of this business concept”.

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Likewise, he reiterated that this concept has a worldwide projection and is also characterized by the fraternity between the employer and the employee who come together to enable the transformation of Colombian companies and regions.

“When you see BIC companies that come from indigenous communities; when you see BIC companies that come from different sectors of the minorities of our country; when you see BIC companies that are in every corner and when you realize that these companies embody the purpose of article 333 of our Constitution, here's what remains demonstrated is that the real social revolution in a society is made from the company and not from the State by suppressing, bullying and attacking those who want to do business”, he said.

In this sense, he rejected “the populist and demagogical discourses that exist today in the country, which differentiate and prohibit sectors of production, restricting the economic freedoms that are the basis of democracy”.

He also stated that the triumph of BIC companies in Colombia “is the same entrepreneurs who opted for this concept to improve their practices and the communities where they operate”, so he insisted that, in the future, the company that does not lead to this model “will be in the wrong place”.

It should be said that during this business fair, Colombian companies (which already comply with this model) will share their experiences and inspire the local market for more companies to become BIC companies. Likewise, they will present how they implement the five main dimensions that define them, such as: corporate model, labor practices, environmental practices, practices with the community and business models.

According to the Presidency of the Republic, this will be a space to raise awareness among Colombian entrepreneurs and motivate their transformation, so that they can enter into a new model of production and promotion of products and services.

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