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(Mycoskie is still heavily involved in marketing and product development.) Instead of launching new one-for-one businesses, Toms is now beefing up its core product by expanding its range of shoe styles, and advertising to buttress its already strong word of mouth.The injection of funds has also prompted Mycoskie to reconsider his company’s mission.
It worked so well during paternity leave that, now that I’m back at work, I’ve learned to take simple pauses during the day to count my blessings; it’s a great guard against the chronic stress executives, and all workers, experience.His decision: use 0 million of that money to launch an investment fund that will back, well, companies that want to be like Toms.Encouraging clones isn’t high on the list of strategies recommended by the world’s finest business minds, especially when, as with Toms, dozens of companies have already mimicked the pioneering idea that once distinguished your brand.(Mycoskie points out that Toms doesn’t just give away shoes; it funds sight-saving surgeries, helps ensure safe drinking water, and creates jobs in communities including Port-au-Prince, Haiti, home to one of its shoe factories.) And even if Toms did help, critics wondered if the company’s revenue doldrums were a sign of the limits of Mycoskie’s model, or of his ability.
At a time when Toms was having more troubles than ever, Mycoskie blithely declared that the company would open a new “one-for-one” business every year.“I made a lot of the mistakes founders typically make,” he says.To many, Bain seemed like a strange partner; after all, it was once headed by Mitt Romney, who was caricatured in the 2012 presidential campaign as the embodiment of corporate greed.