Mango Grip Summary Questions 1 
Video
Magno-Grip
Andre Woolery, Founder of Magno-Grip, had an unusual inspiration for his innovative work gear. In fact, Andre created a utility armband three years ago for his brother-in-law, the make-up artist, to help keep the important accessories close while working with a client. The make-up utility belt sparked the thought of what other professions might require such a tool to organize efficienly. His thought process led him to construction and repair services. His first product was the utility wristband called the Magno-Grip, which is equipped with a magnetic strip over the entire circumference of the wrist.
Andre bootstrapped Magno-Grip with $5000 dollars of personal savings and $40,000 of funding from his family. He learned though bootstrapping how to become more resourceful such as developing marketing initiatives. Magno-Grip didn’t want to be a one product wonder and Andre has created a line of products that he hope will work well in the market. While Andre has taken the time to develop the collection, he has not been able to focus on the other full time task of fundraising. He feels that this is the crux for other start up and existing companies because the act of fundraising is quite tedious. It requires extra meetings that can take away much needed attention for the day to day business.
1. What bootstrapping techniques did Andre Wooley use? What other ones could he use?
2. What recommendations would you make to balance the day to day with the fundraising?
3. Assuming Magno-Grip started as a part-time venture, which of the five major categories do you feel Magno-Grip would best start in? Why?
Magno-Grip
Andre Woolery, Founder of Magno-Grip, had an unusual inspiration for his innovative work gear. In fact, Andre created a utility armband three years ago for his brother-in-law, the make-up artist, to help keep the important accessories close while working with a client. The make-up utility belt sparked the thought of what other professions might require such a tool to organize efficienly. His thought process led him to construction and repair services. His first product was the utility wristband called the Magno-Grip, which is equipped with a magnetic strip over the entire circumference of the wrist.
Andre bootstrapped Magno-Grip with $5000 dollars of personal savings and $40,000 of funding from his family. He learned though bootstrapping how to become more resourceful such as developing marketing initiatives. Magno-Grip didn’t want to be a one product wonder and Andre has created a line of products that he hope will work well in the market. While Andre has taken the time to develop the collection, he has not been able to focus on the other full time task of fundraising. He feels that this is the crux for other start up and existing companies because the act of fundraising is quite tedious. It requires extra meetings that can take away much needed attention for the day to day business.
1. What bootstrapping techniques did Andre Wooley use? What other ones could he use?
2. What recommendations would you make to balance the day to day with the fundraising?
3. Assuming Magno-Grip started as a part-time venture, which of the five major categories do you feel Magno-Grip would best start in? Why?