Step-by-Step: How an MBA Student Turned a Problem With Tumblers Into a New Business in Less Than a Year
Stainless steel blenders and tumblers are everywhere. People get them as free giveaways at conventions or as corporate gifts. But they’re not always easy to carry around, often having no lids or requiring a lid that won’t fit exactly right on another model of tumbler.
Joe Losito wanted to make a lid that would fit on the most popular of them, including Yeti and RTIC. He got the idea in January and by the summer had started his company, Matrix Lids. It sells lids, as well as tumblers. Losito, who is also working on his MBA at Texas Christian University, says he’s been making about $2k to $3k in sales each month.
This is how he went from idea to product in just a few months:
The idea phase
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