Realizing that a not-for-profit organization would be heavily dependent upon sponsors and constant fundraising, Mycoskie chose to create an innovative for-profit business model to achieve a charitable purpose. For every pair of shoes that the company sold, it would donate one pair to a child in need. Mycoskie felt that this•model would be more economically sustainable than a charity because sales would be used to achieve the company's mission. He saw this to be a form of social entrepreneurship in which a new business venhl.re acted to im prove society through product donations at the same time it lived off society through its sales.
Mycoskie believed that the firm's One-for-One model would be self-sustaining because the company could make and•sell shoes at a price similar to other shoe companies, but with lower costs. "Selling online (www.toms.com) has allowed ns to grow pretty rapidly, but we're not going to make as much as another shoe company, and the margins are definitely lower," he admits. "But what we do helps us to get publicity. Lots of companies give a percentage of their revenue to charity, but we can't fmd anyone who matches :me for one."
Realizing that a not-for-profit organization would be heavily dependent upon sponsors and constant fundraising, Mycoskie chose to create an innovative for-profit business model to achieve a charitable purpose. For every pair of shoes that the company sold, it would donate one pair to a child in need. Mycoskie felt that this•model would be more economically sustainable than a charity because sales would be used to achieve the company's mission. He saw this to be a form of social entrepreneurship in which a new business venhl.re acted to im prove society through product donations at the same time it lived off society through its sales.
Mycoskie believed that the firm's One-for-One model would be self-sustaining because the company could make and•sell shoes at a price similar to other shoe companies, but with lower costs. "Selling online (www.toms.com) has allowed ns to grow pretty rapidly, but we're not going to make as much as another shoe company, and the margins are definitely lower," he admits. "But what we do helps us to get publicity. Lots of companies give a percentage of their revenue to charity, but we can't fmd anyone who matches :me for one."
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