Before the rise of their company MVMT, Jake Kassan and Kramer LaPlante started out as two dropouts in college with a dream to build an empire. Passionate about luxury watches, but tired of seeing big brand markups with high prices, Jake and Kramer decided to do something about it. It would be unknown to them that their company would soon reach profits of $60 million annually in just a short three (3) years.
Jake and Kramer Took Their Idea to Indiegogo
Coming up with the ideas they wanted for their watches was no issue for Jake and Kramer. However, what challenged these two college dropouts was getting the financials they needed to get the business started. Being fresh out of college without a degree was definitely not an advantage, and on paper, many wouldn’t think this would be the humble beginnings of a watch empire.
Indiegogo, the world’s largest crowdfunding campaign website, was the best option for these bright-eyed entrepreneurs to get the funding they needed to help push their idea of reinventing the watching industry. The two businessmen then posted their campaign to the site and waited to see if others believed in their dream.
Indiegogo Gave Them the Startup Money They Needed to Launch Their Brand
Over the course of 2013, Jake and Kramer raised over $300,000 for their campaign. This was the second highest fashion campaign on Indiegogo for the year, giving the guys the hope that their brand was going to thrive.
Taking these funds, Jake and Kramer built a line of high-quality watches that disrupted the accessories market. By cutting out the middleman and offering direct-to-consumer designs for the minimalist and modernist, they created a luxury line that would be both appealing and affordable (averaging prices between $95 to $140).
Success on Social Media Platforms like Instagram
With a great idea in place and a strong crowdfunding campaign, it was time for the guys to start their marketing initiative. Although they had revolutionary prices and a groundbreaking product line, Jake and Kramer knew they needed something else. Wanting to push their success to the next level, they worked hard on networking, marketing, and promotions to help with gaining even more attention for their products.
These two business owners wanted to remain private, without outsourcing investments outside of their initial crowdfunded campaign. In order to do this, they knew they were going to need to market heavily throughout social media outlets to help gain sales for their company.
Instagram became a popular avenue for these entrepreneurs, just like many before who have launched wearable products. Allowing the guys to upload photos of their watches, they began to market themselves through the popular app. Utilizing sponsored ads and the hashtag #jointheMVMT the band went viral by inviting consumers to upload fan photos of their watches from around the world.
Additionally, through celebrity partnerships with Kylie Jenner, Scott Disick and Klay Thompson, MVMT, was able to garner even more exposure and market share. MVMT understood just how beneficial these projects would be to their campaign.
MVMT Watches Now Project $60 Million in Revenue Just Three Short Years Later
Months of marketing and research helped the two college dropouts, Jake Kassan and Kramer LaPlante, reach people on an international level. Online marketing through social media helped create a solid percentage of international revenue. In fact, 50% of their sales and revenue this year will be from international sales.
With over 50,000 unique visitors visiting the MVMT website daily, these guys have now projected to make $60 million in sales. This translates to a minimum 400% YoY gross revenue - not bad for two “college dropouts”.
Showing determination, dedication and motivation, Jake and Kramer show that entrepreneurs are able to succeed and thrive without following a traditional path. In fact, having passion and agility can prove useful to the success of all startups.
MVMT Owners Are Showing College Degrees Can Mean Virtually Nothing
As an entrepreneur, it’s not about whether or not you have a degree that will dictate your success. Knowing the business world, understanding the value of marketing, and having a great idea you’re passionate about are the key factors to owning a successful business.
MVMT was created on a vision and with a tactical strategy, the two co-owners were able to launch an idea that is now worth millions of dollars. They exhibit the top qualities every successful business leader needs to have in themselves and in their business.