Love watches, hate school?
Turns out you're not the only one.
Here's the story of 2 college roommates (and dropouts) who created their dream business of selling their self designed watches.
About this Site
MVMT is an ecommerce site started by 2 college roommates, selling watches.
Designing, producing and crowdfunding their lanch, MVMT has become one of the most iconic crowdfunding successes.
The whole idea of MVMT started about two years ago (in 2013) while Kramer and I were still in college. We dropped out and went into more than $4,000 in debt to start the company. We used Indiegogo (the world’s second-largest crowdfunding platform) to release our first line—we became the site’s second-highest funded fashion project. They we went on to win Shopify’s Build A Business contest, where we were flown to New York to meet successful entrepreneurs like Daymond John, Tim Ferris & many others.
They were tired of big brand markups - other companies selling watches for about $300.
They realised they could sell them for between $95 and $160 if they cut out the retail middlemen and primarily sold online.
So they set out to create a direct to consumer model.
But how does someone just start designing and building watches?
Where did they learn what they needed to know?
Through trial and error—and doing extensive research throughout the watch industry.
Breakout Crowdfunding Success
After a breakout Indiegogo crowdfunding success - they raised $219,898 when their goal was $15,000!
A crowdfunding campaign is about sharing a new concept to raise money, often for mass production.
More often than not, it involves a prototype, and a concept video.
Check out the actual concept video MVMT used when it started.
It's simple to understand, relatable and resonated with a lot of people online.
Interestingly, they had applied to list their campaign on Kickstarter twice and were denied twice before moving on to Indiegogo.
Never give up!
They also offer a piece of funding advice:
“Don’t be afraid to reach out to your great aunt’s dentist -- even the most far-reaching contacts are often willing to help, whether by donating or sharing the project.”
Marketing via Social Media - Instagram
Watches being a product with such a visual nature - social media plays a big part.
MVMT continues to market through social media platforms, especially Instagram!
How it Makes Money
It's quite evident that MVMT sells watches.
They have since diversified into other product lines as well.
It all started from Watches
The founding story of MVMT started with affordable, elegant watches.
Selling watches is still central to what they do up to this day.
Naturally, it evolved to also include Watch Straps
A natural extension of the watch lines was watch straps.
Creating beautiful, high quality watch straps allows watch overs to change the look according to their mood.
Not to mention this is a high margin product too!
Somehow, Sunglasses also came into the picture
Interestingly, 1 fashion accessory led to another.
Though not exactly related, on MVMT's ecommerce store, they currently also sell sunglasses to complement their watch sales.
How It Is Doing
MVMT is one of those amazing breakout success of really young entrepreneurs who caused a big bang.
Even years after the huge Indiegogo event, their ecommerce store still generates 1,500,000 visits per month!
That's a lot of visits for an ecommerce store!
Visits to their store is pretty diversified.
About one-third are from the US, while the rest comes from rest of the world.
With over 1,000,000 watches sold to customers in 160+ countries around the world, MVMT has solidified itself as the world’s fastest growing watch company.
With revenue of $60 million in 2016, it's one of the most amazing college drop out success stories!
Quote from Jeremy:
Before MVMT Watches launched I was a 21-year-old college dropout with more than $20,000 worth of debt to my name from previous business ventures. So regardless of age, regardless of financials, regardless of formal education and regardless of any other circumstances… Hard work pays off, so continue the hustle and enjoy the process.
Love Jake and MVMT Watches? Like his Facebook Page here:
My Biggest Takeaways...
There are so many lessons I took away from Jake, Hassan and MVMT Watches.
Firstly - ANYONE, even college students with limited resources can achieve so much.
Never doubt yourself and if you have a great idea and a passion behind it, get deep into the subject matter (in their case designing, producing and selling watches).
Also, crowdfunding is one of the most amazing innovation to launch and kickstart a business.
Other than getting the initial funding for production, the buzz it generates is invaluable in putting an unknown brand out there.
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