Today’s corporate leaders realize that purpose is essential to starting and growing a business. That said, purpose alone won’t make your business successful. It is the integration of impact, quality products, customer service and meaningful storytelling that allows brands to gain a competitive advantage.
A company doing exemplary work marrying purpose and product is Bombas. The direct to consumer apparel brand donates a pair of socks for every pair they sell.
“Socks are the number one most requested clothing item at homeless shelters,” David Heath, co-founder and CEO of Bombas, tells We First. “It’s a luxury item for over 640,000 people who experience homelessness in the U.S. annually.”
In the past year, Bombas donated more than 40 million pairs of socks and shows no sign of slowing down. How do they do it? How did they turn an idea into a multimillion dollar social enterprise?
Heath learned about how important socks were to homeless people in 2011. “I started giving out socks to homeless people on my way to and from work in New York City,” Heath says. “I saw one guy take his shoes off and on one foot he had wrapped a bandana around his foot and on the other, he’d literally wrapped his foot into a plastic bag to stop the boot from rubbing against it.”
People living on the street often keep their shoes on at night for fear that they might be stolen. Not having access to socks presents health risks for homeless people. Since socks are a wear-through item, there’s a lack of them at donation centers. “How can I solve this problem at scale?” Heath wondered.
The young founder graduated from Babson College’s business school
Ford has slashed the price of its upcoming all-electric Mustang Mach-E crossover by as much as $3,000 as the automaker seeks to stay competitive in an increasingly crowded and unsettled sector of the automotive market.
The price reductions, which were shared with dealerships and then posted Tuesday on the Mach-E Club owners’ forum, will be provided to everyone, including customers who already reserved a vehicle. TechCrunch confirmed the document with Ford.
Customers with existing reservations have until mid-October to make changes to their orders in light of the price change. The first Mustang Mach-E vehicles are expected to be delivered by the end of the year.
“Exceptional value has always been a hallmark of the Mustang brand. In addition to its great all-electric driving range and performance, we’re adjusting Mustang Mach-E pricing to remain fully competitive in a segment that is seeing dynamic price changes,” Ford said on the pricing sheet, the same language sent to TechCrunch by a spokesperson.
Automakers tweaking prices on vehicles is commonplace. But in the wild and wooly world of EVs, a marketplace that Tesla has long dominated, pricing can fluctuate often and quickly. Price changes are straightforward for EV companies like Tesla that use a direct sales model. It’s more complicated for legacy automakers such as Ford or GM that use the dealership model.
Ford cut prices on the base models of all Mach-E vehicles — effective Tuesday — except for the GT. The cost of Ford’s Mach-E premium models were reduced by $3,000. Ford cut the price of the CA Route 1 models by $2,000 and the “select” and “first” edition models by $1,000.
Ford unveiled the electric crossover last November. The vehicle marks a series of firsts for Ford and the Mustang badge. It’s the first vehicle to come out of Team