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Starting from day one, we wanted to build a company that made us excited to go to work," says Neil Blumenthal. "And we knew that feeling would relate to the impact that our organisation could have on the world."
Blumenthal, the co-founder and co-CEO of New York eyewear retailer Warby Parker, is explaining how, for his company, business and social benefit are indivisible aspects of the same mission. Warby Parker was founded in 2010 by four entrepreneurs - Blumenthal, 35, Dave Gilboa, 35, Andy Hunt, 34, and Jeff Raider, 35 - who sought to sell stylish spectacles at affordable prices ($95). The team achieved this by selling online and designing and manufacturing the products themselves, which eliminates expensive brand licensing costs.
It extended the mission with an arrangement whereby each month the company donates an amount equal to the wholesale value of the spectacles sold. The money is given to non-profit partners - chiefly VisionSpring - which train people in developing countries to give eye examinations and sell glasses.
The point is to create a functioning market, with expensive frames effectively subsiding cheaper designs. In developing countries, obtaining and wearing spectacles increases the income of the sight-impaired by an average of 20 per cent. This created wealth sustains the market and optical-care provision, so eyewear can be repaired and updated - something that tends not to happen when glasses are just handed out by charities.
The rationale isn't just emotional, says Blumenthal. "There's a business rationale, too: the prospect of doing good is a powerful motivating force for us and the people we hoped to hire. There's an often-cited 2014 Pew study ['Millennials in Adulthood'] that found that millennials prioritise helping people in need over raking in a huge pay cheque. We knew that if we were going to entice passionate young people to join our team, we needed to offer what they valued most."
It seems to be working so far. Warby Parker now has 37 physical stores across the US as well as its online business, and has been valued at $1.2bn - which would make it the second most valuable private, venture-backed e-commerce company in the world.
This article was originally published by WIRED UK
