So it is with Cotopaxi, the once scrappy (literally) outdoor gear brand that has won over adventurers young and old with its splashy, colorful designs, clever product innovations, and, well, llamas. This idea of giving back goes much deeper than this, though. Smith hopes Cotopaxis success serves as inspiration for other entrepreneurs. He parlayed social media strategy and a cross-country college campus tour of the U.S. with two full-grown llamas in tow to promote The Questival, a one-of-a-kind experience that introduced would-be customers to his new brand. Mormons believe that the Book of Mormon confirms information found in the Holy Bible. So, they had made their own homemade Cotopaxi gear, he remembers. Then, he crossed paths with Utah entrepreneurial legend, philanthropist and educator, Steve Gibson. Do they have good teamwork? , Im a big believer that business leaders have a responsibility to find a way to think differently about capitalism. In this interdisciplinary work, William L. Davis examines Joseph Smith's 1829 creation of the Book of Mormon, the foundational text of the Latter Day Saint movement. Like all great companies, Cotopaxi thrives not only because of a single visionary leader, but because that leader created and nurtured a culture and team that fuels the vision, Huang said in a press statement. About 3,000 people took part in our very first Questival. The biggest reason? I was just lucky to have been born into a situation that provided me with opportunities others didnt have. Smith rallied with a group of like-minded partners in a remote cabin and took the crucial first step in creating Cotopaxi. Smith cut the article out and put it in the front of his binder where he would see it many times throughout the day. The brand is now making tens of millions of dollars a year, and Davis hopes that the current pandemic will not slow its ambitions to grow and to give back generously. Employees work at Cotopaxi in Salt Lake City on Monday, Dec. 5, 2016. Cotopaxi has so far managed to nail that elusive Millennial retail balance between product quality, design innovation, profit, story telling, brand loyalty, and paying it forward. While working on a project in Brazil, he decided to bring his full focus on an effort to find the nexus. Davis Smith, founder of Cotopaxi, the outdoor gear company, is one of thoseits motto is "Gear for Good." Smith was our guest on Leadership Next this week, and he explains why he abandoned. Opinion: How does our current economy compare to previous recessions? Where comfort and health go hand in hand. All rights reserved. The Cotopaxi retail store in Downtown Salt Lake City is the first for the company and seeks to serve as a touch point for customers. Its a message hoping that people will embrace Cotopaxis credo from birth until death. As mentioned before, Cotopaxi does not just sell outdoor gear but also provides experiences for people to take an interest in nature and society. Back when Davis lived there, many children his age ran around naked.My family wasnt rich by any means, but I realized how blessed I was and just how many opportunities I had compared to those children who didnt have any clothes on their backs. Davis explains where Cotopaxi got its name and what went into selecting the llama as its mascot. I wanted to impress social contribution to the people who could relate with my vision through experience, instead of just by selling products. Smith built Cotopaxi putting people first every step of the way, starting with the supply chain. Founded in 2013 by Davis Smith. I cover luxury real estate, travel, hospitality, and entrepreneurs, Cotopaxi co-founders Stephan Jacob (left, Davis, Smith (center), and CJ Whittaker (right). Before Cotopaxi the Wharton business school grad started (and exited) two other businesses, one of which based in Brazil raised over $40 million in start-up venture capital in 2010 and had 400 employees at its peak when Smith got out. Smiths pitch on making gear for good while rewarding investors still elicits shock and bewilderment in some traditional venture capital circles. If you watch enough Shark Tank a few trends quickly emerge. He has also held positions at Patagonia as vice president of design and merchandising and at The North Face, where he spent a decade in a number of product roles. Many traditional capital sources didnt think that a new digitally native brand could knock the outdoor industrys brick and mortar incumbents off their perch. Cotopaxi's Founder & CEO is Davis Smith. The round also included an investment from TOMS Social Entrepreneur Fund. Doing Capitalism Differently -- One Backpack I certainly learned what we all know already, which is that there are great people all over the world, regardless of what faith they believe in or if they have a faith at all, Smith said. And as we continue to grow and scale, that impact will only grow.. The award focuses on YPO members making impact outside the organization that is both sustainable and