Entrepreneurship

Presented to: Mrs.Nadira ChaturvediPresented by:Amit BohraVany Aggarwal

DATE: 10th MARCH 2011

TOY2R: A PIONEER OF CREATIVE DESIGNER TOYS

IN HONG KONG

Since 6th grade, helped his father run a noodle stall.•After high school worked for 10 yrs in a footware and trading companies learning about consumer rights, product quality and customs.•Attended vocational schools learning languages, business and design.•The job helped Choy to understand importance of production standards, customer service, tracking an order to quality audits, processing claims and clearing customs.

•Since 1993- had a passion to collect X.Men figures.

•Discovered through trade magazines that the price of a single toy figure could sell five fold the cost price.

•Opened a shop named Toymart selling novels and exotic toys imported from USA Europe and Japan.

•Later started selling provocative toys in a tourist area thereby gaining publicity out of it.

•Realizing that other smaller toy makers did not have the resources to develop markets, he became a wholesaler for a US based company called Mezco toys.

•Tied up with Easy Finder-a young adult reader magazine to promote exclusive edition of “The living dead doll series” to be manufactured by Mezco, USA.

•The agreement with Mezco allowed him to determine the price and also own the right to export back to the US market.

•With the urban vinyl Hong Kong movement, Choy started manufacturing Toyer figures under the new brand name TOY2R.

•1000 figures of “Toyer” sold in less than 3 months.

•Later introduced “QEE” – a block style toy figure which already existed in the market.

•He changed the design by attaching a harness (as a key chain) and the toy could be easily disassembled. He also patented this design.

•Collaborated with famous designers to maintain lead based on crossover opportunities with other international brands.

•Started spending more time in cultivating distribution network and licensing deals for the QEE series.

•Declined the offer of Cartoon Network to do a show based on his characters based on a one time sell out deal.

•Met with 10 designers to discuss new designs for the QEE figures at a festival in France.

•Had to shut the retail business because of rising costs, obsolescence and decreasing sales.

•Allowed his friend to become an exclusive distributor of TOY2R in China after shutting the retail business.

•Went on a world wide tour showcasing his designs through exhibitions but without any predefined format to structure or promote the exhibitions.

•Distributors and competitors were developing their own platforms for DIY.

•Shrinking US and European markets post financial crisis.

•Competitors gaining ground in emerging markets like China due to flexible production capacities and their networks with OEM’s.

•Seems to be an opportunist.

•No market research or feasibility study before launching a business.

•No idea screening process. 5 Q’s missing ??

•No defined BUSINESS MODEL

•Customer need: He started the business because he had a passion for it. He did not identify the need he was satisfying for his customer.

•Competition: No specific strategy adopted.

•Demand: No research done on this.

Concentrate on your core competency of designing and network of designers.

Patent/copyright the designs created by the designers.

THANK YOU