In the world of apparel, one company has taken the mundane sock and turned it into a symbol of both comfort and compassion. Bombas, a New York-based company, has not only redefined the sock industry with its innovative designs but has also pioneered a business model centered around social responsibility.
Bombas was founded in 2013 by entrepreneurs David Heath and Randy Goldberg. The idea for Bombas was sparked by a simple observation: socks are the most requested clothing item in homeless shelters. Heath and Goldberg saw an opportunity to create a business that not only offered a high-quality product to consumers but also addressed a pressing need in the community.
Randy Goldberg and David Heath, both in their mid-30s at the time of Bombas’ inception, shared a vision to create something meaningful. Former colleagues, their professional backgrounds were rooted in creative marketing and entrepreneurship. Heath, a creative director with experience in advertising, and Goldberg, with a background in digital media and marketing, were drawn together by a shared desire to make a positive impact. Little did they know that their venture would redefine the sock industry and become synonymous with social responsibility.
The name “Bombas” is derived from the Latin word for bumblebee. Inspired by the bees’ principle of “bee better,” the founders aimed to embody this spirit in their company – always striving to improve and make a positive impact.
Innovative Design
Bombas set out to create socks that were not only comfortable but also durable and stylish. The company’s commitment to innovation led to the development of features like the Honeycomb Arch Support System, seamless toe construction, and a blister tab – all designed to enhance the overall sock experience.
The Honeycomb Arch Support System, in particular, provides targeted compression, offering extra support where the foot needs it most. This commitment to thoughtful design has garnered Bombas a dedicated customer base that appreciates both the comfort and functionality of their products.
Shark Tank Appearance: A Defining Moment
In 2014, Bombas entered the national spotlight with an appearance on ABC’s Shark Tank, a reality show where entrepreneurs pitch their business ideas to a panel of potential investors, known as sharks.
Heath and Goldberg presented their vision for Bombas, emphasizing the one-for-one giving model, where for every pair of socks sold, another pair would be donated to someone in need. The pitch resonated with the sharks, but it was Daymond John who saw the potential and made an offer.
The Deal with Daymond John
Daymond John, impressed by the founders’ commitment to social impact, made a deal with Bombas on Shark Tank. John invested $200,000 for 17.5% equity in the company, propelling Bombas into a new phase of growth.
The partnership with John not only brought financial support but also strategic guidance and valuable connections in the business world. This collaboration marked a turning point for Bombas, providing the resources needed to expand its reach and impact.
Post-Shark Tank Success
Following their appearance on Shark Tank, Bombas experienced significant growth. The exposure from the show, coupled with the unique social mission, resonated with consumers. The company’s one-for-one giving model became a key differentiator in a market saturated with sock brands. Now Bombas is considered Shark Tank’s most successful brand of all time with a lifetime revenue of $1 billion. The icing in top is that the company has donated more than 100 million essential apparel items to the homeless.
Giving Back Beyond Socks: Mission to Help
While socks are at the heart of Bombas’ mission, the company has expanded its giving initiatives to include other essential clothing items. Since underwear and shirts were the second and third most requested items at homeless shelters, Bombas decided they would be the next products they would make to expand the business.
The story of Bombas is a testament to the transformative power of entrepreneurial vision combined with a commitment to social responsibility. Heath and Goldberg’s journey from Shark Tank to building a brand that transcends the sock industry demonstrates that success, when rooted in purpose, goes beyond financial gains – it’s about making a lasting impact on the world.