This week, after successfully raising $140,000 on the crowdfunding site Indiegogo, Bombas Socks shipped the first of their product to customers. Bombas, the Warby Parker or TOMS Shoes of socks, is based on a simple idea: one pair purchased equals one pair donated. In this case, Bombas donates to homeless shelters that are in massive need of socks.
We caught up with Randy Goldberg over email who, along with David Heath, founded Bombas Socks. We asked him about running a successful crowdfunding campaign, bringing a product to market and conscious consumerism.
First off, tell us about how the Bombas idea – one pair purchased for one pair donated – came about? It seems so straightforward, I’m a little shocked no one else had tried it.
The idea for the company came from a quote we saw in 2010. The Salvation Army was doing a massive sock drive on Facebook with Hanes, and they were quoted saying “socks are oftentimes the most requested clothing item at homeless shelters.” That stuck with us. Socks went from an afterthought to something we thought about all the time. We had never thought about the fact that no one donates socks–they just wear through them and throw them out. It’s also rare that someone in need has a chance to change their socks. So we quickly realized the one-for-one model popularized by Tom’s Shoes really made sense for socks.
Do you have any tips or lessons you learned about running a crowdfunding campaign? Especially with Indiegogo? Did your plan (incentives, etc.) going into it change over time as donations came in?