At 16, Lindsay Phillips came up with the idea for a flip-flop with interchangeable straps during art class. Today, she's running a $30 million company.
Back-to-school season is upon us, and even the best students need a little motivation to trade the beach, summer camp and carefree days for the classroom. But what if you could turn a school project into a $30 million business? That's exactly what Lindsay Phillips, the creator of SwitchFlops, did.
Now 25, Phillips came up with the idea for SwitchFlops at 16, as part of a high school art project. Today, her company -- Lindsay Phillips -- employs 35 full-time staffers and is projected to bring in $30 million in revenue this year.
The idea is simple -- SwitchFlops are sandals with interchangeable straps. So instead of buying several pairs of sandals, customers can instead own one sandal with multiple straps. In the wake of the Great Recession, a 3-in-1 shoe (or, heck, 50-in-1) is tailor-made for shoppers on a budget.
The basic sandal itself costs $35, and additional straps are $12. Officially launched in 2007, SwitchFlops are now sold in more than 4,000 stores around the world, and Phillips' line has evolved into other footwear like ballet flats, wedges and espadrilles. The company also makes shopping bags, scarves and sandals for children. Lindsay Phillips, the company, is currently building an overseas office.
