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Davis Smith is the Founder & Chief Executive Officer at Cotopaxi based in Salt Lake City, Utah. The notes are part of a program, funded by Cotopaxi products, that teaches refugee teenagers valuable skills like how to open a bank account to practice budgeting or how to create a resume. Smith grew up a natural entrepreneur. When you talk with Davis and see what Cotopaxi actually does, you can really tell that hes out to change the world. 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.. Jack Stauss, brand guide, moves donated books from a storage room at Cotopaxi in Salt Lake City on Monday, Dec. 5, 2016. In addition to a $3 million in initial seed capital, Cotopaxi has closed an additional $10.5 million including an investment from Campfire Capital, which is a new venture fund established by 35 current and former Lululemon executives, including the former CEO and CFO. You have to go deeper, and make a human connection thats meaningful.. When he was 4 years old, his fathers job as a contractor for the Church of Jesus Christ of Latter-day Saints brought their family from Salt Lake City, Utah, to locations throughout Latin America. Ethically Made. Its been amazing, Smith said of his experience in Salt Lake City. SALT LAKE CITY, Utah ( ABC4) Cotopaxi founder and CEO Davis Smith is stepping down as CEO and appointing former Eddie Bauer CEO Damien Huang in his place, according to a press release. Its not to sale them stuff. He has the strong spirit to keep on doing whats ethically right for the world. As mentioned above, many call Cotopaxi the next Patagonia. When asked if it could become competition, Annie answered, No. But last year, for the first time in the worlds history, less than 10 percent of the world lived in extreme poverty. But the irreverence and jubilee embodied by the brand its. We need the private sector to play their part. Founded in 2014 by Davis Smith, Cotopaxi is a sustainable outdoor gear company named after the Cotopaxi volcano in the Andre Mountains of Ecuador. The company only works with factories that provide fair wages and conditions. 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. It was during his youth that he began to realize he wanted to make a difference in the world and build a . It was one of the first places where we started building our brand. Davis Smith has made generosity and philanthropy the foundation of a thriving business. There are now 215 Academy chapters worldwide. We know theyre going to tell people about us and thats whats most important.. Davis Smith, CEO, Cotopaxi, speaks at the 2022 Concordia Annual Summit in New York in September. Posts Reels Tagged This is the average lifespan of someone living in a developing country. The first six months were difficult. GearJunkie Copyright 2013 2023. I wanted to impress social contribution to the people who could relate with my vision through experience, instead of just by selling products. He was raised the largest amount of capital ever raised from institutional investors by a benefit corporation, a corporation with a legal duty to fund a humanitarian mission from its profits. Today, Smith leads 200 employees, and hes proud of the community he and his team have built. Courtesy of Cotopaxi, Born to run. Cotopaxi's key executives include Davis Smith and 1 others. We want to be a company where everything we associate with as a company is morally correct, and to create a community that has the positive power to be humanely considerate, asserts Annie. 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. The backpacks were an embodiment of the Cotopaxi creed. Davis Smith is the Pacific U.S. regional honoree for the 2022 YPO Global Impact Award. Cecilia Chao Board Member Sep 2021. That's why he founded Cotopaxi in 2014. Founder & COO. Davis Smith, Cotopaxi CEO and founder, is interviewed in Salt Lake City on Monday, Dec. 5, 2016. Credit: Ravell Call, Deseret News The Church News podcast features Davis and Asialene Smith, founders of Cotopaxi outdoor gear company, talking about member missionary work. 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 . The countdown to April 2023 general conference has begun! The one thing I know, however, is that we all share a desire to make the world a better place. Cotopaxi has experienced remarkable growth over the last nine years and is proof that doing good and doing well are not mutually exclusive, Smith said in a press release. He eventually moved his family to Brazil where he started two businesses, Baby.com.br, which was named Brazils Startup of the Year in 2012, and Dinda.com. We have a team of leaders who believe deeply in our mission to do good in the world which gives me a lot of confidence in this transition. Courtesy of Cotopaxi, Cotopaxis super-insulating llama wool at its, source in Bolivia where the company is employing dozens of people in local communities. He attributes a great deal to his parents, saying they shaped his life. In a heartfelt post on LinkedIn, Smith shared the news along with his personal testimony of the life-changing impact of missionary work and photos of