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. This idea of giving back goes much deeper than this, though. GearJunkie Copyright 2013 2023. . The Davis and Asialene Smith family will be moving to Brazil in July as the parents become leaders of the Brazil Recife North Mission. I grew up loving the outdoors but also had a deep passion and empathy for people, Smith said. Guaranteed for Good. Davis Smith Founder & CEO at Cotopaxi | B Corp Salt Lake City, Utah, United States 46K followers 500+ connections Join to follow Cotopaxi University of Pennsylvania - The Wharton School. We're a Benefit Corporation (B Corp), so we're building a brand that is much more than just a company dedicated to making money. I was drawn to the companys mission to alleviate poverty along with the gentle and warm way Davis listens to his employees, says Annie. Davis Smith said they are nervous about speaking the language. Thats something I hadnt really done with my first businesses, he says. The grants focus on health care, education and livelihood training in the poorest communities in the Americas, predominantly Latin America. Cotopaxi, an innovative outdoor gear business targeting millennials, focuses on profit and social impact. Its true that were in the same category, but the scale of our companies is so different, and so are our missions. Courtesy of Cotopaxi, Cotopaxis Nepal backpack. The money will be given directly as extra pay or be used to run an in-house nursery or to serve free lunch. 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.. Ive worked for a lot of companies with social contribution as their mission, but they were all superficial. Today for most businesses their largest market is Millennials who value experiences more than things. Regardless, he and his wife look forward to serving in a new capacity. When I reflect on how I found the gospel, I realize that my familys experiences informed two important pieces of my testimony. Some of my earliest memoriesare seeing children my age, 3 or 4 years old, that were completely naked on the sides of the street, and you cant have that experience as a child and not have it shape who you are.. Sign up to receive GearJunkie content direct to your inbox. Davis is a lover of cultures, languages and adventure. It was one of the first places where we started building our brand. 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. The Dominican Republic is one of the most poverty-stricken countries in Latin America. They are a certified B Corp touting sustainable supply chain management principles, climate neutral certified, and generously contribute revenues toward vetted grants targeting poverty to great impact. 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. Washington, D.C. 20006 DNVBs, as they often are referred to within investor circles, are the opposite of a traditional chain brick and mortar store. The Cotopaxi company stands by its slogan gear for good on a large scale, dedicating a percentage of its profits to communities experiencing poverty. 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. This registered benefit corporation was formed by Davis Smith who coalesced his experiences as a Wharton MBA student along with professional knowledge from an unpaid internship in Peru and his previous e-commerce startups in the U.S. and Brazil. Founder Davis Smith took to LinkedIn to break the news that Cotopaxi's Hayes Street store would close on Tuesday. 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.. Davis Smith is the founder and CEO of Cotopaxi, a Benefit Corporation and an outdoor gear company with a humanitarian mission at its core. Many traditional capital sources didnt think that a new digitally native brand could knock the outdoor industrys brick and mortar incumbents off their perch. After graduating from BrighamYoung University and Wharton, Smith made the decision to spend his life starting businesses that give back focusing particularly on issues related to children and poverty. It is the fulfillment of Smith's desire to help people, a desire that began when he was a little boy. They also work closely with The International Rescue Committee (IRC) to support refugees in Salt Lake City, Seattle and Denver. With its roots planted in Salt Lake City, Smith began once again to build Cotopaxi, his new business. Adam Ruggiero is the Editor in Chief of GearJunkie and host of the GearJunkie Podcast. Sometimes, you catch lightning in a bottle,and all the right pieces align to create something magic. Its not to sale them stuff. Dont look for something that just helps your business or potential customers, he says. But that mission and success didnt happen right away. There are now 215 Academy chapters worldwide. Copyright 2023 Deseret News Publishing Company. How great are their pictures? 1750 Pennsylvania Avenue NW, Suite 300 These people typically make $100 per year but Smith hopes to provide them with improved livelihood. 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.. Along with founder Stephen Regenold and Editorial Director Sean McCoy, Ruggiero graduated from the University of Minnesota School of Journalism. These categories were identified by Massachusetts Institute of TechnologysAbdul Latif Jameel Poverty Action Lab (J-Pal)as areas with the highest potential for addressing systemic need. Davis created Cotopaxi-a brand committed to making capitalism better-a decade ago. They care deeply about looking out for the vulnerable among us and in the responsibility that businesses have to their communities, Smith says. Davis Smith, co-founder and CEO of Cotopaxi, poses for a photo at Cotopaxis headquarters in Salt Lake City on March 14, 2018. Davis and Asialene Smith share why they are giving up their successful outdoor company to serve as mission leaders. With excitement and apprehension, Asialene Smith said the news was received relatively positively by the children. So, Ive always felt a deep sense of duty and responsibility to find a way to use my life to help others. Courtesy of Davis Smith, Cotopaxi CEO and co-founder Davis Smith current, Cotopaxis brand ambassadors travel the world to, spread the companys message of doing good while doing great things. Its a message hoping that people will embrace Cotopaxis credo from birth until death. Their shop sells outdoor gear with unique colorful designs. This was poverty at the most desperate level. If you dont have core values, your outcomes wont be what you want them to be.. Phone: 202.887.9040 The company did USD1 million in its first year and by 2008, USD7 million. 