scalable, affecting people, prosperity, peace or our planet. This past year, Davis entrusted an expanded leadership team with taking the Cotopaxi brand to its next level, and I am honored to take an elevated role as part of that team., Other new Cotopaxi executives recruited over the past year include Grace Zuncic, the former chief people officer of Chobani, and Brad Hiranaga, the former chief brand officer of General Mills, to drive continued growth and accelerate the companys poverty-fighting mission.. The Cotopaxi company stands by its slogan gear for good on a large scale, dedicating a percentage of its profits to communities experiencing poverty. Over the next 10 years, Smith did exactly that, launching a string of e-commerce companies. They also work closely with The International Rescue Committee (IRC) to support refugees in Salt Lake City, Seattle and Denver. Smith eventually walked away from the business to forge a new path. How can we do it better? I hope we can help each other along with other companies and organizations to influence society.This year, Cotopaxi began manufacturing their products at a fair trade certified factory. They launched their first apparel collection six months later. Smiths optimism and perspective is contagious, and he explains that his positive disposition is based on statistics, the kind of statistics you typically dont hear reported. If I could go and build a business, I believed that I could make a difference in the world, where I could use the profits from the business to sustainably give back, Smith said. Sometimes, you catch lightning in a bottle,and all the right pieces align to create something magic. The outdoor industry was a natural fit and I felt like this was also an area where people would understand that mission. Cotopaxi reports the entire executive leadership team, including Stephan Jacob, Cotpaxi co-founder and chief operating officer, will remain in place under Huangs leadership. This was poverty at the most desperate level. Theyve been successful if someone leaves the store inspired. You can listen to more Davis and his wife Asialene Smiths experiences on the All In podcast in the player below. Davis was named CEO of the Year 2016 by Silicon Valley Community Foundation and is a member of the United Nations Foundation's Global Entrepreneurs Council. It trended nationally on Twitter. It was realizing that weve built something making a difference in the world. Apr 21, 2020 Podcast Alden Wicker: Trying to Do Right - Well Made E113 . Courtesy of Cotopaxi. That Smith chose the outdoor gear and adventure apparel space to seed his pay-it-forward, Millennial-styled corporate philosophy makes perfect sense. They source their materials from remnants of other outdoor gear so less finds its way into landfills. Phone: 202.887.9040 Cotopaxi employs an open work space with no assigned seating at its headquarters because Smith likes to sit with his employees and have the opportunity to get to know a different person each day. Founder & CEO. He still vividly remembers local children his age standing naked on the side of the road malnourished, begging for food. Courtesy of Cotopaxi, Cotopaxis partners in the Philippines have the, freedom to stitch their own details into each backpack. But the company seeks to help people around the world, not just those in Utah. He is a Fellow of the Joseph H. Lauder Institute of Management and International Studies and an alumnus of the Spanish international program. Theyve sold their goods in Japan before through a wholesaler, so hopes are high for a shop opening in Japan someday. Last year, there were 38 Questivals. We try and think differently about how we make our products. Questival participants received a Cotopaxi backpack and earned prizes by tackling challenges that aligned with Cotopaxis ethos including outdoor adventures and community service projects. In meetings he would share his personal experiences, growing up among those in poverty, the people his company would now work to help. The award focuses on YPO members making impact outside the organization that is both sustainable and scalable, affecting people, prosperity, peace or our planet. The encounter helped illuminate Smiths path forward. At Cotopaxi, Huang's new position at the eight-year-old impact-driven lifestyle brand reports directly to the company's Founder/CEO, Davis Smith, and will help drive strategy, operations, and . How do we create a movement around business as a force for good where were using profits not to just enrich shareholders, but to focus on stakeholders stakeholders being everyone that lives on this planet?. Davis Smith is the Pacific U.S. regional honoree for the 2022 YPO Global Impact Award. The brand is committed to minimizing their impact on the planet, and maximizing the benefit for the people who live here. Smiths dad was a Mormon missionary in Latin America after high school. You can read Smiths entire statement on his LinkedIn here. He also holds a BA in