his own missionary service as a young man in Bolivia. The core of Cotopaxis mission is to sustainably fight poverty. Those classmates eventually founded American eyewear retail brand Warby Parker, a USD521 million business, so they knew what they were talking about. The company designs eye-catching high-performance apparel and outdoor products made especially for hiking, mountain climbing, backpacking, and traveling on the go. Courtesy of Cotopaxi, Cotopaxi builds brand loyalty by telling stories, through its globe-trotting brand ambassadors as well as through its own corporate giving back efforts. After graduation, Smith moved with his wife and their two daughters to South America, a full-circle moment for him. What state lawmakers are doing to address Utahs housing crisis, Department of Labor reports that child labor has increased by nearly 70% since 2018, Feds hardwire child care benefits to $39 billion in CHIPS Act funding. We stand behind our products, which is one of the reasons we've received more than 20,000+ 5-star reviews. Hes a passionate social entrepreneur and adventurer. Employees work at Cotopaxi in Salt Lake City on Monday, Dec. 5, 2016. I grew up loving the outdoors but also had a deep passion and empathy for people, Smith said. Mormons believe that the Book of Mormon confirms information found in the Holy Bible. One such woman was a senior leader at Wal-Mart who joined Smiths company because she wanted to start a family. In 2004, Davis founded, and later sold, PoolTables.com, Americas largest pool table retailer. We werent selling any merchandise yet, but the participants painted the Cotopaxi logo onto their own bags, hats, and clothing to make original Cotopaxi goods. John Lamparski, Stringer / Getty Images for Concordia Summit He went on to criticize San. Church News podcast, episode 122: Cotopaxi founders Davis and Asialene Smith on stepping away from their company to serve as mission leaders in Brazil. Courtesy of Cotopaxi, Davis Smith on an early camping trip with his, family in Ecuador in the 1980s. Trying to convince them to just go buy more stuff was not going to work. Smith is the founder and former CEO of Cotopaxi, an international outdoor apparel company based in Utah. Receive notifications of key executive changes. Dan Wenhold Board Member 2018. I knew I was not smarter or harder working or more ambitious than anyone around me. Cotopaxi, a certified B Corp, is an outdoor retailer that seeks to use its profits to "fund sustainable poverty alleviation, move people to do good and inspire adventure," according to its website. Davis is currently the founder and CEO of Cotopaxi, an outdoor gear and active lifestyle brand - with a social mission at its core. The day of our launch, we saw teams wearing Cotopaxi shirts and hats. The newlyweds came across an unpaid internship in Lima, Peru, accepting the positions without much hesitation. Davis is currently the founder and CEO of Cotopaxi, an outdoor gear and active lifestyle brand with a social mission at its core. But still, he wont go for just the revenue. I was always passionate about adventure and the outdoors, Smith says. Phone: 202.887.9040 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. I knew I was not smarter or harder working or more ambitious than anyone around me. Weve shown that you can build a sustainable, profitable, at-scale business that still does things the right way and you dont have to compromise., Copyright 2023 Deseret News Publishing Company. Cotopaxi goes to great lengths to make sure the people who work with them work happily. Courtesy of Cotopaxi, Cotopaxis llama insulated Kusa hooded jacket, climbing on location. The brand is now making tens of millions of dollars a. Davis Smith 2:23 Cotopaxi is a certified b-corp (aka benefit corporation . However, the Smiths now anticipate their new calling and journey ahead in hopes that they will be able to shape the lives of missionaries, as the missionaries shape the couples lives in return. Davis is the CEO of Cotopaxi, an outdoor gear brand with a social mission at its core. But then I realized then more than ever how strong Cotopaxis mission to fight poverty was. After the first Questival, the company began giving out backpacks to the participants, so they could experience the world of Cotopaxi even more. Brooke Harley Board Member Aug 2013. And we did get backing from exceptional investors.. On Friday, Smith announced he would transition from CEO to become Cotopaxis chairman of the board on July 1 in preparation for a three-year calling to serve as a mission president for The Church of Jesus Christ of Latter-day Saints in Recife, Brazil. Davis Smith is the founder and CEO of Cotopaxi, an outdoor gear brand with a humanitarian mission. Smith and his wife, Asialene, will be serving as mission president and companion in the Brazil Recife North mission. 