Jibbitzing in the Prosperity Pool

by Don Boudreaux on August 27, 2007

in Everyday Life, Innovation, Taxes

Earlier this month, Karol and Thomas and I vacationed at our favorite vacation spot: Cape Cod.

While there, Thomas and I bought our first pairs of Crocs.  They’re wonderful shoes for casual wear.  The woman who sold them to us told us about something that we’d never before heard of: Jibbitz.  Jibbitz are little decorations that fit into any one of the many holes featured on each pair of Crocs.  These tiny items are mostly ornamental — allowing each Croc wearer to express his or her individuality — but they also are functional, for they can help to identify one pair of Crocs from another.

(Neither Thomas nor I wanted any Jibbitz, by the way.)

The fascinating thing about Jibbitz, though, is that the inventor turned this idea into a business that he and his wife sold for $20 million.  What a  wonderful outcome!

Note that this invention isn’t high-tech — it’s about as simple as simple can be.  Yet it is indeed something that enough consumers choose to buy at prices that make the product profitable to produce.

Jibbitz — another few drops of prosperity in our vast Prosperity Pool.


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