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Two MIT Graduates Started Magis Industries To Launch Viral Consumer Products
In our digital age, rapidly evolving user taste makes satisfying dynamic customer trends difficult for consumer packaged good companies. Bringing new merchandise to market in the social media era presents a unique challenge for traditional firms, but two MIT graduates are working to create a leaner, faster product development process through their new startup.
Victoria Gregory and Gabriel Alba-Rivera teamed up to start Magis Industries, the millennial consumer goods product conglomerate. Magis is focused on developing consumer products based on viral social media trends. The duo aim to produce these trendy goods through their lean, fast, and vertically integrated product development process.
Traditional consumer packaged goods firms spend anywhere from hundreds of thousands to millions of dollars developing just one new product. Conventional product development processes such as the Stage-Gate or Booz Allen Hamilton models can take multiple years, assuming the new idea isn’t scrapped or changed during the process. However, the two don’t believe these traditional methods are the only way to bring a product to market.
“Rather than spending two years to develop a product that may flop in the end, we aim to launch a few products in smaller quantities as to limit risk…
