Upstart EOS lip balm has undertaken what many wise investors have described as a fool’s errand: entering a centuries-old market with entrenched players. But the innovative startup had more than just something interesting to say. Within a just a few years, they had taken the industry by the horns, becoming the second most bought lip balm in the United States.
Cofounders Sanjiv Mehra and Jonathan Teller were somewhat unlikely partners. Mehra had a long background working for consumer goods manufacturers like Pepsi and Unilever and had gained a deep understanding of the ways in which large consumer goods companies run, from raw materials to merchandising. All they needed was a product and an industry.
They started zeroing in on the lip balm market, partially based on various analyses that estimated it would be worth $2 billion globally by 2020. Contrary to just about anything that’s ever been said by experts in investing and startups, the two thought they could compete with established brands such as Blistex and Chapstick, which had been around for 100 years. They bet, correctly, as it turns out, that since the product had fundamentally not changed for almost a century, the introduction of a product which could connect with all five of the user’s senses could gain a large competitive edge.
They set about going through design proposals, even hiring a clay artist to model different shapes that the finished product might take. They eventually created a highly unique design, a fruit-shaped product that comes in a glass-like, multi-hedral container. Far from a gimmick, the product has real aesthetic appeal. https://well.ca/brand/eos-evolution-of-smooth.html