Good morning,
When Bombas founders Randy Goldberg and David Heath first met, neither particularly cared about socks.
They did, however, share an interest in entrepreneurship and companies with social missions. After Heath read a Facebook post claiming that socks were the most-requested clothing item at homeless shelters, they started researching and brainstorming. In 2013, the friends launched Bombas in New York City with a simple mission: Make high-quality socks, sell them online, and for every pair sold, donate a pair to homeless shelters. By the second year in business, the company was profitable.
That’s a pretty quick path to profitability, especially since the apparel industry didn’t feature significant infrastructure for direct-to-consumer socks at the time. The co-founders credit their early success to one simple concept: a really, really narrow focus. "Early success is broken down into a series of hypotheses," Heath said during an Inc. webinar on Thursday. "Like any scientist, you want to limit the number of variables when you're testing something. For us, we said, 'We're going to be socks, and we're going to be online.’ And that was it.”
That minimal scope turned out to be advantageous for Bombas in multiple ways that still resonate today. Check out the recap of the hourlong conversation with Heath and Goldberg to learn more. |
0 Comments:
Post a Comment