The Foundr Podcast with Nathan Chan 267: How TOMS Founder Blake Mycoskie Blazed a Trail for Social Entrepreneurs
Blake Mycoskie had a number of hits and misses as a young entrepreneur, but it was a trip to Argentina that inspired the idea that would become his mission—and end up having a huge impact on the business world.
Mycoskie wanted to find a way to help the children he encountered who didn’t have proper footwear, but he wanted to do it in a for-profit, self-sustaining way. That’s how TOMS came to life.
From there, Mycoskie blazed a trail in the way companies think about social good, by popularizing the one-for-one giving model and building the beloved brand that still exists today. TOMS generates hundreds of millions in sales and still stays true to its mission of giving back to communities around the world.
Check out this episode to learn more about Mycoskie’s advice for those who want to pursue social entrepreneurship, the business model that led to his success, and the expansion of TOMS into other types of products.
Key Takeaways
- Why the idea of a “job” was foreign to Mycoskie growing up
- How Mycoskie’s entrepreneurial spirit led to him founding everything from a laundry service to a reality cable television channel
- The trip to Latin America that inspired the idea for TOMS Shoes
- How Mycoskie changed the social entrepreneurship game with his one-for-one model
- Why social good isn’t necessarily the right path for every business
- Mycoskie’s personal reasons for selling half of TOMS to Bain Capital
- How TOMS was able to grow completely organically through social media when it launched in 2006
- The journey to achieving millions in revenue and donations
- The reasons behind TOMS’ expansion into eyewear, coffee shops, and more
- How Mycoskie continues to innovate despite a lack of background in apparel design
- Mycoskie’s best advice on choosing the right partners and building a sustainable business