![]() Bombas had been in operation for nine months and generated $450,000 in sales. After performing their research and due diligence, streamlining production costs to be able to charge just $9 for their product, which still included the pair of donated socks for every pair sold.Īll sales had been retail so far with not wholesale contracts in the works. David said they had looked extensively at the other top-selling athletic socks, from specialty running socks that retailed for over $20 to cheap, mass-market packs of that sold for a fraction of that. Robert, an experienced runner, wanted to know what made Bombas different from the large numbers of competitors on the market today. The panel was impressed with both the effort put into developing a premium quality product, as well as the charity aspect to the company. As sample socks were passed out to the Sharks, they shared the alterations they had made along the way, including using Peruvian Pima cotton, improved stitching, removing toe seams, and adding proprietary arch stitching. Randy told the panel about the two years spent in comprehensive research and design, with seven substantial improvements that resulted in “the most comfortable pair of socks you’ll ever wear.”ĭavid outlined the charitable aspect of their business, explaining that for every pair of socks they sell, they donate a pair to those in need. The pair of entrepreneurs, asking for $200,000 in exchange for a just 5% equity in Bombas, explained to the Sharks that the business of selling athletic sock had been approached in the same way for many years. Randy and David looked to dive into the Shark Tank to see if they could take Bombas to the next level. Their business vision, including the charitable aspect and their dedication to extraordinary customer service, appealed to a diverse range of wealthy investors with the same philanthropic vision. “Bombas” is Latin for bumblebee, and Randy and David hoped that their sock business would be a hive where they could give back to the community and improve the lives of those who found themselves in less fortunate circumstances.Ī month-long Indiegogo campaign designed to raise $15,000 for development yielded more than $140,000. After an extensive period of trial and error, they came up with a design featuring unique characteristics based on long-held, proven traditions in the sock making industry. The former President of Gold Toe Socks, Steve Lowenthal, helped Randy and David during a two-year process of developing and testing their product. ![]() Using Tom’s Shoes’ charitable model that donated a pair of shoes to charity for every purchased pair, they decided to do the same with socks. ![]() Inspired by this Salvation Army quote, entrepreneurs Randy Goldberg and David Heath created a sock business. “Socks are often the most requested clothing item at homeless shelters.”
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