International Studies from Brigham Young University. The company did USD1 million in its first year and by 2008, USD7 million. One board member got the chills, another became emotional, and an executive member said he wished he felt so deeply about something to leave so much behind. But still, he wont go for just the revenue. There are many factories around the world, but after considering quality and transparency, this factory was their only option. The original article COTOPAXI is a part of the WORK MILL with Forbes JAPAN Issue 4 -loved companyWORK MILL, published on April 11, 2019, Sorry, Im late. One hour after the scheduled time, Davis Smith, the CEO of Cotopaxi, quietly entered the room.We had heard that a member of his family passed away on the day of the interview. There are now 215 Academy chapters worldwide. It was confirmation to me that when you stand behind your values, and you choose whats right, there is oftentimes great benefit that comes from that.. And if you say the word retail store you might as well just pack up your display and go home. We stand behind our products, which is one of the reasons we've received more than 20,000+ 5-star reviews. A portion of their sales is given to alleviate poverty, and their activities are published yearly in their Impact Report. Trying to convince them to just go buy more stuff was not going to work. Cotopaxis current president, Damien Huang, will move into the CEO role. Davis Smith is the founder and CEO of Cotopaxi, a Benefit Corporation and an outdoor gear company with a humanitarian mission at its core. While he's quick to tell you it takes a village, founder and CEO Davis Smith is the man primarily behind the Cotopaxi phenomenon. The employees in the retail store are called brand guides as Smith says, Their job is to inspire people. He cut his teeth as a freelancer, then news reporter for the site in 2015. Now, the socially minded company is turning its attention toward COVID-19 relief. He still vividly remembers local children his age standing naked on the side of the road malnourished, begging for. Copyright 2023 Deseret News Publishing Company. In 2021, Smith told All In podcast host Morgan Jones, It was really an amazing experience because it gave me hope that God knew me, that He understood what my desires wereand while I was feeling discouraged, and I felt like Man, Ive spent 10 years building something thats just not helping me get where I want to go. I look back and I was recognizing that the Lord gave me these experiences that I needed to have to be able to go build Cotopaxi. Davis Smith is the founder and CEO of Cotopaxi, an innovative outdoor gear brand with the heart of a humanitarian. Davis Smith said they are nervous about speaking the language. PoolTables.com was one of the first digital-first brands to not only sell online, but also through their own independent retail stores. The history of the Mormons has shaped them into a people with a strong sense of unity and commonality. I am excited for this next phase in my career as the lifelong steward of Cotopaxis brand, purpose, and mission, while also creating the right conditions for me to pursue something of great importance in my personal life.. The products Cotopaxi sells have a warranty of 61 years. In addition to accurate and impartial news reporting, and compelling, original storytelling, his interests include camping in all climates and conditions, track cycling and bikepacking, all forms of fitness, the resplendent majesty of coffee, and sports of every kind. Cotopaxi's key executives include Davis Smith and 1 others. Named after the volcano near his childhood home in Quito, Ecuador, this new idea, Gear for Good, had Smith energized, inspired and mapping out every detail from the sustainable business model to the marketing-friendly llama mascot and eventual Questival events. The Church of Jesus Christ of Latter-day Saints, Excited about the new service that awaits them, Davis Smith also expressed remorse for leaving something he felt was his calling to build. The 1980s model of corporate social responsibility was to throw some money at something at the end of the year, Smith says. We all have what Mormons refer to as the light of Christ, so I think people naturally want to do good.. Davis Smith also recounted more recent influential experiences. Davis Smith. Annie joined Cotopaxi in the spring of 2018. To understand the whole story, we must go back to Daviss roots. , Abdul Latif Jameel Poverty Action Lab (J-Pal). Its been amazing, Smith said of his experience in Salt Lake City. Over 4000 students and other supporters, particularly Millennials, participated in Cotopaxis first Questivalevent in 2014. The company also hosts Questivals in the US so consumers can come and experience nature. In Brazil the workday is typically longer than the average workday in the United States, with many people working until 7 or 8 p.m. His family lived in Sao Paulo just 5 miles away from his office, but it wasnt safe enough