Do More With Less - Thoughts from a Successful Toy Entrepreneur
“Products that make sense™”
Adam Hocherman founded American Innovative in 2003 while on his way to Cornell to get his MBA. The company has gone on to flourish, making a variety of inventive time-telling devices largely aimed at children.
What's that you say? Kids can't "tell time"? Well, American Innovative has a solution to that, namely its best-selling Teach Me Time! device which serves as a time-teaching tool and night light all in one. The company also has a number of other adorable time gadgets for kids that parents will also appreciate - largely because the devices encourage children to sleep in, telling them when it's “Ok to Wake” and giving overworked parents a few extra moments of precious sleep.
In addition to its children's products, American Innovative also has a number of products aimed at adults, including its Chef's Quad Timer Series which allows chefs to keep track of cooking times for four different items simultaneously and its Indoor/Outdoor Kitchen & BBQ Dual-Timer for timing cooking in the kitchen.
Hocherman's mantra for aspiring entrepreneurs is “Do more with less.”
“There are two ways to increase the profitability of a business,” he says. “Add revenue or reduce cost. One tends to have more control over the latter than the former, in my experience. You would be amazed at what can be accomplished on a shoe-string budget if you’re clever and creative.”
The Product, The Channel, and First Cost
Hocherman also had some advice for folks looking to hang their own shingle:
“Many new entrepreneurs think there is only one aspect to bringing a product to market – a great product. 'Build a better mousetrap and the world will beat a path to your door.'” “Not so,” he says. “There are three. The product (the idea), the channel (who is going to sell it and at what retail cost) and the first cost (how much it costs you to build it and get it to your point of shipment departure). You need all three to work in unison in order for a product company to work.”
Initially trained as an mechanical and aerospace engineer (also at Cornell), Hocherman worked at Accenture Consulting's Internet Center of Excellence before working at the intersection of technology, geography, and engineering as a VP at Syncline, Inc. Today, Hocherman's company is focused on solving problems through careful focus on the needs of its users and through employing beautiful industrial designs married to intuitive interfaces.
You can learn more about Hocherman and American Innovative at: http://www.americaninnovative.com/
