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Giving Compass' Take:
•Toms' charitable model is an example of how entrepreneurship and social good can successfully intersect to create meaningful change.
• How are social entrepreneurs influencing philanthropy? What else will change as more entrepreneurs enter the sector?
• Here are a few other sneaker social enterprise brands impacting the world.
If you are considering adding charitable value to your business, the one-for-one business model can help you embrace the rise of social entrepreneurship and benefit your business.
Popularized by Santa Monica based shoe retailer Toms, whose generous business model rewards consumers by instantly adding altruistic significance to their own purchases. Toms originally made a promise to deliver a pair of free shoes to a child in need for every sale. Though Toms has since expanded its charitable offerings, consumers have been quick to buy into the feel good factor that buying one and donating one achieves.
Toms may have set the wheels in motion, but the business model has been replicated by numerous companies since. The generous consumer benefits have received plenty of praise, but also some criticism for how effective is has proven to be in delivering a positive social impact.
Read the full article about the Toms charitable model by Amar Hussain at Entrepreneur.