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Published Jul 21, 2020

380: Blake Mycoskie | Made for Entrepreneurship

Blake Mycoskie, founder of TOMS Shoes, delves into his journey of tackling entrepreneurial challenges, pioneering the One for One business model's impact on social entrepreneurship, and discovering personal growth through resilience, mental health awareness, and the creation of Madefor.
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  • One for One

    Blake Mycoskie's TOMS Shoes revolutionized social entrepreneurship with its One for One model, where each purchase leads to a donation. Initially, this approach was met with skepticism, but it proved to be a successful business strategy. Blake shares a memorable encounter with a woman in an airport who recounted his life story, illustrating the impact of TOMS' narrative on customers 1. He emphasizes the importance of focusing on giving and helping people, which was radical in 2007 but is now a common business practice 2.

    I started four companies before TOMS, and TOMS is like the one business that I was not really interested or thought possible that could make money.

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    This model not only became profitable but also inspired a new wave of businesses to integrate social good into their core operations.

       

    Philanthropy

    Blake Mycoskie's philanthropic efforts extend beyond TOMS Shoes, notably through his stance against gun violence. He made a historic $5 million donation to support background checks, marking the largest corporate donation in U.S. history 3. Despite not being politically inclined, Blake felt compelled to act, leveraging his humanitarian reputation to address gun violence as a human issue rather than a political one 4.

    I realized the enormity of history at that moment. It was the largest donation in the history of the United States by a company.

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    His actions demonstrate a commitment to using business as a platform for social change, influencing both policy and public perception.

       

    Market Impact

    The impact of TOMS Shoes' charitable contributions on local economies has been a topic of debate. Critics argue that the One for One model disrupts local markets, creating dependency on aid. Blake Mycoskie acknowledges this criticism and has adapted the business model to mitigate these effects by hiring local workers and producing goods within the countries they serve 2.

    I think that criticism is largely true. And they actually went about changing the business and the giveaway model in order to help repair that.

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    This approach not only addresses economic concerns but also enhances the sustainability of TOMS' philanthropic efforts.

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