Bombas Socks's guest appearances

Bombas Socks

EO 360°: A podcast by the Entrepreneurs’ Organization

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The Commerce Lab

Life’s Tough, YOU Can Be TOUGHER!

We Can Remake The World

Joe De Sena

Eric Maddox

Mike McDerment

Hal Elrod

Jon Vroman

Chris Voss

Dave Heath

Lidia Bastianich

Dave Asprey

Damion Lupo

Gino Wickman

Naveen Jain

John Ruhlin

David Hauser

Jesse Itzler

OwlTail

This episode features David Heath, co-founder and CEO of Bombas, a comfort-apparel company, focused on making the best socks in history, and donating a pair of socks to the homeless community for each pair they sell. The e-commerce company is located in New York City. David and co-founder Randy Goldberg established Bombas in 2013. The idea for the company came to David a few years earlier, when he saw a Facebook posting that said socks are the no. 1 most requested article of clothing at homeless shelters.  Soon after, David and Randy began extensive research and testing to come up with their ideal for a comfortable pair of socks. Their modifications included “honeycomb” support to hug the mid-foot, an improved toe seam and an overall way to have socks be more contour-fitting. They also used high-quality, natural fibers – cotton and merino wool – to make their socks.  Initial capital for the start-up came through a crowdfunding campaign. Later, an appearance on the reality TV show “Shark Tank” led to a deal with Daymond John, one of the show’s on-camera investors and the founder of FUBU, a trendy apparel company. Revenue growth has stayed on a sharp trajectory, and in April, Bombas announced their first new product category – T-shirts, continuing their commitment to offering customers comfortable, everyday apparel, while providing new, specially designed items for those in need. The company offers products for men, women and kids. Since it began, Bombas has donated more than 20 million items to those experiencing homelessness throughout the United States. Life’s tough – you can be tougher, like Bombas, a visionary company that shows how doing good is also good for business.

This episode features David Heath, co-founder and CEO of Bombas, a comfort-apparel company, focused on making the best socks in history, and donating a pair of socks to the homeless community for each pair they sell. The e-commerce company is located in New York City. David and co-founder Randy Goldberg established Bombas in 2013. The idea for the company came to David a few years earlier, when he saw a Facebook posting that said socks are the no. 1 most requested article of clothing at homeless shelters.  Soon after, David and Randy began extensive research and testing to come up with their ideal for a comfortable pair of socks. Their modifications included “honeycomb” support to hug the mid-foot, an improved toe seam and an overall way to have socks be more contour-fitting. They also used high-quality, natural fibers – cotton and merino wool – to make their socks.  Initial capital for the start-up came through a crowdfunding campaign. Later, an appearance on the reality TV show “Shark Tank” led to a deal with Daymond John, one of the show’s on-camera investors and the founder of FUBU, a trendy apparel company. Revenue growth has stayed on a sharp trajectory, and in April, Bombas announced their first new product category – T-shirts, continuing their commitment to offering customers comfortable, everyday apparel, while providing new, specially designed items for those in need. The company offers products for men, women and kids. Since it began, Bombas has donated more than 20 million items to those experiencing homelessness throughout the United States. Life’s tough – you can be tougher, like Bombas, a visionary company that shows how doing good is also good for business.

Life’s Tough, But a Pair of Bombas Socks Are Tougher (and More Comfortable)

