Consumers who put emphasis on design in products with the same functions are recently increasing.
Design company 'TOYOYO', which is receiving support by the Gwangju Institute of Science and Technology, is continuously developing 'idea products' that add more entertainment and fun in daily life and have been recognized for product competitiveness by consumers not only due to its highly advanced technological functions but also excellent design. We organized our questions on the company and product in Q&As through an interview with CEO Young-min Jeong of TOYOYO.
(Photo: CEO Young-min Jeong of TOYOYO)
Q: Could you introduce about your company to us?
A: We started as an industrial design company and have experiences of providing design consulting to other companies. We've developed our own products since 4 years ago and launched 12 product types in total, which are exported to 11 countries now.
Q: Could you talk about the core human resources that are leading the company?
A: I did not want to put any restrictions on the level of education, age, and gender when establishing our company. Thus, I organized the human resources based on this consisting of team members for product planning, website production, visual materials, overseas marketing, product monitoring, etc. according to necessity.
Q: What is the product/service/solution/technology you are introducing to us?
A: TOYOYO is developing idea products that can bring fun and amusement to everyday life. The first one we developed is a tea infuser called 'TEAMOONG', a type of tea filter produced using liquefied silicon based on a spa monkey model. When a tea leaf is put in and infused for 2 to 3 minutes in hot water, the monkey face becomes completely red and the user can drink the tea then. Moreover, we have also released various products such as GURUM cup cover, DANGLE PEN, TRICK BOX, etc.
Q: How is it differentiated from other company products?
A: We have many strengths in terms of design with advanced mass production in Korea and quality management. TOYOYO's differentiating factor is that it continues to strengthen its brand positioning for consumers to perceive it as 'My brand'.
Q: What are the specific achievements you've made so far?
A: We've been receiving more attention from many companies as we develop more products. We've recently been working with Boots, a subsidiary of Shinsegae, in Goyang Starfield Store and have also received inquiries from other companies such as Artbox and National Museum of Contemporary Art.
Q: Are there any issues of partnership and investment you are discussing?
A: We've been discussing on an exclusive contract with a Chinese company that we've had business with since 3 years ago and have agreed to meet in Hong Kong during the second-half of this year on a 100 ~ 300 million KRW deal.
Q: What are your future plans?
A: We plan to launch one product model in the second-half of this year and another one in the first-half of next year. Future products will be much more entertaining than now, and we will be focusing on developing products that are interoperable with other contents such as web.
Q: Finally, what is the ultimate vision/goal pursued by your company?
A: Our goal is to 'do something fun and valuable'. Although we are focusing on the development of idea products, we are exploring ways to strengthen contents and videos and review products while studying the fast-changing trends.
The Gwangju Institute of Science and Technology was established to nurture talented human resources of advanced science and technology, promote collaborative researches with industries and education/research with foreign countries, and contribute to national science technologies and balanced regional development. The institute is carrying out plans such as building a global campus equipped with global competitiveness through the 'Cradle of creative science and technology for the future', proposing an innovative research model through collaborative global convergence research and convergence across academic disciplines, and nurturing human resources for youth startups for generating national growth engine. The IR pitching video created with the support of Gwangju Institute of Science and Technology is one of the projects to successfully attract investments for excellent startup companies.