Abi Smithson may only be 9, but that isn’t stopping her from developing a new product and the plan for a new business. Not satisfied with conventional sandals that leave ugly tan lines on the wearer’s feet, she conceived a summer shoe that could be customized to leave attractive designs as the feet tanned. Working with her dad, she wrote the business plan for The Love Sandal and brought her designs and the plan to Ryerson University’s business incubator, the Digital Media Zone, for assistance. There she was paired up with Robert Ott, chair of the Ryerson School of Fashion. He’s helped her flesh out design, market research, and branding. “I’m just so impressed with the idea…it’s so solid,” says Ott. “It’s the engineering and technical designing of the prototype where we need help. The creative part is all here. I think we haven’t seen anything like this in the market and that’s what makes this unique.” Abi’s business plan projects first year sales exceeding $5 million for the unique footwear brand along the lines of Uggs and Crocs. Abi’s parents, also entrepreneurs, considered financing through a crowd-funding site, but Ott suggested other alternatives such as partnering with a shoe manufacturer or licensing Abi’s idea. Abi’s mom Julie calls this experience a “priceless” adjunct to Abi’s elementary school lessons. “Teaching Abi how to be an entrepreneur and how to build a business plan and how to take risks on an idea is something that we all grew up not even thinking about,” she says. “If she decides to be someone else’s employee one day, so be it. At least she’s learned the platform on how to do it on her own.” Abi, whose career goals include inventor, singer or dancer, already has plans for potential earnings from The Love Sandal. “I want to go to private school next year and I want to get a Mac-Book Air,” she said. QUESTIONS: 1.Do you think Abi’s product will prove to be a winner in the market? Why or why not? 2.If you have an idea for a new product or service, who would you approach for assistance or mentorship to develop your business? 3.How do you think Abi should go about bringing her product to market? What do you think of Robert Ott’s ideas of partnering or licensing?
Even 9-year-olds Can Be Entrepreneurs
Abi Smithson may only be 9, but that isn’t stopping her from developing a new product and the plan for a new business.
Not satisfied with conventional sandals that leave ugly tan lines on the wearer’s feet, she conceived a summer shoe that could be customized to leave attractive designs as the feet tanned. Working with her dad, she wrote the business plan for The Love Sandal and brought her designs and the plan to Ryerson University’s business incubator, the Digital Media Zone, for assistance. There she was paired up with Robert Ott, chair of the Ryerson School of Fashion. He’s helped her flesh out design,
Abi’s parents, also entrepreneurs, considered financing through a crowd-funding site, but Ott suggested other alternatives such as partnering with a shoe manufacturer or licensing Abi’s idea.
Abi’s mom Julie calls this experience a “priceless” adjunct to Abi’s elementary school lessons. “Teaching Abi how to be an entrepreneur and how to build a business plan and how to take risks on an idea is something that we all grew up not even thinking about,” she says. “If she decides to be someone else’s employee one day, so be it. At least she’s learned the platform on how to do it on her own.”
Abi, whose career goals include inventor, singer or dancer, already has plans for potential earnings from The Love Sandal. “I want to go to private school next year and I want to get a Mac-Book Air,” she said.
QUESTIONS:
1.Do you think Abi’s product will prove to be a winner in the market? Why or why not?
2.If you have an idea for a new product or service, who would you approach for assistance or mentorship to develop your business?
3.How do you think Abi should go about bringing her product to market? What do you think of Robert Ott’s ideas of partnering or licensing?
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