Ten years after their appearance on Shark Tank, Bombas has surpassed $1 billion in lifetime sales. Founders Randy Goldberg and David Heath reflect on their journey, which began with a pitch for a high-performance sock that aimed to donate a pair to someone in need for every pair sold. Despite skepticism from Shark Tank investor Mr. Wonderful, the duo secured a deal with Daymond John, who renegotiated the terms post-filming. The episode aired in 2014, crashing the company’s website within 30 seconds and propelling Bombas to become the show’s top-selling product.
The success of Bombas is not just measured in sales revenue but also in their significant impact on those in need. With over 100 million essential apparel items donated, including socks, underwear, and t-shirts, Bombas has made a meaningful difference in the lives of individuals experiencing homelessness and hardship. The journey to disrupting the basics industry was filled with unlikely sales jobs, patient factories, and a good deal of luck. The founders share their entrepreneurial insights and the importance of knowing when to say no and focus on a core product to build a successful brand.
Bombas’ innovative approach to sock performance involved meticulous attention to detail, with the founders going through over 137 iterations of their first pair. Despite lacking experience in manufacturing, apparel, and retail, their dedication to quality and performance paid off. Luck also played a role in their success, with connections to David’s godfather in the industry providing access to overseas factories. Building strong relationships with vendor partners was crucial, as they navigated the challenge of convincing manufacturers to take on innovative, low-volume production.
Both founders, coming from entrepreneurial backgrounds, learned valuable lessons from their early experiences in unconventional sales jobs as teenagers. Selling knives door-to-door and working various odd jobs instilled important skills in sales, value creation, and persistence that proved valuable in their entrepreneurial journey. The focus on storytelling and authenticity has been central to Bombas’ brand success, with a commitment to transparency in their charitable giving model. Building a network of over 3,500 shelters and organizations to distribute donated products ensures that every purchase makes a real impact in communities across the country.
The Shark Tank experience marked a turning point for Bombas, propelling them to unprecedented success as the top company in the show’s history. Despite initial uncertainty about the segment airing, the overwhelming response led to rapid growth and challenges in managing demand. The founders discuss their thoughts on going public and the importance of creating a positive work environment for their employees. With a focus on equity and employee satisfaction, Bombas aims to continue their mission of giving back and making a difference in the world. As they reflect on their journey, the founders acknowledge the role of luck, timing, and perseverance in their success.
