From stepping into the Metaverse to creating immersive experiences, collectible toy company Mighty Jaxx has big plans to embark on fresh partnerships and expand the business with the help of IPI Innovation Advisor Bill Padfield.
Fans of collectibles might have noticed a variety of custom-made figures— from an x-rayed version of Spongebob Squarepants to carefully curated cult anime characters— peeking out from store shelves across the island. The company behind these popular toys is Mighty Jaxx. The Singapore-based, award-winning integrated platform designs and produces both digital and phygital collectibles, where phygital toys can be authenticated through Mighty Jaxx's mobile app.
The Mighty Jaxx Group is a collection of brands and companies that curates and produces unique in-person experiences and develops collectibles for a wide variety of fandoms and audiences. Boasting collaborative partnerships with iconic brands like Netflix, Disney, Adidas and Warner Brothers, with millions of collectibles delivered to over 90 countries annually, Mighty Jaxx has come a long way since its inception in 2012. With the aim to empower future pop culture brands through their end-to-end supply chain of digital and phygital collectibles, Mighty Jaxx has set its sights on an ambitious expansion.
“As we were growing our headcount and expanding our businesses rapidly over the last two years, we realised the urgent need to take stock, review and map out a business model at a group level to allow each of our entities to thrive and operate with synergy,” said Melissa Wong, Chief Operating Officer at Mighty Jaxx. “This required us to re-evaluate our current business model as well as to develop a global narrative to take on our next growth phase.”
At the time, Melissa also observed that there was a challenge in communicating the company’s purpose and plans across the organisation effectively. As a result, operational inefficiencies began to bubble up in different areas of the business. To support its next growth phase and resolve the associated challenges, Mighty Jaxx approached Enterprise Singapore, which introduced them to the IPI Innovation Advisors Programme (IAP).
Through the programme, Melissa and her team met Bill Padfield, an IPI Innovation Advisor and a prominent global technology and business leader with over three decades of experience in scaling and running companies under his belt. Bill’s proven expertise in a range of areas from finance, profit and loss to budgeting and operations made him the perfect partner to transform Mighty Jaxx into a global player.
Within a few sessions, Bill and the Mighty Jaxx team identified a target operating model that provided a clear, tailored roadmap for the organisation to adhere to and implement as it scales. The model included the key processes, systems and structures that Mighty Jaxx must have in place to achieve both short and long-term goals.
Initially, the Mighty Jaxx team faced several hurdles, including syncing up busy schedules and finding time for the weekly sessions. However, these obstacles were quickly overcome by consciously setting aside dedicated time for learning and self-reflection as well as prioritising a few hours a week for face-to-face interactions with Bill.
The team appreciated that Bill was always willing to listen and understand the organisation’s challenges and goals. Throughout the process, he worked with the Mighty Jaxx team collaboratively to seek the best approach for the business.
“The support and guidance provided by Bill were instrumental in helping us expand the business into new markets and nurture it into a truly global organisation,” Melissa said. “Throughout the mentorship, Bill challenged us to think beyond our current limitations and encouraged us to stretch our ambitions and set our sights on scaling the business globally.”
Thanks to the IAP, Mighty Jaxx is brimming with exciting new plans. The company is working towards expanding its core business, creating new revenue streams through new product categories, bolstering its B2C channel growth and expanding its international reach to various regions such as the United States, Europe, China, and Southeast Asia.
Mighty Jaxx also plans to acquire other companies that will allow the consolidation of resources such as technical expertise, sales channels, customer insights, as well as IPs and product development to bring together fandoms across sports, music, entertainment, gaming and more.
From stepping into the Metaverse to bringing a fan-favourite TV series to life, Mighty Jaxx has many more surprises in store. “IPI's IAP and Bill’s invaluable mentorship have equipped us with the confidence and tools necessary to take Mighty Jaxx to the next level, and we are grateful to have had such a positive learning experience,” Melissa added.