It started with a game called Earth Buddy, a sawdust-filled pair of pantyhose packed with grass seeds that grew when watered. It turned into a $700-million-a-year company with over 600 employees worldwide. Now, Spin Master is giving back to young entrepreneurs. By partnering with the Canadian Youth Business Foundation (CYBF), the company has established a $50,000 Spin Master Innovation Fund. If you’re ages 18-34 with a killer business idea (and solid business plans to prove your potential profitability), you could be eligible for a slice of the $50,000 pie. Check out this link for more details.
Toronto-based Spin Master is no stranger to the trials and tribulations young entrepreneurs face. The company began in 1994 by three University friends named Ronnen Harary, Anton Rabie and Ben Varadi who only had $10,000 to their names. Their story of entrepreneurship and reaching a tremendous achievement is inspiring. Spin Master’s first product was called the Earth Buddy and its immediate success gave them the leverage needed to pursue their next great idea. In 1996, Spin Master teamed up with two British inventors to launch the Air Hogs Sky Shark which catapulted the company into international success. Featured on The Today Show, Live with Regis and Kathy Lee, as well as Time Magazine and Popular Science, Spin Master lived up to its goal of always creating and designing its own innovative products. To this day, the company prides itself on creating toys that have never been done before.
The company hit turbulent times in 2007 when Aqua Dots was recalled due to health and safety hazards. Aqua Dots was a craft kit with multicoloured beads that fused together when sprayed with water. The coating on the beads contained a chemical that if, swallowed by children, resulted in comatose, respiratory depression and seizures. Spin Master reacted accordingly and eventually bounced back from the incident. That same year saw the company signed its first worldwide master toy licenses for Storm Hawks and Yo Gabba Gabba.
In the last few years, Spin Master has really branched out beyond toys to become a full-out entertainment company. It is now working on producing its own television shows and creating online content. Its aim is to diversify now more than ever. Even with all the changes of the company (success included), it has always stayed true to its core values: having fun while creating innovative products for young minds.
Now, to give back to young entrepreneurs whose aim is to reach such great heights of success, Spin Master is proud to team up with CYBF. They’ll provide funding and support to young business minds that also strive for success through innovation.