ToyLearn is a new start-up company. It has developed a series of educational tools for kids that are engaging and fun. Jen Funster and David Funster founded the company. They are registered as Ohio S-Corps. ToyLearn is expected to be profitable in year one. In the next few years, they will experience a significant increase in sales.
ToyLearn initially offers three educational toys. NumberToy, a toy that teaches numbers skills, is the first. LetterToy, as its name suggests, is a product that helps children learn the alphabet quickly. PhonicToy is the final product. This device looks like a miniPC and helps with math and phonic skills. While the products serve as educational tools to develop core skills in youngster users, the toys are fun to play with and encourage children to use them often. Current products are being developed by the in-house team.
ToyLearn identified three key factors that will ensure the company’s sustainability. The first is to create educational and engaging toys. Second, financial controls are essential. The last last key to success is the need to listen to customer, effectively creating a feedback mechanism for product improvement.
ToyLearn is targeting two customer segments. Individual customers are the first. These are the parents and grandparents who buy the product for their child. This market is currently growing at 8% per annum and has 3,354,430 potential customers. Wholesale purchasers, which are usually organizations that buy the products for clients, is the second market segment we will address. These organizations are typically some sort of care center or nursery/pre school. This segment is experiencing a 10% increase in annual growth with 702,335 potential customers.
The likelihood of success of ToyLearn is ensured by its strong management team, lead by David and Jen Funster. David, in charge of the product engineering, graduated from the University of Rochester with an Engineering Degree. David was employed by HP for a number if years in the product development department. David left HP to work for Nintendo in the game development department. These experiences, in addition to his education has provided David with valuable skills to use to help ToyLearn gain market penetration based on the quality of its products. Jen, who is half of the management team received her Masters of Education degree from Case Western Reserve University. Jen has extensive experience in the development of educational tools for ToyLearn.
ToyLearn forecasts sales of $367,000 for year two. Year three will see sales of $475,000. ToyLearn’s success is due to its combination of experienced management, product development excellence, and the ability to see a great market opportunity.
1.1 Objectives
- A profitable company is possible.
- Create innovative educational toys.
- Interactive toys can be used to enhance children’s learning.
1.2 Mission
ToyLearn’s goal is to provide the best educational toys. We will be more successful if we can help more children to learn basic functions through our toys.
Success keys 1.3
- Develop creative, educational, engaging toys.
- Adopt strict financial controls.
- Pay attention and listen to your customers.