WHM Day 5: Joy Mangano- President of Ingenious Designs, LLC/HSN

 

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My favorite part of accomplishing something is always what it will lead me to next!

Before there was Lori Greiner, there was Joy Mangano. After a divorce that left her figuring out how to support her there kids, Joy took her frustration with a regular mop and modified it to create a better mop- Miracle Mop.

In 1990 she created a prototype and had 100 mops made, which resulted in a development process that cost almost $100,000 that she had saved and borrowed.

With a little advertising and a lot of boots-on-the-ground sales, she sold a few thousand of the mops that first year, with her children helping her fill the orders. In 1992 she pitched the Miracle Mop to QVC executives. The executives chose to air the product without Joy, and it didn’t do well with audiences. She asked them to allow her to do the next show giving demonstrations. Her first appearance on QVC helped the Miracle Mop sell out—more than 18,000 mops in less than a half an hour.

Joy went on to create many more products and QVC helped launch her invention business. In 1999 she sold her company, Ingenious Designs, to the parent company of the Home Shopping Network (HSN), and she stayed on as the company’s president.

Think your invention can’t sell? Find your voice, build your confidence and get out there and sell until someone buys it. Be open to feedback and criticism. You will receive many “no’s”. But don’t let that stop you. Use them as practice to refine your presentation until you get to YES.

Til next time,

Adrienne Graham
Founder, Mogul Chix, LLC

 

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Adrienne Graham is the Founder of Mogul Chix (www.mogulchix.com), a global company and community for female founders and women entrepreneurs. She works with female-founded companies to grow, scale & making them investment ready. She is CEO of Empower Me! Corporation, a growth strategies consultancy for high growth companies. She provides Strategic Business Growth advisory services to companies with high growth potential to assist clients in creating processes and strategies to effectively scale, run, grow and position their business for success. Adrienne is an author, serial entrepreneur and avid techie dedicated to promoting inclusive diversity in the tech, VC and startup community. She is steadily building her empire one company at a time. She is also a Mentor for the Straight Shot Accelerator in Omaha, NE, which helps guide startups into successfully launched ventures.

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