Innospark : x-culture project
A brief history of the company, including the history of its international operations (if applicable)
Innospark is a company created by Vita Markevičiūtė. Innospark produces and sells educational toys for children. Creative education is what they believe in. The educational play light table is their main product and it develops the creativity and the constructive thinking of the children.
In June 2012, Innospark was created in Lithuania. The owner of the company developed it quickly and succeeded to make his first sales revenues in October 2012. In December of the same year, she expanded her business into Latvia, Innospark’s first international expansion. Innospark has recently participated in a toy fair event named “Toyzeria” for Middle East.
The products of the company are not sell in a store but to the customers because they are generally not familiars with the products and therefore, they need presentations in order to understand how the products are working. It is the unique sale channel of the company. A brief review of the existing products/services. If the company offers many products, special
attention should be devoted to the one product or product line that should be offered in the new market, including its comparison with competing products offered by other companies. If you are suggesting developing a brand-new product (“the next big thing”) or a modification of an existing product, provide a more detailed description of the product design and features.
Innospark’s main product is the educational play light table. This table costs €211 to €249 and is designed for children from pre-school to primary school. The children can play with sand while observing the shadows and colours thanks to two daylight lamps. According to Innospark, the light table improve several abilities of a child such as his artistic expression, his social skills and so forth.
Next to the educational table, Innospark sells accessories such as sand and water tray, forest tales, sea tales, letters and number, sand creations, nature treasures, etc.
Moreover, the company produces and sells sensory play space divider that helps the children to develop their sensory skills. They can decorate the panels with cocoons and spikes that are available on their store too. This product costs €78 to €405.
Finally, Innospark sells a furniture toy tetricube that engage the children in creating and designing their own space and is available for €260.
The light table is the flagship product of Innospark and it should be offered in new markets because it is already successful in Lithuania. In order to succeed, they should continue to innovate on their product because there is an existing threat of competition. They could for example develop a sound system in order to work on more senses or use the lamps for a colour therapy to relax the children.
In our opinion, Innospark should develop the light table technology on other devices such as tablets. Actually, it could be a great opportunity to increase its target market and sell its products not only to schools or companies but also to families. Moreover, by using the tablet system, children could share their creations with their friends or parents if the tablet is connected to the Internet and be controlled by their parents too. Key competitors and analysis of strengths and weaknesses compared to the competition, including in terms of (a) the product quality and service, (b) prices, (c) market share, and (d) threats and opportunities in the foreseeable future. This section should be given the most attention and should provide concrete numbers and comparative analysis.
TOYS "R" US INC.
Strength: research and development
Weakness: marketing and distribution
Threat: Possible competitors
Opportunities: Alliance with strong company or parteners. innovative approachMilestone 4
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