Bombas Makes Socks That Feel Good and Do Good for the Homeless
*By Samantha Errico*
When Bombas co-founder Randy Goldberg learned that socks were the most-requested item in homeless shelters, he became "obsessed" ー and turned his fixation into a company so he could solve the shortage.
Goldberg told Cheddar Thursday that most homeless shelters ー for reasons of hygiene ー don't accept donated socks. Eventually, he launched Bombas to manufacture a durable, yet comfortable sock that shelters could use.
"For us, we saw a problem that we wanted to help solve," he said.
According to Goldberg, the problem may have been simple, but the solution was anything but. In fact, he said the socks ー designed with high-quality fibers and honeycomb structure to stay up on wearers' heels ー took almost two years to develop.
"There is nothing simple about the sock," Goldberg said.
His design team built two versions: one for regular customers, another for the homeless population. For every pair purchased, his company donates one pair to a shelter. To date, the company has donated over 12 million pairs of socks.
"It's part of our DNA," Goldberg said of this business model.
In order to be more transparent with customers, the e-commerce company has launched "The Bombas Directory," an interactive platform that connects customers to over 1,700 of Bombas' giving partners.
The socks, at $12 a pair, aren't cheap ー but Goldberg set the price to offset both the cost of design and the advanced technology involved in the construction.
What about that pesky laundry room problem? Bombas has a solution for that too: the company just launched a "Laundry Back Guarantee" feature that replaces socks its customers lost to laundry machines and cavernous dryers.
For full interview [click here](https://cheddar.com/videos/bombas-is-on-a-mission-to-bee-better-by-giving-back-socks).
After the 2021 boom, IPO activity slowed down significantly, in part due to monetary policy – but things are getting moving again with tech-friendly companies like Iboutta and Rubrik making a public debut.
With an increasing demand for mental health services, one person wanted to change the therapy game. In 2017, CEO Alex Katz founded Two Chairs, a company that uses technology to match patients with the right therapist.
Not only is April Financial Literacy Month, it’s also the kickoff of the spring homebuying season. So now is the time to make sure you have a financial plan in place – and why it might not be wise for that to include buying your first home.
While the U.S. may slowly be on the path to lowering inflation (and therefore interest rates), Europe has thoroughly trounced America, putting it on the path to lower rates by this summer.
April's release of the monthly Housing Starts and Building Permits reports by the Census Bureau provides crucial insights into the construction activity in the housing market. These reports are an economic indicator, shedding light on the current state of the housing market and its broader economic impact.
Caitlin Clark is heading to the Indiana Fever, the number one draft pick and the highest-scoring college basketball player of all time. And while she may not be getting millions from the WNBA, there's a few ways she'll net compensation for her generational talents.
Author of 'Clean Meat,' Paul Shapiro joins Cheddar to discuss how the cellular agricultural revolution helps lower rates of foodborne illness and greatly improves environmental sustainability. Plus, how his company The Better Meat Co. is bringing healthier food options to the table.
Recent headlines might make it sound like World War III is imminent, but when it comes to your finances, it's not the time to panic. The market is coming off its longest winning streak since 2011.
You may have noticed fewer new venture capital-backed startups (like Airbnb or Uber) lately. The market slowed to a crawl after 2021, but things are expected to take off again in 2025.