Let us know if you want certain
issues to be discussed...we've encountered a bunch of
'em.
Lessons
Learned
"Earthquakes and typhoons and floods...oh
my!"
The world has experienced a slew
of natural disasters over the past three months. Unfortunately,
when you're manufacturing a product overseas, you're at
risk of being effected by one of these disasters. Case
in point: A typhoon struck Hong Kong in mid-September,
shutting down our manufacturing facility and delaying
shipment of our first 2500 units by 4 days. 48 hours later,
an earthquake struck Taipei, halting the production of
the integrated circuits that are used in our mice and
delaying shipment another 7 days. So, over the course
of 48 hours, our entire supply chain was cut off and our
first deliveries delayed. Luckily, we had been warned
of "random" issues in Southeast Asia and had planned for
potential delays. At least the ship carrying our product
didn't sink...which apparently happens more than you might
think.
Distribution is key. We can't
stress how important finding the right distribution channels
are going to be to the success of this venture. You may
have an incredible product, but its ability to sell is
totally dependent on methods of distribution. In the beginning,
we were excited about personally selling MouseDriver ourselves.
We very quickly realized how much of a pain-in-the-rear
personal selling can be. So, on the corporate side of
things, we're looking to team up with a supplier who will
purchase from us and push MouseDriver through their already
existing distribution network. On the retail side, we're
utilizing independent representatives, segmented by industry,
to push the product to retailers and consumers. Obviously,
developing a strong relationship with the distribution
network is paramount. For all of you following the next
big internet trends (and who isn't), keep an eye out on
those companies who have successfully integrated bricks
and mortar distribution with e-tailing.
If you're starting a company,
find a company advisor as soon as possible. The opportunity
to run our initial strategies by a seasoned veteran would
have saved us time, frustration, and headaches in the
early stages. Advisors can comment on your direction,
make important introductions and share many of their battle
wounds. They can truly be of great benefit to your company.
However, take the time to find the right advisor. Even
though an advisor may have all the right credentials,
make sure that they are willing to take time out of their
schedules to address your concerns. Otherwise, they'll
add little value. We've been searching for an advisor
for over two months now and believe that we have finally
located one...we'll keep you posted.
What
We've Done
- Completed our second round of fundraising
to finance sales, marketing and inventory expenses.
- Began targeting the golf industry
as our first retail market and established a relationship
with an independent sales representative (a former PGA
Tour player!).
- Finalized two on-line partnerships
to help build MouseDriver brand awareness and to help
gather market research data (check out the Sports Prize
Section on the PrizeCentral.com website).
- Started a public relations campaign
within the golf industry slated to coincide with the
retail buying season in January/February.
- Introduced MouseDriver at two golf
shows (Las Vegas and Orlando) in an effort to generate
"buzz" and determine initial demand.
- Designed and manufactured our corporate
packaging that will also be used for initial retail
sales (and by the way, packaging is just as important
as the actual product).
