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Masters of Scale

Bombas: From Shark Tank to over a BILLION in sales (with founders David Heath & Randy Goldberg)

David Heath and Randy Goldberg, co-founders of Bombas, join host Jeff Berman to reveal how they scaled their mission-driven apparel company.

David Heathguest

Oct 10, 202432mWatch on YouTube

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CHAPTERS

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Chapter summaries

Shark Tank Watch Party and the Site Crash
David Heath recounts the uncertainty of getting on Shark Tank and the moment the Bombas website went down during the episode. The host introduces the show and the Bombas co-founders, noting the company's donation model.
- •Shark Tank gives no guarantees that you will film or air
- •The founders held a watch party with friends, family and team
- •Calls came in during the episode saying the site was down
- •Bombas donates a pair of socks for every pair sold
- •More than 140 million items donated so far
Why Socks: The Spark Behind Bombas
David explains that a Facebook post from the Salvation Army about socks being the most requested clothing item at homeless shelters inspired the company. He and Randy drew on the buy-one-give-one model and talked about how cheap e-commerce marketing was at the time.
- •Socks are the most requested clothing item at homeless shelters
- •Shelters generally don't accept used socks or underwear for hygiene reasons
- •The buy-one-give-one model was inspired by Tom's Shoes
- •Early e-commerce marketing was nearly free because social platforms hadn't started charging
Finding White Space in the Sock Market
The founders looked at a market split between cheap commodity socks and niche athletic socks, and saw an opportunity to bring performance comfort to everyday wearers. David's father connected them with his godfather, a sock industry veteran.
- •85% of sock sales were low-cost commodity brands
- •The other 15% were niche athletic performance brands
- •The idea was to give everyday people the comfort athletes get
- •The godfather, former head of Gold Toe, offered to connect them to factories
Pushing Past Skeptics and Perfecting the Product
The godfather told them nobody wants good socks, and he was the first of many to say don't do it. The founders kept going because of the mission and low stakes, and spent two years obsessing over details like 137 tension levels on a calf sock.
- •Industry veterans said people want cheap socks sold by the dozen
- •The mission and having little to lose kept them going
- •They approached it at a snail's pace as a side project
- •Product development took two years
- •They tested 137 tension levels on a calf sock
Validating Demand with Indiegogo and Gym Testing
The founders wanted capital-efficient validation and chose crowdfunding, producing a $4,000 video. They raised over $20,000 on day one and $150,000 in 30 days against a $15,000 goal, and gave socks to strangers at the gym to confirm the product.
- •They wanted to be a digital brand and validate in a capital-efficient way
- •A $4,000 video made by NYU film students launched the campaign
- •Goal was $15,000 in 30 days; they hit over $20,000 on day one
- •Reached $150,000 in the first 30 days
- •Gym strangers came back asking for more pairs
Getting Picked and Preparing for Shark Tank
A producer emailed the founders after seeing their Indiegogo campaign, and they first thought it was a prank. They treated preparation like a full-time job, researching every episode and compiling questions, while operating the business as if the show might never air.
- •A producer found them through Indiegogo and emailed from a personal Gmail
- •They studied every episode and prepared answers to likely questions
- •They ranked Sharks by fit and had a strategy for each, with Daymond as top choice
- •Filming or getting a deal does not guarantee airing, so they kept business as usual
Post-Show Surge and Inventory Challenges
The episode brought roughly $300,000 in sales its first weekend, compared to about $900,000 in the prior 13 months. Selling out of inventory before Christmas pushed them to improve planning, helped by funding and a core, non-seasonal product line.
- •First weekend sales were about $300,000
- •About $2 million in sales within two months
- •The episode re-aired on Black Friday and the site crashed again
- •They sold out of all inventory two weeks before Christmas
- •Raising money and a core product strategy helped solve inventory
Building a Giving Network Across All 50 States
The founders had to figure out donation distribution as well as customer distribution. They started by Googling and found Hannah Socks as their first giving partner, then adapted products for people facing homelessness and grew to about 4,000 partners.
- •Initial goal was to donate a million pairs in 10 years; they're over 140 million items
- •Hannah Socks was the first giving partner
- •Donated socks have antimicrobial treatment, darker colors and reinforced seams
- •Network grew to 4,000 partners in all 50 states
- •The same fulfillment partner ships to customers and giving partners
Keeping Core Values Front and Center as You Scale
The host asks how Bombas has kept its culture consistent through the gravel road phase of growth. The founders describe annual company surveys, executive discussions of values, and using core values as a large part of the hiring process.
- •They survey the company yearly on how they are doing on values
- •Values have to adapt as the company grows beyond 15 people at one table
- •Core values are 75% of the interview process
- •Employees volunteer monthly and see how their work helps people
Expanding Beyond Socks: Lessons from a Misstep
The founders describe mentors advising them to stay focused on one product, advice they ignored in year five by rushing into sweatpants, sweatshirts and underwear. They pulled the apparel after one season, waited until year eight for underwear, and now grow new categories slowly, with socks still about 80% of the business.
- •Mentors cited Nike, Under Armour and Lulu as brands that stayed focused before expanding
- •The rushed launch lacked a donation story and added warehouse complexity
- •Sweatpants and sweatshirts were sold for one season and then pulled
- •Underwear launched in year eight, when socks were $275 million
- •Socks are about 80% of the business and footwear is about 15%
Understanding Homelessness and the Power of Small Gestures
The host asks what the founders have learned about homelessness and where more can be done. David stresses compassion, understanding the many issues behind homelessness, and the value of human connection, including how giving socks opens trust.
- •About 90% of homelessness is transitional, according to David
- •Homelessness reflects issues like mental health, healthcare, wages and housing
- •Human connection and extra care matter most
- •Giving socks free of charge opens a chance to build trust
- •The company doesn't claim to be a political organization or have all the answers
Closing Reflections on Doing Good and Doing Well
The host wraps up by noting Bombas has scaled both its business and its impact. He argues that the founders' commitment to their social mission helped accelerate growth rather than slow it.
- •More than 140 million socks, underwear and shirts donated
- •Some leaders are tempted to cut corners on values to scale quickly
- •For Bombas, the social mission helped accelerate growth
- •A strong foundation lets you do good and do well at scale

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