Blake Mycoskie founded TOMS Shoes in 2006, after seeing many poor and shoeless children alongside few wearing simple, comfortable farming shoes in Argentina. He redesigned the shoes, brought them North, and for every pair sold, one is given away to a child in need.
TOMS’ business model holds many strengths; it’s seemingly recession proof as it continues to grow, the donating is built in to the price structure, it attracts passionately dedicated staff, and it’s fully sustainable. Mycoskie states, “Ultimately, I am trying to create something that is going to be here long after I’m gone.” TOMS is able to be far reaching by being for-profit, and giving away a large portion of it’s profits, versus the limitations a non-profit would entail.
It becomes clear that having a customer feel good about their purchase and inspiring them to tell a story is a huge advantage that creates word-of-mouth spreading. I love how TOMS proves that net income doesn’t have to be priority number one in business models today, and that by putting giving, passion and sustainability first, a business can not only flourish, but inspire a brighter future across the globe.
TOMS; Reflection On Giving Video
Image Credit: Lee Loves Hot Trends