018: Make a Difference: Davis Smith. She recalled living abroad in Lima, Peru, when the couple was first married for her husbands internship. 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 would become Cotopaxi were sown. Davis holds an MBA from the Wharton School and an MA in International Studies from the University of Pennsylvania. 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. Smith found great success in Brazil. Davis Smith is the founder and CEO of Cotopaxi, an outdoor gear brand with a humanitarian mission. Millennials, CSR, And The Future Of Business. Its a commitment weve made as a brand doing good is intrinsic, inseparable, Jacob said. Apr 21, 2020 Podcast Alden Wicker: Trying to Do Right - Well Made E113 . The youngest has even begun learning Portuguese words. I'm Davis Smith, the founder, and CEO of Cotopaxi, an outdoor and adventure gear brand with a humanitarian mission at its core. Smith got a lot of nos when he initially went out for funding. Smiths dad was a Mormon missionary in Latin America after high school. Cotopaxi , an e-commerce startup that also emphasizes making the world a better place, has raised $6.5 million in Series A funding. Our bags are made in the Philippines in a factory in the same grounds as Patagonia, explains Chief Impact Officer (CIO) Annie Agle. 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. It is by appealing to this desire within people to be part of building something, especially something that is bigger than themselves, that Smith has been able to assemble a team that truly buys into the idea that they and their customers can do good, as the companys slogan 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. While working on a project in Brazil, he decided to bring his full focus on an effort to find the nexus. Core values shape and determine behaviors, behaviors shape and determine culture and culture determines your outcome. But still, he wont go for just the revenue. This new speaker series from Deseret Book will feature inspired and thoughtful discussion from trusted voices like Sheri Dew, Jenny Reeder, Patrick Mason, Reyna Aburto, Adam Miller, and Steve Young. For Cotopaxi, the factories arent just subcontractors. 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. 320 East 43rd Street, 3rd Floor 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. I believed that business could amplify my voice and message and believed I could get people to work alongside me to do good if I could build a brand that inspired people, Smith said. Cotopaxi brand ambassador Chris Brinlee Jr. 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. 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 outdoor industry was a natural fit and I felt like this was also an area where people would understand that mission. And I just made the decision that that was when I was going to leave, Smith said. Davis Smith, Cotopaxi CEO and founder, poses for a photo in Salt Lake City on Monday, Dec. 5, 2016. He and his wife narrowed possible headquarters for the business down to Seattle, San Francisco and Salt Lake City. And he convinced me to, in a way, follow the path he had taken and become an entrepreneur.. The round also included an investment from TOMS Social Entrepreneur Fund. There are many factories around the world, but after considering quality and transparency, this factory was their only option. Doing Capitalism Differently -- One Backpack I never really thought about what this all meant to building a business in the modern economy until I met Davis Smith, the 38-year old CEO and co-founder of outdoor apparel and equipment start-up Cotopaxi, which is fast encroaching on traditional outdoor legacy brands like L.L. Davis Smith, founder and CEO of Cotopaxi. You can listen to more Davis and his wife Asialene Smiths experiences on the All In podcast in the player below. I knew what we represented.. Davis was born in the United States but moved to the Dominican Republic at the age of four. Are they taking on challenges as they have fun? Cecilia Chao Board Member Sep 2021. Cotopaxi reports the entire executive leadership team, including Stephan Jacob, Cotpaxi co-founder and chief operating officer, will remain in place under Huangs leadership. Cotopaxi goes to great lengths to make sure the people who work with them work happily. Smith hopes Cotopaxis success serves as inspiration for other entrepreneurs. They tell a passionate virtual story online that brings consumers along for the ride. I knew I was not smarter or harder working or more ambitious than anyone around me. 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. Report incorrect company information. United Nations Foundation The Church News is an official publication of The Church of Jesus Christ of Latter-day Saints. 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. 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. Courtesy of Cotopaxi, Davis Smith on an early camping trip with his, family in Ecuador in the 1980s. And its absolutely true. The award focuses on YPO members making impact outside the organization that is both sustainable and scalable, affecting people, prosperity, peace or our planet. One such woman was a senior leader at Wal-Mart who joined Smiths company because she wanted to start a family. Courtesy of Cotopaxi, Cotopaxis backpacks each have the individual, imprint of the person who made it. Davis Smith is the founder and CEO of Cotopaxi, an innovative outdoor gear brand with the heart of a humanitarian. Built To Last. Smith cut the article out and put it in the front of his binder where he would see it many times throughout the day. Heightened inspiration means greater productivity. Cotopaxi actually started with festivals. 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). 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. Those classmates eventually founded American eyewear retail brand Warby Parker, a USD521 million business, so they knew what they were talking about. Church News podcast, episode 122: Cotopaxi founders Davis and Asialene Smith on stepping away from their company to serve as mission leaders in Brazil.