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In the highly competitive cattle show industry, the quest for perfection drives exhibitors to seek every possible advantage. Hair quality often determines victory, leading to countless hours invested in maximizing hair growth. Recognizing a strong demand for innovation, we developed a revolutionary product tailored to exhibitors' needs, gleaned from discussions with over twenty industry professionals. Partnering with Sullivan’s Supply for product distribution, we aim to fulfill market demands and grow our venture. Through this journey, we've learned invaluable lessons about consumer needs and successful collaboration.
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COOL-IT Innovation Fueling Champions Levi Spain
TheIndustry The Pursuit of Perfection
Meet a need • The show cattle industry is highly competitive • Exhibitors are willing to do almost anything to get an advantage • They say hair is money… • Nine times out of ten the calf with the most hair will win • Countless hours are spent maximizing hair growth • Supply and demand • With such a strong demand for an outcome we set out to develop a product that will provide a innovative solution • By doing this we created a product that gives exhibitors the advantage they are looking for
Interactions • The Exhibitors • We talked with over twenty different exhibitors about the needs they had and applied that knowledge to our product design • The Distributors • Sullivan’s Supply • Showstoppers • Weaver • Other Entrepreneurs • We were able to contact a guy who had done something similar to us and gave us insight to what we could expect and how to best deal with the larger companies
CanvasChanges • Partners • Key Activities • Key Resources • Customer Segments • Value Proposition • Channels • Customer Relationships • Revenue Streams Customer Segments Value Proposition Key Activities Key Resources Partners
LessonsLearned • I learned many different lessons throughout this process • The best way to learn is by doing • Class learning isn’t always accurate with the real world • Working with a large company • We spoke with three different large companies and learned how they operate • They move at a much slower pace than a entrepreneur • Looking out for the best interest of their company • Want the competitive advantage over the competition • Business Lessons • If you have a product that fills a consumer need companies will want to work with you • Understand the consumer and the needs they have • Establish goals/ expectations upfront
Results • We had some specific goals in mind at the start of the project • $20,000-40,000 upfront payment • This gives the company full rights to our product • 12-17% royalties on the profit of each unit • With a minimum of 1500 sales per year • Outcome • We partnered with Sullivan’s Supply because they had the most to offer us • Largest market share • Product development/ marketing • As of right now they have said that there should be no problem meeting numbers in the range we are thinking. • They are still doing product development so could not give us the final numbers until they finalize the development.
Wheredowegofromhere? • This Product • We are very pleased with the response we received from all of the companies • There is a need in the industry we believe we can fill • Moving Forward • We have a number of products that we are developing and will offer to the companies in the next few months • Biggest takeaway • There are some real challenges when developing a product for a company. Overall it is really fun to work to understand the industry and meet a need within it • Patience and persistence