“Getting to that first million is pure hustle” - Allen Burt   This week on The Commerce Lab, we’re talking about one of the most important milestones of every business, especially in the ecommerce industry. There are several reasons why it is significant to reach your first million in revenue. First of all, this will show your market fit at scale. It’s a revenue level that will allow you to pull profit and capital, and give you the momentum to push towards the next milestone of $5M, $10M, etc. Finally, reaching the milestone of your first million is an integral achievement in the eyes of investors.   In this episode, you’ll hear from two leaders in the ecommerce industry who have made it to their first million and beyond. Learn the strategies that they utilized to build a firm business foundation, and how they used that momentum to continue building.   “I like to believe I have a really good understanding of what makes the customer tick when buying a product.” - Dave Heath, Bombas Socks   Nate Checketts is the founder of Rhone Apparel, a performance brand for the modern man. Nate discusses the importance of building relationships as you build your brand and the hustle of the first million. Learn the strategies that Nate and his team implemented in regards to building a team at the right time, and the necessity of becoming more comfortable with self-promotion.   “In the early days, you want people that will work their tails off and feel as committed to the vision as you do.” - Nate Checketts Rhone Apparel   Dave Heath, founder of Bombas Socks, leveraged a brand to meet a humanitarian need. Designed for optimum comfort, Bombas implements a “buy one, give one” strategy, donating pair-for-pair to the homeless population. While Bombas gained notoriety on a season premiere of Shark Tank, Dave discusses the systems that were already in place that led to sustainable growth. Listen to this conversation to learn more about systems, and organic virility, or, the ability for your product to stand on its own.  Some Topics we talk about in this episode:    Introduction - 0:00 Nate Checkett’s Journey - 3:25   How to Do Ramp Up Post Million - 9:24 Dave Heath, Bombas Socks - 12:12 Strategies and Process Bombas Used to Get from $0-1M - 13:42 Systems to Prepare for an Influx - 17:27 Shifting Strategy to Account for the Growth - 19:52 Wrap-up and Takeaways - 23:57   How to get involved  Join the community of brand owners and industry influencers in the Facebook group The Commerce Lab or visit thecommercelab.com. Visit www.bluestout.com for more information    If you liked this episode, be sure to subscribe and leave a quick review on iTunes. It would mean the world to hear your feedback and we’d love for you to help us spread the word!

“Getting to that first million is pure hustle” - Allen Burt This week on The Commerce Lab, we’re talking about one of the most important milestones of every business, especially in the ecommerce industry. There are several reasons why it is significant to reach your first million in revenue. First of all, this will show your market fit at scale. It’s a revenue level that will allow you to pull profit and capital, and give you the momentum to push towards the next milestone of $5M, $10M, etc. Finally, reaching the milestone of your first million is an integral achievement in the eyes of investors. In this episode, you’ll hear from two leaders in the ecommerce industry who have made it to their first million and beyond. Learn the strategies that they utilized to build a firm business foundation, and how they used that momentum to continue building. “I like to believe I have a really good understanding of what makes the customer tick when buying a product.” - Dave Heath, Bombas Socks Nate Checketts is the founder of Rhone Apparel, a performance brand for the modern man. Nate discusses the importance of building relationships as you build your brand and the hustle of the first million. Learn the strategies that Nate and his team implemented in regards to building a team at the right time, and the necessity of becoming more comfortable with self-promotion. “In the early days, you want people that will work their tails off and feel as committed to the vision as you do.” - Nate Checketts Rhone Apparel Dave Heath, founder of Bombas Socks, leveraged a brand to meet a humanitarian need. Designed for optimum comfort, Bombas implements a “buy one, give one” strategy, donating pair-for-pair to the homeless population. While Bombas gained notoriety on a season premiere of Shark Tank, Dave discusses the systems that were already in place that led to sustainable growth. Listen to this conversation to learn more about systems, and organic virility, or, the ability for your product to stand on its own. Some Topics we talk about in this episode: <ul> <li>Introduction - 0:00</li> <li>Nate Checkett’s Journey - 3:25  </li> <li>How to Do Ramp Up Post Million - 9:24</li> <li>Dave Heath, Bombas Socks - 12:12</li> <li>Strategies and Process Bombas Used to Get from $0-1M - 13:42</li> <li>Systems to Prepare for an Influx - 17:27</li> <li>Shifting Strategy to Account for the Growth - 19:52</li> <li>Wrap-up and Takeaways - 23:57</li> </ul> How to get involved <ul> <li>Join the community of brand owners and industry influencers in the Facebook group <a href="https://www.facebook.com/CommerceLab/" rel="nofollow" target="_blank">The Commerce Lab</a> or visit <a href="http://thecommercelab.com" rel="nofollow" target="_blank">thecommercelab.com</a>.</li> <li>Visit <a href="http://www.bluestout.com" rel="nofollow" target="_blank">www.bluestout.com</a> for more information</li> </ul> If you liked this episode, be sure to subscribe and leave a quick review on iTunes. It would mean the world to hear your feedback and we’d love for you to help us spread the word!

