The Magic Coin Pouch has been a huge Kickstarter success, and it’s now on Product Hunt. Support them today! We met up with their founder Elad to learn more about his entrepreneurial journey:
I am a creator, tester and designer of ideas with a passion for collaboration with other talents that I seek out - or sometimes seek me out.
I am currently running the show at Paperwallet; where work is play! My favorite time is spent re-thinking the products that are begging for innovation. As well as working with emerging and established artists from all around the world who create magnificent art & products with us.
I believe that it is easier to find happiness in the 3rd world and underdeveloped countries. Where life is simple, people are real, the air is fresh, and smiles follow you. Africa in particular is really special to me - and I hope to move there one day!
Well, we’ve been creating awesome artist designed, super thin wallets for a few years. I always carried my loose change in the tiny, fifth pocket in my jeans. I knew that there had to be a better solution for change than all the bulky solutions I found on the market. I also kept getting messages from customers who were also suffering from the pain of loose change, so it stayed on my mind for a while. The coin pouch I envisioned needed to be super small and comfortable (like all of our products). It needed to fit in the pocket that I usually kept my coins in - the tiny fifth pocket in my jeans.
We started by creating prototypes which were all really bad and nothing special. The real issue was the closing mechanism… zippers, buttons, clasps, metal bands - they were all too big and thick to keep the pouch small enough to fit in the tiny pocket. I knew I needed to find a different way to close and lock the coins in. After a lot of prototyping we found the solution to be a simple, angled line sewn into the pouch. This simple line divided the pouch into two compartments - one open and one closed. Gravity or a ‘flick’ of the wrist moves the coins between the two compartments. Walla! Magic Coin Pouch invented!
Know your audience. Know what they want, what they need, and how they feel. Then test and survey your audience until you know you’ve got a product they want. Once you know what they want then you need to tell the perfect story. Spend lots of time working on your story, and tell it with images, good images. Test the story on your audience and iterate based on their feedback. My top advice is: Don’t rely on luck - if you haven’t done all that I stated you need lots of luck.
Idea Hunt was spectacular! I didn’t know what to expect when I sent my backers to the hunt and was so surprised the next day when I experienced new heights of engagement between backers. I use Kickstarter as a way to market the Paperwallet brand and gain new customers. One of my top goals is to get my backers to interact with me, the brand and each other. Creating such engagement is not an easy task, but Idea Hunt made it effortless! We chose two winners for the Idea Hunt. The top idea was very creative and we’re looking into making it possible for our backers.