ForeverSpin

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ForeverSpin
Private
IndustryToy
FoundedFebruary 2014; 4 years ago (2014-02)[1]
Founder
  • Ruben Gonzalez
  • Viktor Grabovskyy
  • Cristobal Uribe[2]
Headquarters1 Dundas Street West (#2500),
Toronto, Ontario M5G 1Z3
,
Canada
Area served
International
Key people
  • Ruben Gonzalez
  • Viktor Grabovskyy
  • Cristobal Uribe
ProductsTops and accessories
Websiteforeverspin.com

ForeverSpin (stylized as foreverspin) is a Canadian independent manufacturer founded in February 2014 by Ruben Gonzalez, Viktor Grabovskyy, and Cristobal Uribe, headquartered in Toronto, Ontario. It manufactures and sells toy tops that are CNC-machined of metal in a variety of finishes. The company funded the initial manufacture of its tops through a series of financially successful crowdfunding campaigns.[3][4]

History[edit]

Founding and early years[edit]

In 2013, Viktor Grabovskyy, Ruben Gonzalez, and Cristobal Uribe planned to start an analytics company, but as they didn't have the funding to do so, they decided instead to market a top as a modern piece of nostalgia. They co-founded ForeverSpin together in February 2014.[3]

As of June 2016, the company had received over $1.5 million in sales[3] and had sold their tops in more than 70 countries.

Products[edit]

Top[edit]

The ForeverSpin top is the only toy manufactured by the company. The tops are available in 18 different metals and finishes, and can be ordered both individually and in bundled collections.

The first spinning tops were introduced in April 2014. Later, in October 2014, the company announced ForeverSpin 2.0, an updated version of the top available in a wider variety of metal finishes and with a more refined design and improved balance.

Each top is 2.86 cm (1.125 in) wide. Weight varies by metallic composition. Metals used in the manufacture of the tops include titanium, Damascus steel, 24 kt gold plated, grey cast iron, copper, bronze, zirconium, and brass. The weights of the tops vary from 6 g magnesium and 9 g aluminum to 36 g silver and 60 g tungsten. Most fall into the weight range of 28 g stainless steel and 31 g nickel. Weight and finish affect ease of spin, appearance during spin, and duration of spin.

The tops are mass-produced on CNC-machines by the company or its Toronto-based suppliers. The company says they go through inspection. If passed, they are put in cloth drawstring bag which is placed inside a cardboard box with a serial number and then shipped to customers. The tops themselves are neither branded nor marked.

The company claims that some of the lightweight tops, such as the 16 g titanium model, can spin upside-down from their spindles as well as from their bases.[5]

ForeverDock[edit]

The ForeverDock is a display stand for ForeverSpin tops, and can fit up to 5 tops on one dock.

ForeverBase[edit]

The ForeverBase is a surface base for the ForeverSpin top. It is made out of hardened fused silica glass with a stainless steel rim, and is slightly concave.

Crowdfunding as a source of startup funds[edit]

ForeverSpin has been underwritten by a series of successful crowdfunding campaigns. In 2014 it was said to be one of the most financially successful of such campaigns in Canada.[6]

First Kickstarter campaign[edit]

Having experience from a test campaign from Kickstarter,[3] the partners officially started their first Kickstarter campaign in February 2014, and received over $130,447 from 1,899 backers, 87 times more than the $1,500 original goal of the campaign.[7]

First Indiegogo campaign[edit]

On Indiegogo, the partners raised $14,681 from 244 backers.[8]

Second Indiegogo campaign[edit]

A second Indiegogo campaign was launched, with $3,681 raised over a $600 goal from 93 additional backers.[9]

Second kickstarter campaign[edit]

A second Kickstarter campaign proved more financially successful than the first, earning $402,640 over a $5,000 goal from 3,831 backers.[10]

Third Indiegogo campaign[edit]

A third Indiegogo campaign, created to provide additional funding, raised $21,995 from 260 backers out of an initial $1,500 goal.[11]

Dragons' Den appearance[edit]

In December 2015, co-founder Viktor Grabovskyy appeared for ForeverSpin on Dragons' Den and successfully acquired $300,000 in an investment deal.[3]

Third Kickstarter campaign[edit]

Soon after the Dragon's Den deal, the group released their third and most financially successful Kickstarter campaign, acquiring $736,320 out of a $10,000 goal from 4,870 backers.[12]

Fourth Indiegogo campaign[edit]

An additional Indiegogo campaign raised $630,458, which marked it as their most financially successful Indiegogo campaign.[13]

References[edit]

  1. ^ "ForeverSpin". Facebook. Retrieved 19 June 2016.
  2. ^ Bitti, Mary Teresa (19 November 2015). "Is crowdfunding better than a Dragons' Den deal? Why ForeverSpin's deal fell through - Financial Post". Financial Post. Retrieved 19 June 2016.
  3. ^ a b c d e "Canadian Startup on Fire with Success of Their Third Campaign After a Stellar Performance in the Dragons' Den - Dec 17, 2015 - ReleaseWire". ReleaseWire. 17 December 2015. Retrieved 19 June 2016.
  4. ^ Chris, A. "ForeverSpin World Famous Spinning Tops - Indiegogo". Indiegogo. Retrieved 19 June 2016.
  5. ^ http://www.foreverspin.com
  6. ^ "'World's oldest toy' exceeds crowdfunding goal by nearly 8,700 per cent - The Globe and Mail". The Globe and Mail. 3 April 2014. Retrieved 19 June 2016.
  7. ^ "ForeverSpin Spinning Tops by ForeverSpin.com". Kickstarter. 13 February 2014. Retrieved 19 June 2016.
  8. ^ A., Chris. "ForeverSpin Spinning Tops". Indiegogo. Retrieved 19 June 2016.
  9. ^ A., Chris. "ForeverSpin Spinning Tops". Indiegogo. Retrieved 19 June 2016.
  10. ^ "ForeverSpin 2.0- Spinning Top, Precise, Durable, and Elegant by ForeverSpin.com - Kickstarter". Kickstarter. 29 October 2014. Retrieved 19 June 2016.
  11. ^ A., Chris. "ForeverSpin 2.0 - Precise, Durable & Elegant". Indiegogo. Retrieved 19 June 2016.
  12. ^ "ForeverSpin - World Famous Tops by ForeverSpin.com - Kickstarter". Kickstarter. 15 December 2015. Retrieved 19 June 2016.
  13. ^ A., Chris. "ForeverSpin World Famous Spinning Tops". Indiegogo. Retrieved 19 June 2016.