Retail experts launch Consumer Product Innovation Lab
by February 24, 2012 12:14 pm 105 views
Budding entrepreneurs from around the globe could begin flocking to Bentonville to pitch their product ideas to savvy retail experts closely linked to Walmart.
Bentonville-based 8th & Walton best known for its Walmart supplier education programs, recently launched a new division in partnership with some of the biggest names in retailing and consumer product marketing.
The initiative aims to help more start-up companies succeed in selling to the masses with a select few getting capital and intense mentoring via the new Consumer Product Innovation Lab in Bentonville.
Matt Fifer, founder and partner at 8th & Walton, said Bentonville offers expertise unmatched anywhere else in the world. He said the local concentration of knowledge about taking consumer products to market is second to none.
Aside from being home to Walmart, Northwest Arkansas also offers a connection to more than 1,200 of the most successful consumer brand sales teams with offices here.
Fifer estimates the new Consumer Product Innovation Lab will see about 1,000 applications from aspiring entrepreneurs a year. Between 2 and 5% of those will be selected to partner with the lab.
Like the reality television show Shark Tank, start-up companies will give up a small equity stake in their companies to partner with a team of experts who can help them successfully take their product to the mass market, and provide access to capital.
According to a study by Harvard Business School, 30,000 new consumer products are launched each year and 95% of them fail.
“Our objective is to get personally involved in these early stage companies by bringing the best of the best together as teachers and mentors to these companies and dramatically improve their chances of success,” said Bob Connolly, retired merchandising executive from Walmart. Connolly is one of a dozen or so mentors who have signed to the project.