By 2025, all their products will be made using repurposed, recycled and responsible materials. Davis Smith, Cotopaxi CEO and founder, poses for a photo in Salt Lake City on Monday, Dec. 5, 2016. He initially considered starting a nonprofit but decided that the best way he could help was by building another business. Cotopaxi is a D2C company that handles all sorts of outdoor gear such as clothing, bags, and tumblers. Founded in 2014, Cotopaxi has followed through on its Gear for Good motto, doing business as a Certified B Corp while growing to some 300 employees and surpassing $100 million in revenues in 2022, doubling its 2021 sales volumes. Often when hes traveling and donning Cotopaxi gear, fellow members of the Cotopaxi club come up to him and mention how much they appreciate the brand and its mission, not knowing that hes the man behind the llama. After sleepless nights wrestling with how he could best create a career helping others, the idea for Cotopaxi coalesced. When you talk with Davis and see what Cotopaxi actually does, you can really tell that hes out to change the world. Cotopaxi partners closely with local communities to preserve the tradition of llama farming and create pathways to market for rural smallholder farmers who would otherwise make less than$100 a year (yes thats a year). Together with his team, Smith has built the Do Good mission into everything Cotopaxi does. Built To Last. If you watch enough Shark Tank a few trends quickly emerge. Where comfort and health go hand in hand. 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. Smith describes his familys time in Brazil as a lot of fun but he also knew that he had a mission to fulfill: He had to find a way to help people. Heres what they have planned, Why the Christian flag can fly on this government flagpole, Breaking the fast: Eid ul-Fitr is an occasion of peace, The unique stories and struggles of Latino Muslims, The Black church, religious freedom and gay rights. 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. Davis was previously the founder and Co-CEO of Baby.com.br and Dinda.com.br, Brazil's leading e-commerce retailer in the baby space and "Startup of the Year 2012."In 2004, he co-founded PoolTables.com, America's largest pool table retailer, which he later sold. We were asking them to believe in what we believed in, which was that doing good and doing well are not mutually exclusive, he says. Davis's approval rate is in the Top 5% of all CEOs of similar-sized companies on Comparably, and in the Top 5% compared to the CEOs of all other companies in Salt Lake City. And Smith followed that adage, choosing to organize Cotopaxi as a benefit corporation which includes legal obligations to accountability, transparency and purpose. While attending Brigham Young University, Smith had a chance meeting with Steve Gibson, a successful entrepreneur whose philanthropic work had inspired him for years, and it nudged him onto his own entrepreneurial path. Davis Smith is the founder and CEO of Cotopaxi, a Benefit Corporation and an outdoor gear company with a humanitarian mission at its core. I didnt really know what the emotion was at the time but I guess in retrospect I now know that it was empathy. Im a steward of this business that is meant to lift people out of poverty and made to make a difference in peoples lives.. Theyve sold their goods in Japan before through a wholesaler, so hopes are high for a shop opening in Japan someday. To do this, he looked for something in his roots from Latin America and chose two llamas that are native to the area, to take on his tour around universities in Utah, where he talked to the students about his vision. The company designs eye-catching high-performance apparel and outdoor products made especially for hiking, mountain climbing, backpacking, and traveling on the go. His company Cotopaxi has certainly achieved that. From that time, I knew I wanted to play a role in changing things for the better.. Smith grew up a natural entrepreneur. In addition, Asialene Smith remembered living in Brazil for three years while starting Cotopaxi. Unlike the clear blue sky over the majestic mountains of Salt Lake City, Utah, where the Winter Olympic Games were once held, Daviss face was clouded over. In a 2018 Deseret News profile, Smith talked about drawing inspiration from his upbringing in Latin America before he started down the path that would eventually lead to Cotopaxi. The way they do business simply costs a little more. The teams score each other on such categories, and the team with the highest points wins. If we wanted them to care about our brand, we needed to create an experience that allowed them to go live these values that we mutually cared about., Their customers got it. We stand behind our products, which is one of the reasons we've received more than 20,000+ 5-star reviews. The participation fee is just 40 dollars. PoolTables.com was one of the first digital-first brands to not only sell online, but also through their own independent retail stores. When Smith pitched himself as a great addition to Gibsons nonprofit staff, Gibson had different advice for him: Become an entrepreneur and create his own impact. Cecilia Chao Board Member Sep 2021. But that mission and success didnt happen right away. He still vividly remembers local children his age standing naked on the side of the road malnourished, begging for. Cotopaxi's CEO Davis Smith started in this role in 2014. Despite not wanting to go initially, she remembers it as one of their best experiences to date. Sign up to receive GearJunkie content direct to your inbox. Though Davis had spent much of his childhood in Latin America, he says, "Edgar really shaped how I saw the world." Davis had Edgar top of mind when, thirteen years later, he founded Cotopaxi with its give-back framework dedicated to fighting global poverty. Founder & COO. Legacy outdoor brands like Patagonia and L.L. Annie joined Cotopaxi in the spring of 2018. Achieving and maintaining B Corp certification requires verified performance and accountability on factors from employee benefits and charitable giving to supply chain practices and input materials. Thats where Cotopaxis roots are.But spending a lot of time in the wilderness also meant he Witnessed pollution destroying nature and people living in impoverished conditions.I realized, my duty must be to make consumers choose better products so society as a whole can head for a better future. Adam Ruggiero is the Editor in Chief of GearJunkie and host of the GearJunkie Podcast. On this week's episode of Fortune's Leadership Next podcast, co-hosts Alan Murray and Ellen McGirt welcome Davis