by: Casandra Kate Escobar
The makers of Moshi Monster share the secrets to their amazing on-line success; building a 30 million registered user platform that generates a $100-million consumer products program. Moshi Monster, www.moshimonsters.com, is an interactive platform that lets kids engage with friends socially. In the United States about 1.5 of every 6 Moshi Monster pet owners are Latino children.
Within 3 years, the founders of Moshi Monsters “burned” threw $9-million of investor money and at the doorstep of bankruptcy, found the way to “turn it” around. How did they do it? Behind the velvet ropes, Michal Smith, CEO of Mind Candy, shares the ten keys to building a successful on-line platform:
1. Fail Fast. Failure is part of the equation of success, watch your steps and fail fast.
2. The Majority follows the Leader. Position yourself to be the leader in your field.
3. Remember the $. Have an accountant and budget to know your financial position at all times.
4. Don’t raise venture capital in the midst of a “melt-down!” Be mindful of the money you borrow.
5. Keep It Social! Kids love to share! Humans love to share!
6. Build a sandbox. Test out your idea before rolling it out big!
7. Story. Engage the viewer with an on-going tension filled story.
8. Be a TV online. Show kids content, give them a reason to tune in and find something new every day.
9. Think big!!!
10. Turn the industry upside down. Dare to be innovative!
I suspect over the coming years many similar on-line success stories will be shared!