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. Davis Smith received solid advice from some business school classmates during his days at Wharton: You only get one chance to launch. Now, the socially minded company is turning its attention toward COVID-19 relief. He is the founder and CEO of Cotopaxi, a highly popular, carbon-neutral outdoor gear brand founded to. So, Ive always felt a deep sense of duty and responsibility to find a way to use my life to help others. Davis Smith is the founder and CEO of Cotopaxi, an innovative outdoor gear brand with the heart of a humanitarian. Most people in America dont even know what this looks like. Founder & Chief Executive Officer at Cotopaxi . Davis Smith. The Davis and Asialene Smith family will be moving to Brazil in July as the parents become leaders of the Brazil Recife North Mission. New York, NY 10017 Llama fleece is hollow, making it lightweight, self-insulating and hypoallergenic. While many startup founders want you to believe that they're . This young generation shares a lot of our values. She earned her news-editorial journalism degree from the University of Illinois. 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. We have built our entire business, brand, and culture around serving others. But the company seeks to help people around the world, not just those in Utah. So, they had made their own homemade Cotopaxi gear, he remembers. Founder & CEO. 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. It was realizing that weve built something making a difference in the world. He initially considered starting a nonprofit but decided that the best way he could help was by building another business. But still he wants to do whats ethically right for the world. Stephan Jacob. Each enrolled in their dream business school, Smith at Wharton; Thomas at Harvard, and they sold pooltables.com to focus on their next big venture: baby.com.br, a baby product e-commerce platform that addressed the challenges of the supply chain in Brazil. Washington, D.C. 20006 Cotopaxis current president, Damien Huang, will move into the CEO role. Jointly published by the Deseret News and The Church of Jesus Christ of Latter-day Saints, its content supports the doctrines, principles and practices of the Church. He and his wife narrowed possible headquarters for the business down to Seattle, San Francisco and Salt Lake City. 1750 Pennsylvania Avenue NW, Suite 300 Along with his service as a young missionary in the late 90s, Smith also grew up in Brazil where he first the inequalities of poverty and opportunity and knew he wanted to do something to change that. Its true that were in the same category, but the scale of our companies is so different, and so are our missions. For Smith, this meant adventures with his dad like building their own raft and fishing for piranhas while floating down the Amazon River or camping on an uninhabited island, surviving off fish they had caught themselves with spears. Cotopaxi founder and CEO Davis Smith is stepping down as head of the Utah-based outdoor gear company to return to Brazil, the place where he grew up and where the first seeds of the idea that. 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. Millennials, CSR, And The Future Of Business. Davis Smith, Cotopaxi CEO and founder, poses for a photo in Salt Lake City on Monday, Dec. 5, 2016. I knew what we represented.. Your product has to tell a story that resonates . 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. 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. Davis Smith, founder and CEO of Cotopaxi. Adam Ruggiero is the Editor in Chief of GearJunkie and host of the GearJunkie Podcast. Its a message hoping that people will embrace Cotopaxis credo from birth until death. Courtesy of Cotopaxi, Cotopaxis backpacks each have the individual, imprint of the person who made it. The award focuses on YPO members making impact outside the organization that is both sustainable and scalable, affecting people, prosperity, peace or our planet. 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. His company Cotopaxi has certainly achieved that. He still vividly remembers local children his age standing naked on the side of the road malnourished, begging for food. While working on a project in Brazil, he decided to bring his full focus on an effort to find the nexus. Singletrack route from Gerichtsweg to Kerkeweg, Wirdum, Eemsdelta, Groningen "This route takes you through the fields. 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. 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? In addition to fair wages and hours, the people who sew together Cotopaxis expedition-level backpacks are given the opportunity to participate in design process instead of simply being told what to do. There are a lot of really beautiful, promising things about whats happening in the world right now, and we can be a part of that.. Theyve sold their goods in Japan before through a wholesaler, so hopes are high for a shop opening in Japan someday. Contact Information Website www.cotopaxi.com Ownership Status Privately Held (backing) Financing Status Venture Capital-Backed Primary Industry Clothing Other Industries Internet Retail Accessories Primary Office 74 South Main Street Salt Lake City, UT 84101 United States Cotopaxi Timeline 2020 2021 2022 2023 Cotopaxi says its good corporate citizenship has aided an estimated 3.5 million