Courtesy of Cotopaxi. At just 4 years old, his family moved to Latin America. He said upon deciding to leave the company behind, he called the 15 individuals on his board and executive team to tell them. 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. While working on a project in Brazil, he decided to bring his full focus on an effort to find the nexus. I cover luxury real estate, travel, hospitality, and entrepreneurs, Cotopaxi co-founders Stephan Jacob (left, Davis, Smith (center), and CJ Whittaker (right). Core values shape and determine behaviors, behaviors shape and determine culture and culture determines your outcome. Enjoy every natural adventure from rock climbing to garbage picking. How can we do it better? Davis Smith, Cotopaxi CEO and founder, poses for a photo in Salt Lake City on Monday, Dec. 5, 2016. While the companies were successful, he still had not zeroed in on that elusive combination of business and altruism. Over the next 10 years, Smith did exactly that, launching a string of e-commerce companies. It wasnt just about saving, he said. Davis Smith is the Pacific U.S. regional honoree for the 2022 YPO Global Impact Award. This is the average lifespan of someone living in a developing country. 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. So I started an event where people could experience nature, says Davis. The countdown to April 2023 general conference has begun! Adventure travel and the outdoors were genetic for me. Smith said he expects Cotopaxi to grow from 180 employees at the end of 2021 to 300 by the end of 2022, and potentially to well over 1,000 "in the next handful of years." In 2004, Davis founded, and later sold, PoolTables.com, Americas largest pool table retailer. They want to support companies that have ethics they can relate to., The next Patagonia started from a festival. Its hard not to feel renewed faith in humanity after talking to Davis Smith, founder and CEO of Cotopaxi, for 10 minutes. 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.. They launched their first apparel collection six months later. Among the newly called mission presidents for 2023 is President Davis M. Smith and his wife Asialene, who have been called to preside over the Brazil Recife North Mission. I hope that they wherever they are when they start their missions, that they know it doesnt matter where they are, they can learn more, and they can grow., Subscribe for free and get daily or weekly updates straight to your inbox, The three things you need to know everyday, Highlights from the last week to keep you informed. And it was just an amazing place to work. 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). He has camped in the Sahara, floated down the Amazon, explored North Korea, backpacked through South America, and most recently co-led the first successful crossing from Cuba to Florida via kayak. SAN FRANCISCO, Calif., - Cotopaxi, a popular active wear brand is shutting down its only San Francisco store because of repeated break-ins. I knew I was not smarter or harder working or more ambitious than anyone around me. Davis Smith, founder and CEO of Cotopaxi. This idea of giving back goes much deeper than this, though. The company designs eye-catching high-performance apparel and outdoor products made especially for hiking, mountain climbing, backpacking, and traveling on the go. Executives of similar companies. Courtesy of Cotopaxi, Cotopaxis super-insulating llama wool at its, source in Bolivia where the company is employing dozens of people in local communities. So our vision is that: to truly build a business that authentically does good. 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. I couldnt have built that when I was 24. 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. 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. How to implement that role was a percolating concept, but one that stayed with Smith throughout undergraduate work at BYU and later while earning an MBA at the Wharton School at the University of Pennsylvania. Davis Smith is the founder and CEO of Cotopaxi, an outdoor gear company with a humanitarian mission. Most people in America dont even know what this looks like. After describing his and his wifes decision to each, Smith received many positive responses. Im a big believer that business leaders have a responsibility to find a way to think differently about capitalism. Apr 21, 2020 Podcast Andy Fallshaw, Bellroy: Designing for longevity - Well Made E133 . 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. You dont need to be a nonprofit, but the purpose of your existence doesnt solely have to be to make money. 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. Provided by David and Asialene Smith The Cotopaxi company stands by its slogan "gear for good" on a large scale, dedicating a percentage of its profits to communities experiencing poverty. Fax: 202.887.9021. It was realizing that weve built something making a difference in the world. Its a commitment weve made as a brand doing good is intrinsic, inseparable, Jacob said. But when Smith read my recent article about. Its less about Cotopaxi and more about proving this model works. Davis created Cotopaxi-a brand committed to making capitalism better-a decade ago. We have built our entire business, brand, and culture around serving others. But once I got settled in, I loved it, she said, explaining that it was wonderful.. Founder & CEO. Employees work at Cotopaxi in Salt Lake City on Monday, Dec. 5, 2016. 