Episode #29: Are You a Toy Inventor or a Toy Entrepreneur?
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Have you ever wondered if you are a Toy Inventor or a Toy Entrepreneur? In today's episode, The Toy Coach is back to explain the differences between the two and point out why you might be both. Azhelle walks you through the meaning of there roles at both the corporate and independent levels and explains how your toy career could benefit from seeing yourself as both!
You’ll learn what aspects of being a Toy Entrepreneur and a Toy Inventor are the same, and how the final development phase is the main point of difference between the two. To find success as a toy inventor or toy entrepreneur you’ve got to understand what makes these roles unique and where they overlap.
Ready to learn? Let’s go!
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This episode is brought to you by thetoycoach.com
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Azhelle 00:00
You are listening to Making It in The Toy Industry, Episode Number 29.
Intro/Outro + Jingle 00:07
Welcome to Making It in The Toy Industry, podcast for inventors and entrepreneurs like you. And now your host Azhelle Wade.
Azhelle 00:17
Hey there toy people Azhelle Wade here and welcome back to another episode of Making It in The Toy Industry. This is a weekly podcast brought to you by the toy coach calm. What would you say? If I invited you to a live hangout with me? That's my coach. Well guess what? You can hang out with me live this Friday on Instagram. Just search the toy coach on Instagram. Follow me and check out my stories. There. You're gonna find a countdown to my live event on Friday. And you can just tap the countdown so that you get a reminder for the event. If that sounds great to you, then I will see you this Friday for a little bit. Toy talk. Before we get into the episode, I do want to make another announcement about a project I'm working on. If you need a little help turning your toy idea into a reality, then I want to invite you to check out the toy creators Academy. What there's an academy. Yes, there is. And it's coming this fall and it will be entirely digital. So if you're intrigued, head over to toy creators Academy comm and join the early access list. So you'll be among the first to know when the digital course goes live. As a founding member of the course you'll Of course get the best price that will ever be available. And I hope to see you there. So for our conversation today, I wanted to talk to you about the difference between being a toy inventor and a toy entrepreneur. And I really want to get into To a conversation about why you may be both or if you're not, you could benefit from seeing yourself as both. One of the most important parts of developing a toy idea is understanding the current market need for your toy, right. And similarly, and in parallel, one of the most important parts of developing your career in the toy industry is understanding the current market need for you. By the end of this episode, I want you to have a better understanding of how these roles look at a corporate level at an independent level and why viewing yourself as both could expand your network and increase your opportunities. Okay, so let's get started. So first up, let's talk about what is a toy inventor. Now a toy inventor is essentially a person who's an idea machine. They're usually super creative problem solvers, who really enjoy the process of creating a toy. And that's everything from illustrating to prototyping, testing and refining their toy or game ideas. Now, toy inventors prefer to spend their time Id ating new ideas than overly developing any one idea and going into the details of, you know, what licenses would be applied to it, maybe what themes it will have. Aside from turning out idea after idea, inventors master the art of the perfect pitch, usually choosing the medium that works best for themselves and for their target client. So Tony inventors might pitch their ideas in person with functioning prototypes. I mean, I'll be it Not right now due to COVID, but normally, they might pitch their two ideas with video with a two minute sizzle showing the product prototype in action. Or they might pitch their ideas with a concept sketch and a PowerPoint presentation. Now, toy inventors aren't interested in investing in manufacturing or building up a business to handle customer requests and product distribution. Instead, they decide to focus on pitching as many ideas to existing toy companies that they possibly can. And they're looking for toy companies that already have the structure in place to bring their ideas to life to take them to the next level and they focus on collecting royalties. Now did you know that there are two paths to becoming A toy inventor in the industry. So you can go the professional path where you actually would work for a toy company, and invent ideas for toy or game products exclusively for them. Or you can go it alone and be an independent toy inventor. So, you know, not everybody knows that there's these two paths, because when you work for a company, you're not really called a toy inventor, but it is something that happens is just a part of the job. So first, let's talk about, you know, this