EP2: Hitting Your First Million - Tactics from Bombas Socks & Rhone Apparel.

Summary: In this episode, Dave interviews David Heath, CEO and Founder of Bombas, a company that sells premium leisure athletic socks that do more than make your feet feel good—the make your feet have an impact. For every pair of socks sold, Bombas donates a pair to homeless shelters. Listen as David shares his thoughts on helping out the homeless, how Bombas actually got started, and why you should take little steps to make BIG leaps. Time Stamped Show Notes:  00:35 – Introducing David 02:01 – There are 22 employees in David’s company right now   02:20 – Hitting $12M revenue this 2016   03:05 – Bombas’ 3000 sq ft office is based in Manhattan   04:34 – Dave lives 3 blocks from his office 04:53 – They pay about $43/square foot in monthly rent   05:48 – Order fulfillment is done by a third party 07:00 – Dave’s expectations for the business   08:18 – When you’re in fast-growth mode, it’s hard to say where you’ll be in 12, 18 or 24 months   08:32 – Dave on Tech vs Textile companies 10:58 – How Dave started donating to homeless shelters   11:46 – Dave didn’t start Bombas to create wealth for himself 12:28 – Build a business to create impact   13:35 – The multiples in a textile business   15:10 – Gross margin at 60% 16:01 – Operating margin at 30%   16:35 – Dave and his partner, Randy’s exit strategy 19:08 – It’s not about the $ figure, it’s more about where the potential business can go 20:09 – 90% of people leave jobs not because of money 21:07 – Dave raised $140K at Indiegogo 3 years ago to start Bombas   22:17 – The product, story, and the brand just resonated   24:17 – How  Shark Tank found Dave   25:51 – Details on the Shark Tank feature 27:47 – “We had every intention of making a deal with any ‘shark’ we could” 28:14 – Damon from Shark Tank as an advisor to Bombas   30:08 – Dave, Randy, and Damon’s equity agreement 31:10 – Negotiating and the diligence process   32:18 – Starting the due diligence process 33:44 – Dave did product development for 2 years 34:35 – “It’s not easy but it’s not that difficult either”   36:09 – All great things are achieved through little steps 38:37 – Check out Dave’s website 38:47 – Use code: EOVL25 to get 25% OFF of any 4 pairs on your first order  3 Key Points:  Good business is about more than wealth accumulation–it’s about helping others. Exiting a business is all about deciding if you’re ready—it’s not a numbers thing. Little steps—across a long enough roads—will carry you a great distance.  Resources Mentioned:  Entrepreneur's Organization – The EO Network Bombas – Dave’s company Indiegogo – Where Dave started fundraising for Bombas  Shark Tank – A TV show where Bombas was featured  Credits: Show Notes provided by Mallard Creatives

