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|Articles - August 2011|
|Wednesday, July 20, 2011|
Page 1 of 2
By Ben Jacklet
Carrie Atkinson was 26 and frustrated with the lack of job opportunities in Portland when she decided to start her own company selling fun, colorful socks. She found an importer by looking through the phone book (that’s right, the phone book), traveled to Korea with two big suitcases and filled them with her first 2,000 pairs of socks.
Now Atkinson is 32 and running a well-known business that grew by 90% in 2010. She’s got 6,000 Facebook fans, a far-flung team of creative designers, a solid group of wholesale customers, a growing portfolio of fashion photos in magazines and container after container of socks flowing from Korea to meet demand. She’s considering delving into a line of men’s socks in collaboration with Portland entrepreneur Nitin Khanna and making plans to delve into lingerie after making friends with a woman who runs a manufacturing plant in China.
Sock It to Me is known for its “cool girl” promotions and its fresh, bold styles that are “a little crazier than the other stuff out there,” in Atkinson’s words. But Atkinson’s approach has been far from crazy. She didn’t buy more socks until it was clear her first batch was selling at the Portland Saturday Market. She saved her pennies until she could afford a booth in the big Las Vegas apparel trade show, Magic. She got a $250,000 bank loan on her home and built up her credit for six years before taking out a second loan. She is not indebted to venture capitalists or angel investors. She owns 100% of the company.
“I felt like I was led by the customer, which is a little less risky in my eyes,” she says. “I never got too far ahead of the customers.”
Not only does Atkinson encourage her customers to lead the company, she also encourages them to design her socks. A few years ago she began running full-page ads in the Portland Mercury and Willamette Week that doubled as design-a-sock contest entries, to be colored in by local artists. Contest winners get $500 and the cachet of seeing their art turned into a commercial product. Non-winners with ideas good enough to go to design get $200.
“It was just an idea that made sense to me,” says Atkinson. Sock It to Me has found some of its top designers in this manner, and the local — and now international — contests bring in thousands of new design ideas while also building name recognition. Atkinson estimates that about 80% of the business’s design lines come from crowd sourcing. The most recent contest drew 2,500 submissions; winners come from Sweden, Britain and El Salvador.
The customer designs lead directly to new products. “We get those designs through the contests, we tweak them, we assign the colors and we email that image over to Korea,” says Atkinson. “I have a business partner there and he negotiates with the factory. He is our quality control and he gets all the shipping documents prepared, and he gets a commission per pair.”
Friday, June 27, 2014
BY JASON NORRIS | OB BLOGGER
Over the last several months we have seen a wave of cross-border acquisitions, primarily U.S.-based companies looking to purchase non-U.S.-based companies. There are a few reasons for this, but the main culprit is the U.S. corporate tax system. The United States has one of the highest corporate tax rates in the world.
Thursday, June 26, 2014
BY ERIC FRUTS | OB BLOGGER
Last year, the housing market in Oregon—and the U.S. as a whole—was blasting off. The Case-Shiller index of home prices ended the year 13% higher than at the beginning of the year. But, was last year a blip, or a trend?
Thursday, May 29, 2014
BY JON BELL
A new generation of outdoor apparel companies targets the young and the urban.
Thursday, May 29, 2014
BY JESSICA RIDGWAY
Brad Baker, CEO and co-founder of Works Electric, is a good husband. His wife, an OHSU employee, sought a more efficient way to commute up Marquam “Pill” Hill, so she asked Baker to build a transportation solution.
Friday, May 30, 2014
Watch the 2014 100 Best Green Companies keynote speech by Eric Friedenwald-Fishman.
Tuesday, July 08, 2014
BY LINDA BAKER | OB EDITOR
The New Yorker recently published a sharply worded critique of “disruptive innovation,” one of the most widely cited theories in the business world today. The article raises questions about the descriptive value of disruption and innovation — whether the terms are mere buzzwords or actually explain today's extraordinarily complex and fast changing business environment.
Update: We caught up with Portland's Thomas Thurston, who shared his data driven take on the disruption controversy.
Tuesday, June 03, 2014
Citing the transition to catch shares management as a key to rebuilding stocks and reducing bycatch, 13 species caught by the West Coast trawl fishery today earned designation from the Marine Stewardship Council (MSC) as sustainable.
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