One-for-one businesses help those in need - KMSP-TV

One-for-one businesses help those in need

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Socially minded entrepreneurs have recently started favoring the "one-for-one" business model, which means when a consumer buys a product the company donates an equivalent item to someone in need.

Blake Mycoskie, the founder of TOMS shoes, pioneered the concept back in 2006. The company gives away shoes in places like earthquake-ravaged Haiti and Peru. Blake says it was his way of giving back.

Now it looks like other companies are following suit. State bags will give a bag away to a child in need in the United States. Bob's by Skechers has the business model. And so does hip eyeglass company Warby Parker.

It seems like it's a win-win for both the consumer and the company.

Just two years ago, David Heath and Randy Goldberg read a quote that said that socks are the no. 1 item needed in homeless shelters. Without hesitation, they started the sock company Bombas with the one-for-one business model.

So what makes Bombas socks so special? Seven different components, including a performance foot bed, a honeycomb support system, and and stay-up technology. The thoughtful design can be felt in every step.

Both co-founders David and Ryan say they walk around with socks in their pocket all the time and both agree that there is no better feeling that giving away a pair to someone who really needs them.

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