Some background: TOMS, short for “better tomorrows”, was started by Blake Mycoskie, where a pair of shoes is donated for every pair you buy. This 1-for-1 concept has since been extended to eyewear (pair of sunglasses = sight for someone in need) and other apparel. But Blake has recently announced his grands plans to launch into the coffee business, where every cup of coffee you buy will translate into a day’s worth of water to someone in need. What’s more, he plans to launch one new TOMS initiative every year. He figures that with so many new products, some are bound to fail but if you push one out each year, people are not going to notice the failures as much with so many new products.
I love this guy, he’s such an inspiration, such great foresight too! He had so skillfully combine philanthropy and business to build this hugely successful business model.
I was reminded of my client who was also providing free cataract surgery to the needy in Cambodia. What my client did, was really to try and help as many people with as low a cost as possible. Anyone who came up needing a cataract op will be attended to; there was no screening of wealth level to cut admin costs, he hired doctors through connections to lower their charges, even buying sunglasses in bulk at rates fiercely negotiated down for patients after ops. He received an award of appreciation from the government of Cambodia for the work he has done. In comparison, TOMS 1-for-1 model must require a fair bit of auditing and coordination with the third party handling the donation.
I guess what I’m trying to say is that TOMS has great intentions which translated into awesome marketing which definitely allowed Blake to help more people that he could have without the business. But let’s continue to be creative about how we do charity because there’s so many ways we can be more efficient and effective and have fun along the way!
http://features.blogs.fortune.cnn.com/2014/03/11/blake-mycoskie-toms-coffee-roasting-co/
http://money.cnn.com/video/magazines/fortune/2014/03/11/ftomscoffee.fortune
A Smile A Day 