NextBillion - An Initiative of the William Davidson Institute at the University of Michigan

Friday, November 13, 2015

In 2006, Blake Mycoskie was traveling in Argentina when he came up with the idea for TOMS, his one-for-one shoe business. Nearly 10 years later, he’s given away almost 50 million shoes around the world.

But ultimately, as he told an audience at the Fast Company Innovation Festival in New York today, he doesn’t see selling products as the most important part of what he’s doing. It’s ultimately about inspiring other companies to bring purpose into their business models.

Speaking to an audience at the NYU’s Skirball Center, he announced a new fund—theTOMS Social Entrepreneurship Fund—to help early-stage social startups get off the ground.