Bombas Socks on the Shark Tank
Quality Athletic Socks - Episode 601 - 9/26/2014
The custom sock maker's Grace n Lace was a huge success on last seasons Shark Tank, but this season in episode 601 featuring the Bombas Socks, completely reinvented athletic socks as we know them today.
The entrepreneurs who have obviously spent a great deal of time redesigning athletic socks with improvements most have never thought about, and founders of the Bombas Athletic Socks, is David Heath and Randy Goldberg. They have a very interesting story how they got in the sock industry in the first place, which has now led to an appearance on the Shark Tank Show in season 6 premier opener.
The entire Bombas Sock Brand wasn't first conceived as a way to start a new business making money, but a way to help give away the most requested item at homeless shelters, socks. The seed (idea) that grew into the passion for completely redesigning athletic socks, came from a quote by Major George Hood, Chief Officer for the Salvation Army. His words that forever changed both Heath and Goldberg's lives, simply said "Through our work in those in need, we know that socks are oftentimes the most requested clothing item in homeless shelters".
If they could only design and manufacture a brand new sock with today's technologies featuring upgrades such as a Y stitched heel and a blister tab for added cushion, Bombas Socks could be sold at a premium, and enough profit to also donate a pair to Hannah Socks, a non-profit organization giving hundreds of thousands of free socks away to homeless shelters.
With this updated version of what could possibly be the most impressive update the socks have had in many generations, the Bambas team took the crowdfunding route to raise the much-needed capital required. The sock entrepreneurs chose Indiegogo as their preferred platform with a $15,000.000 goal. When the campaign ended almost exactly a year ago on September 6, 2013, Heath and Goldberg raised over $142,000.00 for these technical advanced athletic socks. The campaign also raised enough money to donate over 19,000 pairs of socks to the Hannah Socks Organization. Currently, the Bambas Socks organization is working within a WeWork co-working office space near Madison Square Park.
Bombas Socks before the Shark Tank UpdateIf there's one thing all the Sharks like to see, it's solid sales numbers for the potential of a new product. Considering Bombas raised almost 10 times's the stated goal from over 2700 backer's, it certainly looks like a great start for these completely re-designed athletic socks.
There's already dozens of Bombas sock designs for sale on the website, with prices ranging from $8 to $9 per pair. If you buy two or more pairs, they also include free shipping which is always nice. Also, for each pair of Bombas Sock sold, the company continues to donate another pair to a homeless shelter.
How many new design features can you come up with for the sock? I seriously doubt anyone has ever spent as much time thinking about redesigning socks as much as Bombas has.
Bombas Socks Website