to walk, and in rush hour his commute could take up to two hours. It was there that he learned not only how to run a business but also how to make difficult decisions regarding his work-life balance. Their shop sells outdoor gear with unique colorful designs. Traveling and spending time outdoors, I think, connects people with something thats bigger than themselves.. I'm Davis Smith, the founder, and CEO of Cotopaxi, an outdoor and adventure gear brand with a humanitarian mission at its core. He is a member of the UN's Global Leadership Council and one of President Bill Clinton's and George W. Bush's "Presidential Leadership Scholars." Davis was Silicon Valley Community Foundation's "CEO of the Year" and previously started Brazil's "Startup of the Year." To accomplish this, I needed to get my message across to as many people as I could.When asked how he did it, he smiled smugly and said,First, I bought two llamas on the internet., To get people to listen to his message, first, he had to gather attention. With its roots planted in Salt Lake City, Smith began once again to build Cotopaxi, his new business. The Dominican Republic is one of the most poverty-stricken countries in Latin America. Smith . Sign up to receive GearJunkie content direct to your inbox. Courtesy of Cotopaxi, Born to run. Davis Smith is the founder and CEO of Cotopaxi, an outdoor gear brand with a humanitarian mission.Davis has raised over $130 million in venture capital over his three start-ups and his current venture is backed by Bain Capital. After graduation, Smith moved with his wife and their two daughters to South America, a full-circle moment for him. He is the founder and CEO of Cotopaxi, a highly popular, carbon-neutral outdoor gear brand founded to. Davis Smith was 4 years old when his family first moved to the Caribbean. Wed only made five backpacks at the time. He attributes a great deal to his parents, saying they shaped his life. Sometimes we feel like the world is such a scary place and its just getting worse, and certainly there are things to be concerned about, but when we look at the world as a whole, the world is becoming much better, Smith said. The backpacks were an embodiment of the Cotopaxi creed. Where children still die because they dont have clean water.. While many startup founders want you to believe that they're . That was when I began feeling a strong sense of responsibility to make society better.Davis, who grew up in Latin America, went on to acquire an MBA at the Wharton School of the University of Pennsylvania. From the start, Mormons have tried to establish what they call "Zion", a utopian society of the righteous.Mormon history can be divided into three broad periods: (1) the early history during the lifetime of Joseph Smith, (2) a "pioneer era" under the leadership of Brigham Young and his . We have built our entire business, brand, and culture around serving others. Davis understands how difficult it is to have both business results and social contributions. Davis Smith studied at Brigham Young University (BYU), University of Pennsylvania, and Wharton . He is a member of the United Nations Foundation's Global Leadership Council . Legacy outdoor brands like Patagonia and L.L. The couples new calling does not only affect relationships at Cotopaxi. Courtesy of Cotopaxi, Cotopaxis backpacks each have the individual, imprint of the person who made it. You may also like: Gear for Good: How Cotopaxis founder got the idea for his one-of-a-kind business, While this move may not make sense financially or professionally, it is perfectly aligned with our familys values, Smith wrote. Report incorrect company information. They have played a meaningful role in my life the last 25 years, and I look forward to shaping the lives of these young missionaries and having them shape ours., I recognize that many of you are not religious or members of my faith. The New Age Of The Digitally Native Brand. Description: Davis and Asialene Smith, founders of the outdoor gear company Cotopaxi, were raised under very different circumstances, but their ties to parts of the world experiencing poverty are the same. Davis Smith is the CEO of Cotopaxi, an adventure brand with a humanitarian mission. Smith is the founder and former CEO of Cotopaxi, an international outdoor apparel company based in Utah. The brand creates innovative products and experiences that fund sustainable poverty alleviation. Its a commitment weve made as a brand doing good is intrinsic, inseparable, Jacob said. Prior to starting Cotopaxi, Davis was the Founder and Co-CEO of Baby.com.br and Dinda.com.br, Brazils Startup of the Year in 2012, which raised over $40M in venture capital. At front is Amy Eisenmenger, a software engineer. During his tenure as CEO, the company has grown to over 300 employees, has assisted an estimated 3.5 million individuals living in poverty through Cotopaxi's impact work, and as of 2022, reached a landmark milestone, doubling sales from 2021 and surpassing .