TOMS could mean "Trade Order Management System", since this shoe company gives one pair of shoes to needy children for each pair bought, in a one-on-one scale.
History of TOMS shoes Inventor
TOMS founder, owner and chief shoe-giver Blake Mycoskie is making a lofty promise to both customers and critics: By the end of 2015, TOMS will produce one-third of all the shoes it donates in the countries that are the the focus of its giveaway programs. Blake Mycoskie stumbled on a goldmine when he came up with a business model industry experts have dubbed as philanthropic capitalism. Unlike most non-profit charities, TOMS shoes is a highly monetary-driven business charging anywhere from $44-$98 per shoe. The design of the shoe was conceived when Mycoskie traveled to Argentina where he learned to play polo. On these polo farms, he witnessed poverty-stricken children- some barefoot, and farmers wearing comfortable farming shoes. Thats when his idea came to life. Take this comfortable farming shoe, redesign it so that it caters to the U.S. consumer, and for every pair sold, one pair will be given to a child in need. It seems like a simple business model, tit for tat, one for one but the mechanics behind it is so very sustainable. Think about it, making loads of money to give it away. It is self-generating and it works, unlike non-profits that depend on donations and pledges. Since 2006, TOMS, has donated more than 150,000 pairs of shoes to children in Argentina, South Africa, Ethiopia and Haiti, and to young hurricane victims in the United States. If you do the math, at about $60 per shoe, TOMS has generated over $9,000,000 in capital. In 2009, its goal is to give away 300,000 pairs of shoes, which is double its revenue from the past 2 years.
History of TOMS Shoes Company
TOMS Roasting Company was founded with the mission to provide clean water to developing communities with the purchase of premium coffee. TOMS humble beginnings happened unintentionally. While traveling in Argentina in 2006, Blake witnessed the hardships faced by children growing up without shoes. His solution to the problem was simple, yet revolutionary: to create a for-profit business that was sustainable and not reliant on donations. Blake’s vision soon turned into the simple business idea that provided the powerful foundation for TOMS. Over the course of its first five years, TOMS was successful enough in providing shoes for children in need. But Blake, having recognized other vital needs during his travels around the world, realized that One for One could be applied to more than shoes. He developed the idea for TOMS Eyewear in which for every pair of eyewear purchased, TOMS would help give sight to a person in need. One for One. From shoes to eyewear and now a book, Blake’s unique approach to business has awarded him with numerous accolades. In 2009, Blake and TOMS received the Secretary of State’s 2009 Award of Corporate Excellence (ACE). At the Clinton Global Initiative University plenary session, former President Clinton introduced Blake to the audience as “one of the most interesting entrepreneurs (I’ve) ever met.” People Magazine featured Blake in its “Heroes Among Us” section, and TOMS Shoes was featured in the Bill Gates Time Magazine article “How to Fix Capitalism.” In 2011, Blake was named on Fortune Magazine’s “40 Under 40” list, recognizing him as one of the top young businessmen in the world. Before TOMS, Blake, a native of Texas who always had an entrepreneurial spirit, started five businesses. His first was a successful campus laundry service, which he later sold. Between business ventures, Blake competed in the CBS primetime series, The Amazing Race. With his sister, Paige, Blake traveled the world and came within minutes of winning the $1 million dollar grand prize. Blake is an avid reader and traveler. He is passionate about inspiring young people to help make tomorrow better, encouraging them to include...
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