Innospark was established in Vilnius (Lithuania) in June 2012 by Vita Markeviciute, firm's owner and Chief Executive Officer. It's a newly created firm that develops, produces and sells creative educational tools for children. Formally, it is an individual enterprise managed and owned by Vita Markeviciute. She has had a prior entrepreneurial experience in this industry. Since March 2010, she has created a partnership with other two people but it failed shortly. Despite this experience, she was deeply convinced of business opportunities and potentialities. In the early months of 2012, she founded Innospark and she started to arrange production and to develop marketing strategies (brand look, marketing materials, website and pricing). Finally, in October the firm realized the first sales revenues in the local market. In December, the company started selling light table in all Latvia. From 2013 to 2015, the company consolidated its position in the domestic market. In 2015, they closed their first sales in United Kingdom, Spain, Germany, Estonia and U.S.A..
Product and Operations
The target market of the company are kids and its main goal is to develop new and innovative products, with the aim of increasing children's creativity, develop their progress and stimulate their brain activities.
The portfolio of the company is therefore composed by many different original commodities, the main one is the Educational Play Light Table. This one is constructed with a transparent fortified glass and addressed to the youngest generation: children that are between 3 and 7 years old. What characterizes this table is that there are many colorful and bright lights installed on it and it leads to the fact that kids are always concentrated and attention focused. The benefit is that they freely build the world as they imagine and learn new things. In addition to the lights, on this magic table there is the possibility of painting, putting on the sand or water so that it will provoke to kids happy and positive feelings, reminding them of summer days. Together with the Educational Play Light Table, in fact, there is the possibility to purchase those components which are the sand and water tabletop.
The second product sold by the company is the Sensory Play Space Divider, which are sort of panels that can be managed and set by kids everywhere in the space, so that they can build their own environment as they desire. Basically, thought this instrument they can build their own house, “separate from the rest of the world” and construct it with the colors they prefer.
In fact, they can use for example the handmade pom pom Berries and insert them in the perforated panels, changing them as they like in every moment and creating different fantasy stories.
The third toy sold by the company is the Creative Forniture Constructor Tetricube. It is a soft and colorful forniture available in 7 different forms which can be managed by children as they prefer and be used creatively by them to construct their favourite animals or even useful tables or chairs. Through this instrument, again, their creativity and education increases, while they are having fun. Of course, together with those products, the Innospark company sells also the components that are necessary to play with and those are, in fact, the creativity kits.
We can find the so called “Felt Wool Berries” that are handmade products and, as we previously said, they are utilized for the decoration of the Sensory Play Space Divider.
There are also the Forest Tales and Sea Tales which are composed with many different shapes that can be allocated in the Educational Light Table. Moreover, the other creative kits are the letters and numbers, very useful since thanks to them children can start to learn reading and how to count and lastly we can find the Creativity set, regarding both the Nature as well as the Sand Gardens. Thanks to the items with which the set are composed (like sand, starfish, leaves and tools for sand play), the company inspires children and increases their fun as well as their education.
Due to the peculiarity and complexity of their products, they are not sold in any department store or other physical store. The most important sales channels used by Innospark are direct sales and distributorship agreements. In this way, the firm want to minimize informational gap between customer expectation and products performance.
E-commerce is not as successful and the company is actually trying to define a better digital marketing strategy.
The major clients are early education institutions (such as kindergartens) and primary schools.
...(download the rest of the essay above)