Innovations are commonly known as using concepts in real-world contexts to produce new products or services or enhance the quality of existing ones. On today’s episode of The Small Business Show, we’re joined by Patrick Frank, Co-Founder of Float Factory and COO at Patient Partner. Frank will discuss how innovation can lead you to create a unique product.
The concept for Factory Floats originated at a lakeside bachelor celebration and evolved into the goal of reliving childhood fun and memories. On the other hand, Patient Partner helps you through your medical journey by providing a community of like-minded people and a network of top doctors.
Key Takeaways:
1. Despite lacking experience in product design, Factory Floats’ founders worked hard to educate themselves on creating the product they wanted.
2. The group began by assembling inflatables and exercise mats using glue. They later took pictures, made preliminary sketches of the designs, and then sent them to manufacturers in different countries. Frank said, “We found someone just as crazy as us and got started.”
3. The critical differentiator between Factory Floats and other float companies is that “We created a market. In that sense, we created a market of dynamic floats,” says Frank. However, having fun is the company’s main objective.
4. As a company, they believe they have made every mistake imaginable. But with those mistakes, they learned and continued elevating their designs with the help of negative customer feedback.
5. Frank advises other entrepreneurs to take action. Remember, “An object in motion stays in motion.”
“Every product we’ve built is dynamic by nature. Implying that you can still do stuff with it.” – Partick Frank
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