Smith, founder and CEO of Cotopaxi, and Cecilia Chao, managing director of. You can do both; find ways to touch people and pay people fairly while you create great returns for your investors., His advice to fellow business leaders: weave impact into everything you do. Most people in America dont even know what this looks like. According to a study conducted in 2002, in the year 1820, 84 percent of the worlds population lived in extreme poverty. My co-founders and I ultimately realized (three years ago) that there was a need for a digitally native brand in the outdoor space that told a story, could connect with what Millennials wanted, and make technologically advanced gear and apparel that made a difference.. So our vision is that: to truly build a business that authentically does good. Davis Smith is the CEO of Cotopaxi, an adventure brand with a humanitarian mission. Davis and Asialene Smith share why they are giving up their successful outdoor company to serve as mission leaders. Andrus is an investor in Rags, a onesie maker started by Rachel Nilsson, a Mormon former stay-at-home mom; Owlet, a "smart sock" baby monitor company that has raised more than $57 million and was founded by five BYU grads who are now dads; and Cotopaxi, a Salt Lake City-based outdoor brand founded in 2014 by Davis Smith, who grew up in . David Asael Smith (May 24, 1879 - April 6, 1952) was a member of the presiding bishopric of the Church of Jesus Christ of Latter-day Saints (LDS Church) between 1907 and 1938 and was the first president of the Mormon Tabernacle Choir.. Smith was born in Salt Lake City, Utah Territory, the son of LDS apostle Joseph F. Smith and Julina Lambson.He was baptized on his eighth birthday. You can listen to more Davis and his wife Asialene Smiths experiences on the All In podcast in the player below. It hasnt always been easy, there were times when Smith was unsure if he would be able to make payroll, but its all in service to a bigger mission: doing capitalism differently. Courtesy of Cotopaxi, Cotopaxis super-insulating llama wool at its, source in Bolivia where the company is employing dozens of people in local communities. They tell a passionate virtual story online that brings consumers along for the ride. It trended nationally on Twitter. Cotopaxi became known throughout Utah in no time, saysDavis.According to my own personal research, theres a trend among the young people of today to choose brands that do good for the environment and society through their philosophy and business processes. The backpacks were an embodiment of the Cotopaxi creed. They care deeply about looking out for the vulnerable among us and in the responsibility that businesses have to their communities, Smith says. Hes a passionate social entrepreneur and adventurer. Broadly speaking, consumers who buy outdoor gear and apparel are also well traveled, understand the impact (good and bad) of their purchasing decisions, and love a good story. 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. Smith also grew up learning early on that the world can be cruel. One of its best-selling products is a jacket that is insulated with llama wool sourced from people in Bolivia, where Smith served his mission. However, we both want to make the world a better place. He is the founder and CEO of Cotopaxi, a highly popular, carbon-neutral outdoor gear brand founded to. Cotopaxi is a certified b-corp (aka benefit corporation . Working only with fair trade factories is more expensive, and in addition to that higher cost, Cotopaxi adds allotments for the workers to use toward something they need, from community gardens to computers and computer classes for them and their families. Apr 21, 2020 Podcast Andy Fallshaw, Bellroy: Designing for longevity - Well Made E133 . Thats when I realized there was something special about this brand we had created.. He started small, partnering with his cousin Kimball Thomas to launch pooltables.com, a direct-to-consumer company made possible by small loans from family and friends, including their grandmother. Yet, he was able to force a smile now and then as he softly began to tell us about his brand. 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. , Abdul Latif Jameel Poverty Action Lab (J-Pal). That was a massive and emotional milestone, Smith says. I just loved the great outdoors. But when Smith read my recent article about. Smiths vision attracted investors predominantly female investors hes quick to point out but despite the capital raised, growth didnt happen as quickly as he would have liked. While Smith had hoped of someday working for Gibson, he says Gibson encouraged him to become an entrepreneur himself and find his own way to make an impact in the world. Smith said part of the coming months will be preparing to leave. Our brand cant do it alone, but if we can get other leaders around the world looking for ways they can make a difference, well change the world., Mary Mack is a writer and digital content strategist. Heightened inspiration means greater productivity. I was going to leave by 6 p.m. And I remember one of our investors kind of challenging us and saying, Why are you leaving? The products Cotopaxi sells have a warranty of 61 years. One such woman was a senior leader at Wal-Mart who joined Smiths company because she wanted to start a family. Cotopaxi goes to great lengths to make sure the people who work with them work happily. But still, he wont go for just the revenue. Church News podcast, episode 122: Cotopaxi founders Davis and Asialene Smith on stepping away from their company to serve as mission leaders in Brazil. I knew I was not smarter or harder working or more ambitious than anyone around me. Ive worked for a lot of companies with social contribution as their mission, but they were all superficial. 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. Sustainably Sourced. Executives of similar companies. Regardless, he and his wife look forward to serving in a new capacity. Enter your email to receive updates on our LDS Living content, 2022 LDS Living A Division of Deseret Book Company, New leaders for 129 missions have been announcedfind out who and where theyre serving, Gear for Good: How Cotopaxis founder got the idea for his one-of-a-kind business, Countdown to Conference: Daily quotes from last conference to prepare you for April 2023, There is room for my brown paper-doll family: 2 gospel truths I learned as a young girl that carry my faith, Questions Worth Exploring: A new speaker series from Deseret Book. As mentioned before, Cotopaxi does not just sell outdoor gear but also provides experiences for people to take an interest in nature and society.