individuals who live in extreme poverty. Asialene Smith reflected on what has prepared her for this next adventure. Exterior of Cotopaxi, an outdoor clothing and equipment shop, at 549 Hayes Street in San Francisco, Calif. . How can we do it better? His wife ultimately chose Salt Lake City. Many traditional capital sources didnt think that a new digitally native brand could knock the outdoor industrys brick and mortar incumbents off their perch. He cut his teeth as a freelancer, then news reporter for the site in 2015. The company did USD1 million in its first year and by 2008, USD7 million. Davis Smith (@davismsmith) Instagram photos and videos davismsmith Follow 637 posts 4,514 followers 1,073 following Davis Smith CEO of Cotopaxi, UN Foundation Global Leadership Council, adventurer (70+ countries), humanitarian, and father. Cotopaxi , an e-commerce startup that also emphasizes making the world a better place, has raised $6.5 million in Series A funding. Davis Smith was 4 years old when his family first moved to the Caribbean. Get started. Except that Smith didnt share the traditional percentage of end-of-year profits approach to corporate charity. Smith rallied with a group of like-minded partners in a remote cabin and took the crucial first step in creating Cotopaxi. Today the company is a Certified B Corp, meaning it must achieve and maintain verified levels of employee benefits, charitable giving, equitable supply chain practices, and ethical resource uses. So our vision is that: to truly build a business that authentically does good. These people typically make $100 per year but Smith hopes to provide them with improved livelihood. I was drawn to the companys mission to alleviate poverty along with the gentle and warm way Davis listens to his employees, says Annie. This is my discussion with our community of changemakers here at grow ensemble from all sectors all over the world, go to grow ensemble.com backslash newsletter, to join into that discussion. The text gives an account of ancient prophets who lived in the Americas. In addition, Asialene Smith remembered living in Brazil for three years while starting Cotopaxi. SALT LAKE CITY, Jan. 6, 2023 /PRNewswire/ -- Certified B Corporation and impact-driven adventure brand, Cotopaxi, is announcing that their CEO & Founder, Davis Smith, will be transitioning. He is a Fellow of the Joseph H. Lauder Institute of Management and International Studies and an alumnus of the Spanish international program. 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. But perhaps the biggest way they have impact is through the Cotopaxi Foundation, the companys investment arm, where they distribute a minimum of 1% of their revenue through multi-year grants (during the last two years theyve given 2% and 3% of revenues, well above their committed 1%). Davis Smith, Cotopaxi CEO and founder, poses for a photo in Salt Lake City on Monday, Dec. 5, 2016. If I use the brand itself to inspire other people to do good.. Apr 21, 2020 Podcast Alden Wicker: Trying to Do Right - Well Made E113 . 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. The result was what Smith remembers as a really special culture. However, an unexpected byproduct was that because of its commitment to family, the company was able to attract a tremendous amount of senior talent, women who wanted to work for a company that cared about women," he says. 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. 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. Davis Smith is the founder and CEO of Cotopaxi, a Benefit Corporation and an outdoor gear company with a humanitarian mission at its core. They tell a passionate virtual story online that brings consumers along for the ride. Cotopaxi is the first company to incorporate from inception as a Benefit Corporation and raise venture capital. It wasnt an afterthought of, oh and by the way, we are also going to do good.. 018: Make a Difference: Davis Smith. Putting Cotopaxis Kusa llama insulated jacket to, the test rock climbing on location. 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. Go help those who will never become customers, those you can never benefit from.. Cotopaxi reports the entire executive leadership team, including Stephan Jacob, Cotpaxi co-founder and chief operating officer, will remain in place under Huangs leadership. The 1980s model of corporate social responsibility was to throw some money at something at the end of the year, Smith says. It was immediately following their wedding in 2001 when Davis Smith and his wife, Asialene decided they needed an adventure. Opinion: How does our current economy compare to previous recessions? So I started an event where people could experience nature, says Davis. The encounter helped illuminate Smiths path forward. 