Fidget Spinner vs LEGO: A Prototype to business success
Updated: May 7, 2019
Fidget Spinners have created an economic boom that the toy industry has never seen before, with estimates of sales in 2017 of upwards of $500M according to a Fox Business article published in May. And yet, what is the takeaway from a product that sat dormant for years since being invented in 1993, remaining below the radar of the ever watchful toy industry before exploding into the spotlight? Can anything be learned from this craze that could serve as a prototype to the sustainable, repeatable successes coveted by a company?
Now compare this to the slow and steady growth earned by LEGO, steadily rising from $23B of revenue in 2012 to $38B in 2016 with continued growth in the single digits projected for the future. Furthermore, LEGO has enjoyed being of the 10 most respected companies worldwide over the last seven years, earning the prestigious ranking of the 2nd most respected company worldwide in 2017. Lastly, it is also worth noting that over 400 billion Lego bricks have been produced since 1958. It is the Lego model which should be the prototype of success to model our companies after and not the fleeting success enjoyed by the most recent craze.