Dec 16, 2020 - Economy

Fanatics founder says successful businesses need to contribute toward social good

Ursula Perano

Axios' Felix Salmon (L) and Fanatics' founder Michael Rubin (R). Photo courtesy of Axios Events

Private sector businesses need to contribute toward social causes they believe in, because "government alone cannot do what needs to be done," Fanatics chief executive Michael Rubin said at an Axios Event on Wednesday.

The state of play: Many private companies have ramped up their charitable efforts during the pandemic. Fanatics, for example, switched gears from producing athletic apparel to manufacturing masks and PPE for essential workers in spring when supplies were falling short. Rubin argues those kinds of relief efforts should be standard in the private sector.

"I think that we had a chance to make a small difference, and that also leads other companies to make a small difference. We get inspired by other people as well. So I think that companies need to do their part," he said.

The big picture: Axios' Felix Salmon writes that an Financial Times analysis in June found more than $450 million in corporate pledges made to groups focused on social and racial justice — and that's before the increase in disbursements from the Ford Foundation, the MacArthur Foundation and others.

Watch the full event here.

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Fanatics founder says successful businesses need to contribute toward social good

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