TOMS shoes is starting yet another endeavor to make social business models the fact of the future. In addition to giving children in developing countries about 50 million pairs of shoes as well as improving eyesight, TOMS is now launching its Social Entrepreneurship Fund, providing financial support for socially responsible start-ups.
While founder Blake Mycoskie did want to provide struggling children with footwear, he wanted the TOMS legacy to actually be inspiring social business models as its greatest impact. Therefore, this fund is inspiring businesses like Artlifting, Cotopaxi and Change.org as they all fall under the category of purpose-driven companies.
The fund will hopefully inspire more businesses to build themselves around similar one-for-one models so that successful businesses can also mean successful development and quality of life for others.