Quirky Case Analysis
In this part of the assessment, I will look into a business entity that has failed to perform.
Introduction
Quirky is an invention platform launched in 2009, by Ben Kaufman to help regular people to turn their ideas into real products and to sell it, also created a subsidiary Internet of Things called Wink, which made hubs for the smart home. (Carson, 2015) Ben Kaufman is the CEO of Quirky. Before Quirky, Kaufman had two other company called Mophie and Kluster. Kaufman sold the company Mophie after generating $5 million in revenue at the age of 21 (D'Onfro, 2015). After that Kaufman incorporated a new company Kluster and he wound up with a pile of debt while trying to get Kluster off the ground (D'Onfro, 2015). Kaufman used more than $300,000 of Quirky’s money to pay off his debts (D'Onfro, 2015).
Quirky was born to turn napkin sketches into real products (D'Onfro, 2015). The company gives anyone the chance of becoming a bona-fide inventor by submitting an idea to its website …show more content…
A brand is very important to any company and products. This result in not getting enough recognition among the customers. For example, if you look at the company Apple, everyone would know that the every product from apple will have a high quality and its worth to spend more money than buying an unbranded products at a cheaper rate. Quirky was competing on all levels with all brands in every product category. This is a losing strategy for any startup. At the start, Quirky could have made a brand name that everyone recognize, they could have done better. Like they could have developed only electronics first, build a brand that everyone love. After that they could have widen the business and go for another, increase one at a time and in this way they could have found more customers, get a better profit. The approach of the Quirky was not very good, Quirky’s product line looks like a random page in Skymall. And in the end they failed to raise and
Introduction
Quirky is an invention platform launched in 2009, by Ben Kaufman to help regular people to turn their ideas into real products and to sell it, also created a subsidiary Internet of Things called Wink, which made hubs for the smart home. (Carson, 2015) Ben Kaufman is the CEO of Quirky. Before Quirky, Kaufman had two other company called Mophie and Kluster. Kaufman sold the company Mophie after generating $5 million in revenue at the age of 21 (D'Onfro, 2015). After that Kaufman incorporated a new company Kluster and he wound up with a pile of debt while trying to get Kluster off the ground (D'Onfro, 2015). Kaufman used more than $300,000 of Quirky’s money to pay off his debts (D'Onfro, 2015).
Quirky was born to turn napkin sketches into real products (D'Onfro, 2015). The company gives anyone the chance of becoming a bona-fide inventor by submitting an idea to its website …show more content…
A brand is very important to any company and products. This result in not getting enough recognition among the customers. For example, if you look at the company Apple, everyone would know that the every product from apple will have a high quality and its worth to spend more money than buying an unbranded products at a cheaper rate. Quirky was competing on all levels with all brands in every product category. This is a losing strategy for any startup. At the start, Quirky could have made a brand name that everyone recognize, they could have done better. Like they could have developed only electronics first, build a brand that everyone love. After that they could have widen the business and go for another, increase one at a time and in this way they could have found more customers, get a better profit. The approach of the Quirky was not very good, Quirky’s product line looks like a random page in Skymall. And in the end they failed to raise and