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How do you disrupt a multi-billion dollar industry? Particularly one that is dominated by a small number of major players? For Neil Blumenthal and Warby Parker, the answer to the eyewear market is layered.
Recognize a broken industry
Luxottica is a single company that controls over 80 percent of all major brands, giving them the power to mark up prices on popular brands, such as Ray-Ban, Oakley, Burberry and Coach. Combine this with a long, disjointed supply chain, and the bottom line cost to the consumer is hundreds of dollars.
Blumenthal and co-founders combated traditional methods, designed their own glasses and communicated directly to consumers. They offer a higher quality pair of glasses for a fraction of the cost — most go for $95.
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Give consumers the chance to do good
The Warby Parker founders aimed to build a for-profit company that had a positive impact on the world. The result was a “buy a pair, give a pair” model, with a pair of glasses distributed through nonprofit partners for every $95 spent. This model provides buyers the added incentive of making a difference with their purchase.
As of July 2014, the company has given more than a million pairs of glasses to those who previously had no access to eyewear. Furthermore, these glasses were distributed through a market-based solution by training entrepreneurs in impoverished areas to sell them for an affordable cost.
Build a desirable culture
In just four years the company has grown to over 300 employees. They have heavily invested in customer service and have community and environment initiatives. Blumenthal and co-CEO David Gilboa have dedicated a significant effort in creating a culture centered around “think big, have fun and do good”.
Want to work for Warby Parker yourself? Blumenthal explained what the company is looking for in a recent interview.
Do what you know best
Blumenthal has one impressive resume. A Tufts University grad and Wharton School MBA, Neil holds a long list of honors for his work. In 2013, he was named one of the 100 Most Creative People in Business by Fast Company, a Crain’s “40 Under 40” and an Ernst and Young Entrepreneur of the Year.
Before embarking on Warby Parker, Blumenthal was the director of VisionSpring. This nonprofit works with women in developing countries, training them to start their own business selling affordable glasses to those making less than $4 a day. Fast forward to today — Warby Parker uses VisionSpring to distribute a large portion of its glasses to those in need.
Want to hear the full story from the man himself? Come to Big Kansas City in October to hear more from Neil along with our amazing other speakers. Join us in welcoming him on Twitter at @NeilBlumenthal.
Credits: Photo courtesy of Malone and Co.