Summary: In this episode, Dave interviews <a href="https://www.linkedin.com/in/davidtheath" rel="nofollow" target="_blank">David Heath</a>, CEO and Founder of <a href="https://bombas.com/" rel="nofollow" target="_blank">Bombas</a>, a company that sells premium leisure athletic socks that do more than make your feet feel good—the make your feet have an impact. For every pair of socks sold, Bombas donates a pair to homeless shelters. Listen as David shares his thoughts on helping out the homeless, how Bombas actually got started, and why you should take little steps to make BIG leaps. Time Stamped Show Notes: <ul> <li>00:35 – Introducing David</li> <li>02:01 – There are 22 employees in David’s company right now</li> <li> <ul> <li>02:20 – Hitting $12M revenue this 2016</li> </ul> </li> <li>03:05 – Bombas’ 3000 sq ft office is based in Manhattan</li> <li> <ul> <li>04:34 – Dave lives 3 blocks from his office</li> <li>04:53 – They pay about $43/square foot in monthly rent</li> </ul> </li> <li>05:48 – Order fulfillment is done by a third party</li> <li>07:00 – Dave’s expectations for the business</li> <li> <ul> <li>08:18 – When you’re in fast-growth mode, it’s hard to say where you’ll be in 12, 18 or 24 months</li> </ul> </li> <li>08:32 – Dave on Tech vs Textile companies</li> <li>10:58 – How Dave started donating to homeless shelters</li> <li> <ul> <li>11:46 – Dave didn’t start Bombas to create wealth for himself</li> <li>12:28 – Build a business to create impact</li> </ul> </li> <li>13:35 – The multiples in a textile business</li> <li> <ul> <li>15:10 – Gross margin at 60%</li> <li>16:01 – Operating margin at 30%</li> </ul> </li> <li>16:35 – Dave and his partner, Randy’s exit strategy</li> <li>19:08 – It’s not about the $ figure, it’s more about where the potential business can go</li> <li>20:09 – 90% of people leave jobs not because of money</li> <li>21:07 – Dave raised $140K at <a href="https://www.indiegogo.com" rel="nofollow" target="_blank">Indiegogo</a> 3 years ago to start Bombas</li> <li> <ul> <li>22:17 – The product, story, and the brand just resonated</li> </ul> </li> <li>24:17 – How <a href="http://www.abc.go.com/shows/shark-tank/about-the-show" rel="nofollow" target="_blank"> Shark Tank</a> found Dave</li> <li> <ul> <li>25:51 – Details on the Shark Tank feature</li> <li>27:47 – “We had every intention of making a deal with any ‘shark’ we could”</li> <li>28:14 – Damon from Shark Tank as an advisor to Bombas</li> </ul> </li> <li>30:08 – Dave, Randy, and Damon’s equity agreement</li> <li>31:10 – Negotiating and the diligence process</li> <li> <ul> <li>32:18 – Starting the due diligence process</li> <li>33:44 – Dave did product development for 2 years</li> <li>34:35 – “It’s not easy but it’s not that difficult either”</li> </ul> </li> <li>36:09 – All great things are achieved through little steps</li> <li>38:37 – Check out Dave’s <a href="https://bombas.com/" rel="nofollow" target="_blank">website</a></li> <li>38:47 – Use code: EOVL25 to get 25% OFF of any 4 pairs on your first order</li> </ul> 3 Key Points: <ol> <li>Good business is about more than wealth accumulation–it’s about helping others.</li> <li>Exiting a business is all about deciding if you’re ready—it’s not a numbers thing.</li> <li>Little steps—across a long enough roads—will carry you a great distance.</li> </ol> Resources Mentioned: <ul> <li><a href="https://www.eonetwork.org/" rel="nofollow" target="_blank">Entrepreneur's Organization</a> – The EO Network</li> <li><a href="https://bombas.com/" rel="nofollow" target="_blank">Bombas</a> – Dave’s company</li> <li><a href="https://www.indiegogo.com" rel="nofollow" target="_blank">Indiegogo</a> – Where Dave started fundraising for Bombas</li> <li><a href="http://www.abc.go.com/shows/shark-tank/about-the-show" rel="nofollow" target="_blank"> Shark Tank</a> – A TV show where Bombas was featured</li> </ul> Credits: Show Notes provided by <a href="http://www.mallardcreatives.com/testimonials" rel="nofollow" target="_blank">Mallard Creatives</a>

Dave Heath: Bombas Socks - a purpose driven startup success story