Shawn Nelson, CEO and founder of Lovesac, shared with Bold Business how his company integrates the principles of Conscious Capitalism into their company culture. Nelson emphasized the importance of getting savvy with Conscious Capitalism, a movement founded by Whole Foods founder John Mackey that “fosters the belief that a business is responsible for all stakeholders,” which includes customers, employees, its community, the environment and more. Nelson said, “If you do business the right way, then all of those stakeholders can benefit, including the shareholders.”
Nelson has been a guest on Bold Business before, during our live coverage of the 2018 Conscious Capitalism conference from Dallas, Texas, where we discussed why being a conscious business-owner is so important.
Lovesac gained notoriety for its oversized, foam-filled “sacs,” and the company has evolved, now offering couches (also known as “sactionals”) that can be customized by size depending on the needs of your home. “It’s a couch that can just grow with you,” Nelson said.
Nelson also discussed the struggles his company faced in getting its start. After winning a $1 million investment on Richard Branson’s reality show, “Rebel Billionaire,” Nelson said the lesser-known backstory was that he was already $2 million in debt at that point. Sharing that the economic pressure never ends, Nelson advised entrepreneurs to “embrace the economic pressure, because you have to survive.”
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Photo Credit: Lovesac
