How I Built This with Guy Raz HIBT Lab! Cotopaxi: Davis Smith
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May 18, 2023 Davis Smith, Founder and former CEO of Cotopaxi, shares his journey in building a socially responsible outdoor gear brand. He discusses the company's commitment to donate a portion of its revenue to fight poverty and the innovations that helped them thrive during COVID-19. Davis reflects on a transformative trip to Peru that inspired the brand's mission and announces his new role as a mission leader in Brazil. He emphasizes the importance of balancing business growth with sustainable practices and personal values.
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Cotopaxi's Pandemic Response
- Cotopaxi faced uncertainty during the pandemic's start, with travel bans affecting their main product.
- Despite challenges, they innovated, cut executive salaries, and avoided layoffs, ultimately giving back lost wages and issuing bonuses.
Unexpected Success with Masks
- Surprisingly, mask sales became a lifeline for Cotopaxi during the pandemic, boosting their revenue.
- Increased outdoor activity also helped, as people shifted from travel to hiking and other outdoor pursuits.
Strategic Focus in Crisis
- Focus on strategic responses rather than fear-based reactions during times of crisis.
- Encourage your entire team to adopt a strategic mindset, fostering collaboration and problem-solving.