Wed, 17 July 2019
Emma Lovell had a flash of inspiration on the plane one day that led her on the most incredible journey of entrepreneurship and TV fame, and she managed to do all this while being the mother of two small children. It was her children who inspired her to pioneer the Cozi Go: a canopy that protects babies from light and noise to enable them to sleep more easily in public places. Her idea was so good that she was invited onto the very first series of Shark Tank and walked away with the investment she needed to get the business off the ground and dominate the marketplace.
See some of Emma’s top tips below:
** When you’re designing and developing something new, always assume it’s going to take a lot longer than you originally planned. Pick a figure and double it!
** Be prepared for there to be a big difference between the quality of a prototype and the first mass-produced batch of products. Make sure you have external quality control to check this.
** If you’re letting someone down, make damn sure you have a clear plan to resolve the situation.
** If you’re getting a business off the ground, have a mentor in place that you can be accountable to. This could be a director, investor, or even someone from a pier group.
** Do things at your own pace. Make sure you can actually handle the consequences of business growth.
In this episode of Business Brain Food you will learn:
** How Emma brought an invention to market with no design experience
** The pros and cons of manufacturing in China
** What it was like to be there at the very beginning of Shark Tank
** How to play it when you’re on Shark Tank
** What Emma did to solve the problem of dead stock
** Influencer marketing explained
Resources mentioned in this episode:
** Enter our competition to win a 17,000 AUD coaching program. Winners will be entitled to free entry to events and workshops, quarterly Business Excellerator Conferences, access to the online resource centre, and over 20 experts on hand to answer your questions. Just click this link here to sign up: http://winbusinesscoaching.com.au/bbf/
** Check out the Cozi Go here: http://www.cozigo.com
** Email Emma: firstname.lastname@example.org
** All previous BBF episodes & show notes can be found at http://www.businessbrainfood.com.au
** Join the Business Brain Food Facebook Group: https://www.facebook.com/groups/BusinessBrainFood/
** Twitter: https://twitter.com/bfewtrell
Call to action:
As Emma says, if you want to bring a new product to market, do your market research and get yourself a mentor. Simple but effective!
Also, if you are enjoying these Business Brain Food podcasts, then make sure to share them via social media sites or email the links to family and friends. A lot of time and effort goes into producing each of these podcasts with the goal in mind of the more people we can inspire about business the better. You can help us do just that!
Until next time, have a profitable day!
Direct download: BBF224_How_solving_a_problem_led_to_building_a_business_with_emma_lovell_01.mp3
Category:general -- posted at: 12:00pm AEST