professional path, like what it looks like. So if you'd prefer the security of a full time job, but you've still got, you know, that creative fire of an inventor within you, then being a professional toy, you know, designer slash inventor might be the best path for you. So while toy companies like I said, don't normally hire specifically for the title inventor. There are actually a variety of roles in the toy industry that would land you in a similar field of product development that would actually allow you the freedom to invent for the company that you're employed by. Now, inventor types like inventor personalities can be found in Toy companies in all kinds of roles. They might be directors, they might be senior designers, they might be assistant managers. These overachievers in these roles have schedules already filled with day to day tasks, maybe product development initiatives, but because they have the heart and fire of an inventor, and they love coming up with new ideas so much, they actively carve out time in their work week to to brainstorm ideas, and invent for their employer. Now, I do want to stop here and just say, obviously, when you are working full time for a toy company and you're coming up with new product ideas, you don't get the same kind of benefits like royalties that you would if you were an independent inventor. But this is a really safe route. And some really great companies offer you the opportunity to be listed as part of the team that came up with a concept maybe on a patent that they might file if you're inventing something brand new. Now, let's get into the second path. And I'm guessing that most of my listeners fall in line with this second path more and you guys are mostly independent toy inventors. Now independent toy inventors usually start out inventing Toys part time. And most often, they start doing it outside of their full time actually non toy related careers. And after some success, they may choose to become professional, full time toy inventors and just work for themselves all the time inventing toys or games and pitching just dozens and dozens of ideas to different toy companies regularly. So those are the two types of toy inventors. That's the definitions. You know, I love to start out with definitions. So now we're going to get into what is a toy entrepreneur. Now a toy entrepreneur is someone who takes a singular toy idea and decides to take on the financial risks necessary to turn that toy idea into a full on toy business and That could be b2b or b2c. So usually, toy entrepreneur is super passionate about this one product or this one category. And that passion gives them a long term vision for themselves and for their toy product, or I should say, it drives that long term vision. So they look at the big players in the toy industry, and they, you know, want to be like them. So they're reminding themselves often that at one point, those big players started off just like they are just as a small time entrepreneur. So toy entrepreneurs or you know, you could call them toy printers. I started that you let people know. Usually they start off as solopreneurs. So working on their own, they develop their toy ideas and test them with the help of friends. Family and consultants. They'll establish their own supply chain and go to toy shows to generate market interest for their product or maybe even start out at craft shows start direct to consumer. Now toy entrepreneurs strategically plan and budget to attend industry trade shows to showcase their product. Their focus is on creating connections with toy buyers and salespeople, maybe even agents to land product orders. So toy printers may either be working b2b which you know means business to business. So they take so in that case, they take only wholesale orders from retailers both like large retailers and small retailers wherever they can get it. Usually toy printers are just, you know, struggling to get like that initial buy in have their product. Now other toy printers might function on a b2c model where they're working business to consumer. So they're taking orders from individual consumers online. I know some that have started on Etsy. And then after some significant sales have decided to move to their own websites, or move to sites like Amazon. Now most toy printers are a combination of both b2b and b2c, which allows them to spread the risk of the business out a bit. But also, when toy printers are just starting out, a lot of times to get that b2b business, you're going to need some proof of concept for your toy, which you'll get by doing the initial b2c. So not having all your eggs in one basket means that your revenue stream is coming from multiple sources. So if you're a toy printer, you want to make sure that not all of your work. Orders are not all of your revenue is tied up in just a few big orders, but that you spread it across your b2b channels, and that you also have income coming steadily from direct to consumer sales or B to C. So for toy printers, growing a relationship with your customers that is positive and and delivering a really positive customer experience online is extremely important for that b2c model. And if you manage it really well, positive feedback and the growing online popularity that