Introduction
Project Summary
Design Process
Product Design
Market Research
Financial Data
Future Plans
References
Background Research
Site Map
Product Summary
The ToggleLace is a simple solution to the problem of untied shoelaces in children. The ToggleLace is essentially a loop of shock cord threaded through a plastic toggle. The shock cord and toggle comes in a variety of bright colors to appeal to children aged 5-14. For use, the ToggleLace is laced onto the top intersection of shoelaces. When the child wishes to wear their shoes, he/she ties everything as usual, and when the knot has been made, the ends and loops are all placed inside the loop of the ToggleLace and the toggle is tightened by squeezing it and then pushing downward so that it rests on the shoelace loops and ends.
Market Research/Finance
The ToggleLace is designed for children aged 5-14. But it is the adult population who will be buying the ToggleLace for children. Out of 56 people who were interviewed, 87.5% of them said that they would buy the ToggleLace for children they knew if the ToggleLace existed on the market. If we extrapolate, with a population of 4,680,300 in Metropolitan Toronto, of which 611,500 are children, we can assume that there will be a very large market for this product. The estimated production cost comes out to $2.05 per pack. This estimate includes labor and raw materials. We plan to sell the ToggleLace wholesale to manufacturers for $3.00 and the current retail price for the ToggleLace is $4.98 (CAN).Future Plans
Due to the ToggleLace’s simplicity and excellent performance, we assume that this is a product that can be used for all age groups, and depending on design of the ToggleLace, it can also be used in any setting—not just for running shoes but also more formal attire. In terms of the market that we plan to reach, we wish to expand into the Canadian market, not just centered in Toronto and even later, perhaps even expand into the international market.
Design of Our Product
Shad Valley Waterloo | Main Project | Final Report