Heath: Early Sock Market Was 85% Commodity and 15% Performance
“When we looked at the marketplace, we realized very quickly, 85% of all sock sales were dominated by the low cost, low quality commodity type brands. Think of 12 pairs of white socks in a plastic bag. You're going to get a Costco, Target, Walmart, TJ Maxx, wha…”
Heath: Founders Validated Prototypes by Handing Them Out at Gyms
“Randy and I, we would, like, go to our local gym, and, you know, we'd be that weird, like, sock guy at the gym. Interrupt people's workouts. It'd be like, hey, take your headphones out. I saw you wearing these Nike socks. Can I give you a pair of these? Tell m…”
Heath: Shark Tank drove $2M in Bombas sales within two months
“We've done about 900,000 in sales. All organically bootstrapped, you know, some press here and there. And then night of, weekend of, 300,000 in sales. Two months after, collectively two million in sales.”
Heath: Core values account for 75% of Bombas's hiring interview process
“From day one, Our core values have been a large, it's 75% of our interview process. Every person who's interviewed is given a core value to test the person against, and so it becomes this filter of people.”
Heath: Bombas hit $275M in sock sales before launching underwear
“By that point we were two hundred and seventy five million of top line in socks and we were like, okay, we now feel comfortable to start planting the seeds and intentionally keeping those businesses small to begin with and not trying to make them 20% of the bu…”
Heath: Socks make up 80% and footwear 15% of Bombas revenue
“Today Sox is still like 80% of the business Funny enough, our footwear business is our second largest category, despite launching a little bit after our underwear. It's like 15% of the business”
Heath: Sold $400k of Cutco knives over four college summers
“Over the course of the next four summers, I became one of the top sales reps in the Northeast. I'd sold like 400,000 dollars worth of Cutco knives over four summers.”
David Heath invested $50,000 of personal savings into early startup BuildingNeighbors
“And I worked on that for a year and put about 50,000 dollars of my savings into that.”
Heath: Urban Daddy had a toxic culture built on distrust
“What was a 50%, like, amazing office environment with super talented, you know, people that were doing great work with a 50%, like, pretty toxic culture that was built on a lack of transparency and a lack of trust, and I think our bond was further forged by th…”
Bombas early factory partner produced socks for Nike, Saucony, and Smartwool
“I mean, this is a factory that produces for Nike and, you know, Saucony and Smartwool and some of the biggest sock brands in the world.”
David Heath had $18,000 in credit card debt at Bombas's launch
“I think by the time we launched on Indiegogo, I had about, I don't know, 12 to 18,000 dollars of credit card debt.”
Heath: Bombas equity split was determined by capital and career risk
“I had kind of put most of the capital up front in terms of, you know, paying for the legal incorporation and some of these other things. I think the rest of it was kind of determined by, you know, who could take the risk to, you know, jump first.”
Heath: Bombas emailed 12,000 scraped Gmail contacts to launch crowdfunding campaign
“I found a way to download my entire Gmail contact database. And I don't mean like just the people that are like in my contacts. I mean, every single person that I'd ever emailed with ever in my Gmail, you can like find a way to do this in Gmail. And I remember…”
Top VCs including First Round and General Catalyst rejected Bombas
“I met with first round capital, general catalyst, Maveron, you know, all the names that we know today of backing up some of the biggest and best brands and companies. And Despite having connections or relationships with people, when I showed up with a deck tal…”
Bombas never raised additional primary venture capital after early rounds
“We brought in a private equity partner, but we never raised any more primary capital.”