you generate from that b2c model can help influence buyer interest in the b2b model when you go to toy trade shows and you're trying to connect with retailers. Now, toy entrepreneurs take on a whole lot more risk than toy inventors. And that's because they are essentially building a whole business. They're usually holding on to inventory before they've even sold the product to reduce order shipping times. They've got to have business insurance. And depending on their size, they might need to hire a team to help you know either managing product quality or customer service or delivering goods. Now, I want to point out here that even if you have a small store on Etsy, you're still a toy printer or a toy entrepreneur, no matter how big or how small your brand or your business is, if you are manufacturing and selling your product to customers, whether that's to you know, a buyer at Urban Outfitters, or a mom named you know, Angela from Jersey City, you are still manufacturing product for sale and there You're still a toy entrepreneur. Okay, so now I want to get into why you might be both. And I love this part because people normally think like, No, I'm not both, I'm just one. But it's really important to point out that there are several points of overlap between being a toy entrepreneur and a toy inventor. those points of overlap are, you both come up with ideas. You're both observing and predicting trends and creating prototypes. The main difference between the two is the final development phase, and also who your target client or customer is. But I bet you never thought of it this way that you as an inventor, or you as an entrepreneur, could actually benefit from seeing yourself as a little bit of both of these roles. And not just one. Now, if you're an inventor first and foremost, we're gonna just get into how you also might be an innovative or an inventive entrepreneur. And if you're an entrepreneur first and foremost, I want to talk about how you might benefit from seeing yourself as an entrepreneurial inventor. All right, so first, we're going to talk about those of you who see yourselves as an inventor first, and I'm going to call you the innovative or inventive entrepreneurs. Now, if you're an inventor first, I know you may be really turned off right now by the idea that I'm going to try to sell you on why you are also an entrepreneur. Am I right? You might be thinking No, no, Azhelle I am good. I am comfy here in my inventor studio, building my awesome prototypes and sewing up my cool electronic plushes I just want to submit them to the portal but just hear me out the toy industry as You know, if you've been in it for any amount of time has always operated really strongly on relationships and word of mouth. If you're just starting out as an inventor, your top priority should be getting known in the industry as an inventor. And if you've been in the industry a little while, and your name isn't Top of Mind, maybe you're not a pro inventor yet, you should still make this your priority getting known in the industry as an inventor. Now, that process of marketing yourself, or your inventor studio, is kind of Yep, it's you marketing a business. So if you as an inventor start to recognize yourself and your studio as a business. And you start building a plan to advertise that business and the accomplishments of your business aka yourself. I guarantee that as more people come to know you more opportunities will come your way. So as an inventor, if you can start seeing yourself as the entrepreneur that you really are, have your inventor studio and start prioritizing to increase your visibility. And you can do that through social media platforms like LinkedIn, but also through networking when we get back to being in person or with virtual networking events. Doing all of this is going to help you push your inventor studio or yourself your identity, whichever marketing identity you decide to go with. You want to push it to the top of the mind of the decision makers at toy companies. You want your name synonymous with just innovative ideas. You want toy company meetings to go like this. You want the director to say something like man, we really need to set up our game in the preschool category. Did you see what that other company did? We've got to innovate. Then you want someone else to go, you know, let's call Ashley invent LLC, they always have amazing ideas to pull from. That's what you're aiming for. Okay? So you want to make sure that you're making as many connections as you can. And when you're connecting with 20 people in the industry, don't be shy, share your accomplishments and share what you can do. Now, we're gonna move on to the entrepreneurs in the room. Anyone that sees themselves as an entrepreneur, first and foremost, I'm going to call you the entrepreneurial inventors. Now, let's talk about what this means. Now, we already know that a toy entrepreneur, you know, just a quick reminder is someone who takes one toy idea and with passion just runs with it full steam and built a full business. But did you ever stop to realize that as a toy entrepreneur, you're also kind of a business innovator and being an innovative in this business means that you've either come up with an amazing new toy or game