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. , Im a big believer that business leaders have a responsibility to find a way to think differently about capitalism. Having lived 15 of his 38 years in foreign countries, Smith is no stranger to different cultures or types of people, and he has chosen to create a company and a brand based on the belief that people are innately good. He is a member of the United Nations Foundation's Global Leadership Council and a Presidential Leadership Scholar. The businesss founders, Davis and Asialene Smith, have answered the call to be mission leaders for The Church of Jesus Christ of Latter-day Saints in the Brazil Recife North Mission for the next three years. Opinions expressed by Forbes Contributors are their own. Is soft power the key to U.S. global leadership? The article told of Gibsons success as an entrepreneur, but it also told of how Gibson and wife, Bette, founded the Academy, a school designed to help returned missionaries learn how to start and grow a business. They launched their first apparel collection six months later. Its less about Cotopaxi and more about proving this model works. All rights reserved. There is indeed a better way of doing business which is putting people and the planet first. The event was dubbed Questival, a portmanteau of quest and festival. A team of six people works together to discover the great outdoors. Eradicating poverty whether its in America or globally cant happen just through government and non profits, says Smith. Smith eventually walked away from the business to forge a new path. Founded in 2013 by Davis Smith. I dont think even I wouldve gone that far. Theyre also devoted to creating a fan community based on millennials. His time abroad instilled in Smith a desire to help people, and after returning from an LDS mission in Bolivia, Smith read an article about a man named Steve Gibson. Together with his team, Smith has built the Do Good mission into everything Cotopaxi does. 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.. I believe we can eradicate extreme poverty in our lifetimes but cant depend on the government alone to do that or nonprofits by themselves. Along with founder Stephen Regenold and Editorial Director Sean McCoy, Ruggiero graduated from the University of Minnesota School of Journalism. As mentioned before, Cotopaxi does not just sell outdoor gear but also provides experiences for people to take an interest in nature and society. Davis KALNINS of University of Groningen, Groningen (RUG) | Contact Davis KALNINS The Dominican Republic is one of the most poverty-stricken countries in Latin America. 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. The round also included an investment from TOMS Social Entrepreneur Fund. Davis received a BA degree from Wharton School and a BA from Brigham Young University. Smith said, It was a beautiful experience for me to be able to share and articulate why this was something I was willing to do and not just willing, but wanting, to do.. Adventure travel and the outdoors were genetic for me. Most of the early adopting participants remain loyal Cotopaxi evangelistsand continue to organize community events with Cotopaxis support every year including donating mosquito nets, working with food banks, and environmental preservation efforts. He is a serial eco. I was just lucky to have been born into a situation that provided me with opportunities that others didnt have. In the 1950s, 55 percent of the worlds population lived in extreme poverty. 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. We hadand havea lot of great supporters of our brand, people. However, we both want to make the world a better place. 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. The products Cotopaxi sells have a warranty of 61 years. All Rights Reserved, Cotopaxi founder/CEO Davis Smith stepping down to serve Brazil mission, Utahs Cotopaxi doing good business by doing good, Utahs Cotopaxi finding ways to survive, help its community thrive amid COVID-19, Utahs Gear for Good company Cotopaxi launches charitable foundation, Hold on to your brookies, Utahs new Trader Joes is now open. Phone: 212.697.3315, United Nations Foundation The books will be donated to low income families in Utah in collaboration with the Start Foundation. Heightened inspiration means greater productivity. Key Executive Tracking. DNVBs, as they often are referred to within investor circles, are the opposite of a traditional chain brick and mortar store. But the irreverence and jubilee embodied by the brand its Questival adventure scavenger hunts draw tens of thousands of loyal followers all across the country belie Smiths very serious adventure pursuits. When I reflect on how I found the gospel, I realize that my familys experiences informed two important pieces of my testimony. 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. This idea of giving back goes much deeper than this, though. 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. For example, when you order something on the Cotopaxi website you will receive a handwritten note written by a refugee teenager in Utah. But once I got settled in, I loved it, she said, explaining that it was wonderful.. Their job is to tell stories about the brand, about some of the work were doing to make the world a better place and if people leave feeling that then we know theyll be back. I think humans, by nature, are good.
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