Lyo Florals-Preserving Memories Forever
Code :LDS0050 |
Region : India |
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Abstract: The case is about a startup, Lyo Florals – a company founded by Dr V. Mahalakshmi Reddy (Mahalakshmi), that provided innovative and customized gifting solutions using preserved flowers. The IP Facilitation Center at the National Institute for Micro Small and Medium Enterprises (ni-msme) provided guidance to her on various IP tools that could protect her innovative product before the actual launch of the product in the market. ni-msme supported her in all aspects required for starting the business. After starting the business, Mahalakshmi faced several challenges like the availability of artificial flower artefacts as substitutes, linking the product to market, retention of her skilled workforce, unavailability of proper packaging solutions, a lengthy production process, limited or no suppliers of the relevant raw materials, low profit margins, and inability to fulfil orders on time. The main concern of the founder now was how to expand her innovative business to cater to larger customer groups. |
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Pedagogical Objectives:
Keywords :Startups; Innovation; Entrepreneurship; Marketing Strategy; New Product Development; Intellectual Property Rights
Contents :
» INTRODUCTION
» BACKGROUND
» THE MENTOR
» MARKETING THE PRODUCT
» THORNY ROAD AHEAD?
» EXHIBITS
