Nov 18 2012
Flex Watches: Watches that tell a story, not just the time
In our most recent class, Social Enterprise Applied, instructor Jeff Kroeker shed light on some examples of social enterprises, such as TOMS shoes, whose now infamous “one-for-one” mission promises to deliver a pair of shoes to a child in need with each pair of shoes purchased.
Over the weekend, I stumbled upon an advertisement that lead me to the homepage for Flex Watches, another company contributing to the up and coming wave of social enterprises. Flex Watches concept, the so-called “10-10-10” mission, is simple: they manufacture 10 watches of different colour, have partnered up with 10 different charities, and promise to donate 10% of the revenues generated by each specifically coloured watch to the associated charity it represents (for example, think a pink watch for breast cancer). For further explanation, here is a video that summarizes what the enterprise is all about.
https://www.youtube.com/watch?v=ATqxqK2NS7w&feature=player_embedded
In my opinion, their business plan is brilliant. If the company is able to market itself effectively and become recognized on a global scale, there’s no telling what an impact these donations might have. Based on what I saw on their website, however, I believe the watches correspond to a very young target demographic and that, in order to see sustained success, they should consider developing a more sophisticated product line.