December 12, 2024
Founded on the idea that carrying your necessities doesn’t have to be boring or inconvenient, Thread revolutionized the traditional wallet.
The idea was formed after Colby Bauer, the company’s co-founder, lost his wallet in 2013. After searching for men’s wallets online, Bauer was met with a “sea of big, clunky and plain bifold styles.” When he narrowed his search to minimalist wallets, he noticed most lacked personality and self-expression.
Working with his future wife and co-founder, McKenzie, they went to the drawing board and sewed the first prototypes, which they began to sell at a local boutique owned by their good friend.
Once the product started doing well, they began selling it at farmer’s markets, which helped further its traction. The business continued to grow with the help of a vast support system, specifically, McKenzie’s parents, who let them run the business out of their house for the first six months.
“Our family and friends played a crucial role in the beginning and helped with so many of the nitty-gritty production tasks,” said Mckenzie. “We wouldn’t be here today without them.”
Several like-minded entrepreneurs and mentors helped the Bauers along their journey, such as Jeremy and Kristin Andrus of Traeger, Davis Smith of Cotopaxi, and Susan Petersen of Freshly Picked. “They were willing to meet with us when we were very young and gave us great advice about scaling our business and teams. They’ve done so much for us.”
Since its inception, Thread has expanded its product line beyond wallets, offering items such as lanyards, bags, and lip balm holders — all crafted for practicality and individuality.
In 2021, the Bauers furthered their positive effect on the local community by starting the Carry On Foundation. Named after Thread’s mission, as a nod to their products and in tandem with their narrative of continual progression, the nonprofit aims to promote resiliency through action sports.
Thread started from humble beginnings, bootstrapping and using multiple Kickstarters to become a renowned and successful business. Mckenzie encourages aspiring business owners to focus on their own paths and not compare their beginnings to someone else’s middle or end.
“Utah is the best place to start a business,” McKenzie said. “The entrepreneurial spirit here is incredible, and everyone is so helpful and willing to share their knowledge and experience.”
The information in this article is current as of the publishing date and is intended for informational purposes only. This article does not, and is not intended to, constitute legal, tax, or business advice. Any resources and organizations mentioned, unless an entity of or a partner of the state of Utah, are not formally endorsed by the Startup State