From Blacksmith to Billionaire: The Making of Patagonia’s Ethos

That was the moment that really planted the seed for Yvonne. That's understood, oh, a, I, as an individual and as a citizen, can make an impact, and b, and this is critical, the money that I generate from my company can go towards something bigger than myself and my friends and whatever material goods or experiences we might want in the immediate, that the money generated from this company can actually serve a bigger cause. Walk into any Patagonia store. Within thirty seconds, you'll know what they stand for. The recycled materials, the repair station, the climbing photos, the employee who actually uses the gear. Everything tells the same story. This is a company founded by climbers who once hand forged their own carabiners because the existing ones weren't good enough. That obsessive commitment to craft, that love of wild places, that refusal to compromise, it radiates from every surface. But how much do you know about how this magic trick was done? I'm Eric Ries. And today I'm joined by David Gelles, New York Times climate correspondent, Emmy and Loeb award winning journalist, best selling author of The Man Who Broke Capitalism and the forthcoming Dirtbag Millionaire, his new book on the reclusive but utterly fascinating founders of the multi billion dollar success story that is Patagonia. David takes us inside Patagonia's extraordinary story, how a reluctant businessman and dirtbag climber turned blacksmith built one of the most trusted companies in the world while refusing to play by the financial system's rules. We explore the radical choice to never take on outside investors, the creation of Patagonia's unique trust structure, and how this one company managed to resist the corrosive logic of shareholder primacy, decade after decade after decade. But this isn't just a history lesson. David and I also wrestle with the massive change unfolding right now as AI rewires the structure of the internet and challenges our assumptions about how corporations are built and run. How exactly can we build companies for this new era that can stay true to their ethos over generations? And how can founders design companies that transmit their mission, not just maximize their short term profits? David is a fascinating person, a really interesting writer and a great interview. He has the historical perspective and having gone deep into Patagonia, an opportunity to take us inside this iconic company. Please enjoy this conversation with David Gilles. Alright. Well, David, thank you very much for making time. Thanks for having me. So, okay, I was the other day, I was talking to somebody about a totally unrelated topic, you know, just a a a a civilian, not from the not from the startup or or business world at all. And they were telling me a story about two people that they had met, and they wanted me to understand something about them. And they just said, look. They both work at Patagonia. So therefore and then they're, like then then they went …