Years ago, Lisa Riggs, a human resources executive in Silicon Valley, was pregnant with her second. Faced with the exorbitant price of daycare, she chose to quit her job and become a stay-at-home mom.
As her children aged, though, Lisa began to strategize her next career move. She was at the time a member of the local Education Foundation Board, selling branded T-shirts to raise money for an after-school sports program. She began considering an alternative:
If she marketed socks instead of t-shirts, she could both increase profit margins and—due to their lower price point—more easily sell them year-round. Lisa quickly located a sock manufacturer, ordered 200 pairs and sold every one of them in four days at a $17 profit margin per pair. Donations to the board shot up by 140 percent—which got Lisa thinking: “Oh my goodness, I should turn this into a business.”
So she did. And Spirit Sox was born.
Though the company at first focused exclusively on fundraising, Lisa quickly realized the importance of balancing social responsibility with the need to grow her business. So she committed herself to both goals: Using Spirit Sox to support worthy causes—schools and charities, foundations and environmental nonprofits, human rights supporters and animal welfare groups—while also generating a profit.
Then, almost overnight, the COVID pandemic took hold. Though it seemed an existential business threat at first, Lisa made the shrewd decision to also begin manufacturing face masks, which ultimately accounted for more than 30% of her 2020 sales and essentially kept her company afloat.
Today, Spirit Sox is thriving beyond Lisa’s most optimistic expectations. It’s producing huge numbers of customized socks for the broadest range of customers, from small nonprofits to major corporations. Not withstanding her remarkably successful run at the helm of Spirits Sox, however, Lisa has never lost sight of her passion for the greater good. Which is why she always has—and always will—donate fully five percent of her company’s profits to the homeless.
“I can help people,” she says. “I can help communities. It’s basically the social responsibility piece, and it’s the part I love the most.”