or product idea. Or perhaps you've built a really unique business model, maybe identified some white space in the market that was overlooked. Or maybe you just negotiated really amazing business deals that allowed you to kind of take control of the market and offer a better, more competitive price. And did you know that the word innovator is synonymous with inventor. So as a toy entrepreneur, if you want to create a business that stands out from all the rest, it is really important that you embrace the fact that you are an inventor, and apply that inventor side of you to every aspect of your business. You should look at industry standards, and just challenge them with creative new ideas that could maybe improve your customer experience or increase your profits. Your toilet company will benefit from your inventors mind. If you regularly analyze industry standards like supply chain practices, return policies, materials, even models selected for packaging, and creatively problem solve for new solutions, you might be able to create a toy delivery service that's as easy as parents to use as Amazon or build a toy product line that intentionally enhances child development through play with measurable results. A toy entrepreneur with the mind of an inventor can constantly analyze the state of the market and problem solve to make a better product and make a better business model that can function even more efficiently than the year before. And if you have that inventors mind, you're going to actively look for ways to free up your time. So that you can keep inventing for the business, because you know that your time is more valuable spent coming up with new ideas for the upcoming year than it would be, you know, responding to customer complaints or returning merchandise or checking shipments. So I hope that this episode gave you guys a fresh perspective on who you are in this toy industry. I really just wanted to make it clear that when I tell you guys I am here for inventors and entrepreneurs, I made that distinction because I know many people see it as two separate entities, but I really do see them both as just two sides of the same coin. So in conclusion, I want you guys to remember this. The difference between a toy inventor and a toy entrepreneur is that one sells products and the other sells ideas. But that doesn't mean that they both did shouldn't be practicing the same strategies and techniques to Elevate and improve the way that they sell those products and the way that they sell those ideas. Okay, now it's time for another listener spotlight. I'm really excited. This is my first listener spotlight, where I get to celebrate some of the cool toys you guys are working on. I love this new product from Jeff lorber This item is called Marvel's and you guys really have to go check it out. It's alive on Indiegogo. But you can also get that link at Marvel's calm. I'll put the link in the show notes. But let me tell you what this toy is all about because it's super cute. So these are adorable little figurines that literally look like a marshmallow just sprung legs and arms and is like moving around with magnetic limbs. So marbles are described as a fun fidget toy that promotes sensory awareness, tactile and audible stimulation. When you snap on the little legs and little arms, you'll hear a fun like magnetic clicking noise. And they're really beautiful white figurines that encourage you to dress them up with fun little accessories, and paint on them or draw on them with markers. And they just kind of remind me of the original, just plain white vinyl figurines, but I gotta say, I think they're a little bit cuter. So I really want you guys to go check out Marvel's by Jeff Lauber. He is a listener of this podcast, and I asked everyone to submit their products for me to consider to share with you guys and Marvel's really stood out to me it was probably the fun name. Now their Indiegogo campaign it looks like it's done, but it was fully funded. So the product is coming to life but still go to their website. Go to the Indiegogo so you can watch the fun adorable video of these cute little marshmallow looking creatures Jeff, I wish you the best of luck and middie listeners if you want to submit your finished toy products for me to highlight on the show, just join the Facebook group and I will show you exactly where you can submit them. As always, thank you so much for joining me here. I know there are so many podcasts out there and it means the world to me that you decide to tune in to this one. If you haven't already left a review and you love this podcast, then please leave me a message. I work really hard to put together these episodes for you guys each and every week. And your positive reviews and uplifting messages, put a huge smile on my face and encouraged me to keep going. So until next week, I'll see you later toy people.
Intro/Outro + Jingle 24:49
Thanks for listening to Making It in The Toy Industry podcast with Azhelle Wade, head over to the thetoycoach.com for more information tips and advice.
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🎓Learn more about how you can develop and pitch your toy idea with Toy Creators Academy® by clicking here to visit toycreatorsacademy.com and join the waitlist.