David Heath, co-founder of Bombas, breaks down the company's revenue distribution across product lines after expanding beyond socks.
Disclosure
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.”
Assertion Not publicly verifiable
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…”
Assertion Partly supported
Heath: Bombas raised $150,000 in initial 30-day Indiegogo crowdfunding campaign
“We launched this Indiegogo campaign. I think we had a goal of 15,000 dollars in 30 days, 30 days. We did over 20,000 dollars in our first day. A 150,000 dollars in our first 30 days.”
Assertion Not checkable as stated
Heath: Daymond John was Bombas' number one Shark Tank target
“We had a hierarchy of sharks that we thought were better fits for us than others. You know, ending up with Damon, you know, built a billion dollar apparel brand New York based obviously was our number one choice. It's who we ended up with. But we had a strateg…”
Assertion Supported
Heath: Shark Tank deals and filming do not guarantee an episode airs
“Just because you are here filming in front of the sharks and just because you get a deal does not necessarily mean that you are gonna air. So like you cannot bank At any moment, until they call you and say, two weeks out, your episode is gonna air, you have to…”
Assertion Not checkable as stated
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.”