Nike Sustainable Business and Innovation is establishing a venture capital operation to identify and fund alternative energies and more sustainable business practices, Bloomberg reported.
Nike Sustainable Business & Innovation (SB&I) Lab will invest in startups developing more sustainable business practices or that promote healthy lifestyles.
Nike created SB&I in 2009 as part of an overhaul of its corporate social responsibility efforts. Its mission is to fast- track integration of corporate responsibility into its business and develop scalable solutions to enable Nike's evolution to a closed-loop business model.
The SB&I has not yet made any investments.
SB&I focuses on our key business priorities – sustainable products, sustainable manufacturing and sustainable marketplaces – and on elements of our strategy. It works through a matrix structure, with defined priorities for each team. The SB&I function reports to Nike's vice president of Sustainable Business & Innovation, who reports directly to the NIKE, Inc. CEO and to the Corporate Responsibility Committee of the Board of Directors.