ToyLearn, a start-up company, has created a range of engaging and fun educational tools for children. Jen Funster and David Funster are the founders of the company. ToyLearn is an Ohio S-Corp. ToyLearn expects to be profitable by year end and have a dramatic increase in sales in the first few years.
ToyLearn currently offers three educational toys. NumberToy is the first, which teaches number skills to children. LetterToy, which is as the name implies, aids children in quickly learning the alphabet. PhonicToy is the third product. It looks like a mini-PC and teaches math and phonics 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 developments are underway in the in-house department.
ToyLearn discovered three key keys to success, which are essential for the long-term sustainability of the business. Number one is the need to develop creative, educational, 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 identifies two segments of customers it will be targeting. The first is individuals. These customers are either grandparents or parents purchasing the product on behalf of their child. This market has 3,354,430 potential customers and is growing at an average 8% per year. Wholesale purchasers, which are usually organizations that buy the products for clients, is the second market segment we will address. These are usually care centers or pre-schools. This segment is experiencing a 10% increase in annual growth with 702,335 potential customers.
ToyLearn’s success is assured by its strong management team, led by Jen Funster and David Funster. David, who heads product engineering, graduated at the University of Rochester in Engineering. David was employed by HP for a number if years in the product development department. David worked in game development at Nintendo after leaving HP. David’s education and these experiences have given him valuable skills that he can use to help ToyLearn grow its market penetration through the quality of their products. Jen, the other half of our management team, earned her Masters of Education 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. In year three, the annual sales will increase to $475,000 ToyLearn has the right combination of experience management, exceptional product development, and the ability recognize an amazing market opportunity.
- You can create a profitable business.
- Create innovative educational toys.
- Interactive toys can be used to enhance children’s learning.
ToyLearn’s mission is to produce the best quality educational toys. The more children that learn basic functions from our toys, the more successful we are.
1.3 Keys for Success
- Develop creative, educational, engaging toys.
- Adopt strict financial controls.
- Pay attention to what the customers say.