Julep is a new beauty company that boasts a major difference. CEO and Founder, Jane Park and her team of professionals have recently launched a community forum called Idea Lab that unusually involves customers in the product development process, an effort that will help the company get a feel for what their shoppers want, Using a Kickstarter model, Julep offers new products once they are funded by the forum’s community.
Park explains, “Idea Lab is trying to do two things — speed up product development and time-to-market, and get a preliminary sense of customer interest to manufacture from the get-go.”
This social way of innovating is enabling the team to gather feedback before the product is put into production, decreasing the risk of it completely flopping. A product is uploaded once a month and each comes with a video, in-depth descriptions and of course, a financial goal. As Kickstarter does the platform gives contributors the option of giving various amounts and visitors can continuously track the campaign’s progress. Idea Lab is also used to generate buzz around the product so the women feel like they’re in the know first increasing the chance of pre-orders and further success.
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With Julep TV launching soon and backing from $2.5 billion capital firm Andreessen Horowitz and celebs such as Will Smith, it’s fair to say Julep’s future is bright.