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. But in keeping with a penchant for doing it differently, they moved ahead anyway. 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. More structurally they put culture, passion, and giving back ahead of quarterly profits and annual investor reports, which has huge appeal to Millennial consumers who value the experience of participating in a product more than simply the fact of owning of it. 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. Ellie Wheeler Board Member 2015. I believe we can eradicate extreme poverty in our lifetimes but cant depend on the government alone to do that or nonprofits by themselves. He and his wife narrowed possible headquarters for the business down to Seattle, San Francisco and 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. Their shop/office is in Salt Lake City, Utah. 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. Founder Davis Smith took to LinkedIn to break the news that Cotopaxi's Hayes Street store would close on Tuesday. Smiths dad was a Mormon missionary in Latin America after high school. 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. Smith built Cotopaxi putting people first every step of the way, starting with the supply chain. Credit: Provided by Davis and Asialene Smith They source their materials from remnants of other outdoor gear so less finds its way into landfills. It wasnt an afterthought of, oh and by the way, we are also going to do good.. Whatever your cause its expected these days that you give back as a business. Those classmates eventually founded American eyewear retail brand Warby Parker, a USD521 million business, so they knew what they were talking about. 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. Hes a passionate social entrepreneur and adventurer. He still vividly remembers local children his age standing naked on the side of the road malnourished, begging for. 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. Davis Smith: First of all, we love the city of San Francisco. 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. 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. We hadand havea lot of great supporters of our brand, people. Its been held in many locations around the US. 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. 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. However, we both want to make the world a better place. The Davis and Asialene Smith family will be moving to Brazil in July as the parents become leaders of the Brazil Recife North Mission. Theyve been successful if someone leaves the store inspired. Among the newly called mission presidents for 2023 is President Davis M. Smith and his wife Asialene, who have been called to preside over the Brazil Recife North Mission. Our product is durable by design, but if there's a problem we'll make things right. 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. I saw over and over again, my entire childhood, how lucky I was. 320 East 43rd Street, 3rd Floor Davis received a BA degree from Wharton School and a BA from Brigham Young University. The details of the transaction were not disclosed, but Smith says the business generates revenues in the eight-figures annually. Bean, Eddie Bauer, and Patagonia. When Smith was a toddler, his fathers job supervising construction for The Church of Jesus Christ of Latter-day Saints took his family to the Dominican Republic, Puerto Rico and Ecuador. But using your supply chain and the products you make to affect change rather than just your profits creates a culture that transformshow we look fundamentally at how we do business.. I didnt know exactly how, but I knew the why.. Phone: 212.697.3315, United Nations Foundation 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. 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%). The way they do business simply costs a little more. What they witnessed in those struggling countries planted in them a desire to do what they can to alleviate suffering. 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. After graduation, Smith moved with his wife and their two daughters to South America, a full-circle moment for him. Cotopaxi, an innovative outdoor gear business targeting millennials, focuses on profit and social impact. And we did get backing from exceptional investors.. The participation fee is just 40 dollars. The people I saw every day were just as smart as me, just as hardworking and just as ambitious, but had no opportunity. Davis Smith, co-founder and CEO of Cotopaxi, poses for a photo at Cotopaxis headquarters in Salt Lake City on March 14, 2018. She recalled living abroad in Lima, Peru, when the couple was first married for her husbands internship. Courtesy of Cotopaxi, Born to run. We want to inspire a thousand other businesses to go out and make a difference, he says. The Dominican Republic is one of the most poverty-stricken countries in Latin America. The day of our launch, we saw teams wearing Cotopaxi shirts and hats. 