The tale of the fidget spinner.
Love them or hate them, the fidget spinner was one of the hottest toys over the holidays in 2016 and continues to be a powerhouse product. No doubt making someone behind the trinket lots of money. However, did you know that there was a US Pattent issued for Catherine Hettinger for a “spinning toy” in 1993. While the patent was issued, but Ms. Hettinger allowed the patent to lapse in 2005 after she could not find a commercial partner. You read that correctly, she let the patent expire.
She could not find a commercial partner to promote the product. The inability to market what turned out to be one of the hottest toys in the world was left to die because of marketing. She couldn’t sell the idea to anyone. She didn’t call it the “fidget spinner.”
With the patent expired another entrepreneur named Scott McCoskery who came up with a similar idea to Catherine Hettinger for a toy that spins. He used it to help him “to cope with his own fidgeting in meetings and conference calls.” He called the product the ” Torqbar” and began selling them online. With the rapid increase in the spinner’s popularity in 2017,and the rest as they say is history. Here is a great article about the mad rush for the hottest toy of the year: READ IT HERE
Selling your product the right way – Good Marketing pays off.
That is the end of the story. Two visions for the same thing, only one vision came to fruition. Marketing your product is so critical in creating success. Scott McCoskery was able to find the right niche for this fairly simple product. Catherine Hettinger, gave up on the concept when she couldn’t find her investors? Or simply didn’t know how to position the product.
Moral of the story:
Never give up on your dreams, and find the right people to help you position yourself for success. The difference between success and failure is often as simple as positioning. Sometimes it takes someone else looking at your idea to think outside of your box.
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