Levita Pickett
Christopher Prothro
Ruikuan Cheng
Zijing Wu
Rutgers Business School
Loubna Erraji
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While scrolling on Facebook, Bombas co-founder and CEO David Heath learned that socks are the most requested clothing item at homeless shelters, and hence identified sock shortages as a problem that needed a resolution. In 2011, they decided to create a sock company that would help alleviate the sock shortages occurring at homeless shelters by donating a pair to those in need, with each pair purchased, which required them to create a profitable, yet scalable model. The aforementioned model required manufacturing a product that has high demand, and with two years of research and development, Bombas finalized improvements to their standard sock: from the toe seam and elements used, to the arch support, to the way the sock is worn and washed; every aspect was considered. Bombas confidently states that they have created the most comfortable socks, period. To date, Bombas continues to research to develop in pursuit of even better products. Their efforts have led them to donate more than eight million pairs of socks to those in need.
The innovation relates to Bombas' Corporate Social Responsibility (CSR) of addressing the sock shortage among vulnerable populations, primarily the homeless. With unparalleled R&D, socks were engineered to be comfortable, provide support for the mid-foot and to perform in ways considered by professional or collegiate athletes. Seven substantial improvements are engineered into every pair of socks. Additionally, the brand selects the softest quality long staple yarns from the best cotton and merino wool producers throughout the world. They solely use antimicrobial and moisture-wicking properties of high-quality, natural fibers which helps anyone who is constantly on their feet.
Our team sat down with Kelly Cobb, Vice President of Community and Giving to discuss the company’s inception, inspiration, and goals. Bombas solely uses antimicrobial and moisture-wicking properties of high-quality, natural fibers which helps anyone who is constantly on their feet. Kelly mentioned: "This fact is the driving force behind Bombas. Bombas exists to help solve this problem, to support the homeless community, and to bring awareness to an under-publicized problem in the United States". Therefore, the innovation is causal to their mission of clothing the homeless. As of today, more than eight million pairs have been donated to the less fortunate.
The initial idea came about when Randy Goldberg and David Heath saw a Facebook post that mentioned the need for socks at homeless shelters. Together, they adopted the one-for-one business model where the company would donate one pair of socks for each one purchased. One single Facebook post inspired the idea of giving back to those in need. Their community involvement and assistance with the homeless population has increased throughout the years.
To make their business model successful, Heath and Goldberg chose to manufacture the highest quality socks the world has seen. Consumer demand and the ultimate success of these socks would be the catalyst allowing Bombas to fulfill their desire to help the homeless population.
Bombas works closely with many non-profit organizations that align their efforts to help people affected by homelessness and poverty. With over 1,200 giving partners across 50 states, Bombas is impacting these communities in small, yet significant ways. Bombas works with shelters, community organizations, and significant partners like The U.S. Department of Veterans Affairs and the Special Olympics.
By any metric, Bombas is a successful startup. They have sold more than eight million pairs of socks with an average cost of $12.00. This is no small feat (pun intended). Whether it’s beau gest, altruism or even a sinister business model masquerading as charity, consumers are motivated by and supportive of businesses with philanthropic missions.
Unlike ecological and/or climate-related CSR activities, giving socks to those less fortunate is not opaque. There’s no argument to be had or debate to be won discussing the validity of climate change and/or mankind’s contribution to said change. There is nothing to debate when a person in need of socks is given a pair of socks. The veteran being released from the hospital, and the woman with mental/behavioral issues walking the streets with a shopping cart is concrete. It is easy to see the impact of Bombas.
With their release of a line of hiking socks last quarter, there may be no limit to this company’s rise. Besides upending norms by performing research and development on socks, their growth in the hosiery market may only be matched by phenomenally positive public relations. This PR results in greater consumer recognition and ultimately in more sales. Increased sales and revenue result in additional R&D and eventually even better products. This cycle could continue ad nauseum potentially making Bombas a household name and in competition with America’s largest sock manufacturers: Private Label, Hanes, and Fruit of the Loom.
Bombas has been affiliated with its business model since the creation of the company, one pair of socks donated for each pair sold. Before launching, Randy Goldberg and David Heath identified that the most needed item in U.S. shelters are socks. In order to support the homeless community, Bombas chose to help the less fortunate for social benefit impact. The company is also transparent with their charitable donations; they publish and update socks sold and donated on bombas.com for all to see.
So far, nearly 8,010,000 pairs of socks have been donated to shelters and other charitable institutions. Gifting more than sixteen million high-quality socks to a marginal (at best) population makes even the most cynical and jaded heart warm. Other than the standard issue tube sock, Bombas devotes itself to produce the best, highest quality socks. Their apparel also prevents the growth of fungus while staying fresher through extended wear. The antimicrobial and moisture-wicking technology largely protects potential harm from germs, antibodies, and the elements. As a result, Bombas provides an extended lifecycle for its socks, which reduces some environmental pollution from the source.
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Kelly Cobb, Vice President Community & Giving
Bombas was founded in 2013 by Randy Goldberg and David Heath after seeing a Facebook post that mentioned the need for socks at shelters. They adopted the one-for-one business model where the company would donate one pair of socks for each pair purchased. Bombas positions itself between high-end, technical socks and basic need socks, and makes their socks from Peruvian Pima cotton, which helps feet stay warm in the winter and cool in the summer, and include exclusive features such as a blister tab, a y-stitched heel, honeycomb support system for the arch of the foot, and “stay up” technology. With little to no innovation in the sock industry, coupled with no demand for a better product, researching and developing high-quality socks represented a big risk, a gamble even, by these founders. Bombas subscribes to a more subtle, less in-your-face brand marketing through the sharing of other brands’ content. It uses traditional product promotion on its social channels. Recent research indicates that 80 percent of consumers are willing to buy a product from an unknown brand if said brand possesses firm social and environmental commitments. In layman’s terms, this equates to the growth of conscious consumerism — and this means that Bombas’ marketing strategy is likely to pay off, according to Triple Pundit.