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. Davis Smith also recounted more recent influential experiences. 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. 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.. PoolTables.com was one of the first digital-first brands to not only sell online, but also through their own independent retail stores. United Nations Foundation But it also meant being exposed to extreme poverty. , Abdul Latif Jameel Poverty Action Lab (J-Pal). Your product has to tell a story that resonates, Cotopaxi is part of a wave of successful start-ups who are proving that fundamentally realigning the balance between profit and philanthropy can generate win-win relationships for everyone involved. Are they taking on challenges as they have fun? So, they had made their own homemade Cotopaxi gear, he remembers. Brooke Harley Board Member Aug 2013. Davis is the CEO of Cotopaxi, an outdoor gear brand with a social mission at its core. And if you say the word retail store you might as well just pack up your display and go home. 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. Ravell Call 2 of 10 Stephan Jacob, Cotopaxi COO and founder, works in Salt Lake City on Monday, Dec. 5, 2016. Yet Cotopaxi is part of a wave of successful start-ups who are proving that fundamentally realigning the balance between profit and philanthropy can generate win-win relationships for everyone involved . 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. Were doing it right here in Salt Lake, and the mission behind this business is of course building something that can change the world, that can make the world a better place, Smith said. 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. They speak to buyers directly through B2C marketing and social media, avoiding middlemen, distributors, and retailers who might not understand their core message. 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 Smith, the entrepreneur best known for the Salt Lake City based outdoor apparel company Cotopaxi, is buying back his first startup, PoolTables.com. Davis and Asialene Smith have been called as mission president and companion to lead the Brazil Recife North Mission of The Church of Jesus Christ of Latter-day Saints for the next three years. When you talk with Davis and see what Cotopaxi actually does, you can really tell that hes out to change the world. GearJunkie Copyright 2013 2023. Previously, Davis was the Founder at Pool Tables a nd also held positions at BB Box Comrcio Varejista de Artigos Infantis, BilliardEx, The Founders Club. Many traditional capital sources didnt think that a new digitally native brand could knock the outdoor industrys brick and mortar incumbents off their perch. Davis Smith, Cotopaxi CEO and founder, poses for a photo in Salt Lake City on Monday, Dec. 5, 2016. But last year, for the first time in the worlds history, less than 10 percent of the world lived in extreme poverty. Sometimes, you catch lightning in a bottle,and all the right pieces align to create something magic. This was poverty at the most desperate level. 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. They take pictures and upload them to a special app. 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. Exterior of Cotopaxi, an outdoor clothing and equipment shop, at 549 Hayes Street in San Francisco, Calif. . She earned her news-editorial journalism degree from the University of Illinois. 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. 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. Opinions expressed by Forbes Contributors are their own. After starting up a few web companies in Brazil, he founded Cotopaxi in 2013.When I was little, Id cross the Amazon with my father on a handmade raft, go fishing for piranhas, and even lived a self-sufficient life on a small island. I was just lucky to have been born into a situation that provided me with opportunities that others didnt have. If you dont have core values, your outcomes wont be what you want them to be.. 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. 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. 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. MSU basketball updates, Spartans in the 2023 NFL Draft and TRIVIA TUESDAY!. Cotopaxis current president, Damien Huang, will move into the CEO role. Withdrawals were written down, as well; $5, $15 and $25 amounts were recorded in the Bank of Smiths Savings to have gone to help various individuals. Church News podcast, episode 122: Cotopaxi founders Davis and Asialene Smith on stepping away from their company to serve as mission leaders in Brazil. Cotopaxi brand ambassador Chris Brinlee Jr. 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. We talked about values and the rituals and traditions built around those values, Smith said. Theyre also devoted to creating a fan community based on millennials. He was the recipient of the 2022 Outdoor Media Summit Editor of the Year award, and regularly co-hosts the industrys Gear Guide at both summer and winter Outdoor Retailer trade shows. 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. Get started. 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.