You might think that tech startups are all the rage but the lip balm business is booming. Innovation can come in many forms. It can come in the form of an app like Lyft which has helped the everyday person to completely revolutionize how they plan their trip from their home to the grocery story. It has also come in the form of websites like Airbnb which enable anyone who is a homeowner or even a lessee with an apartment to make some extra money by turning their home into a small inn of sorts where people can rent out their room or entire home on a short-term basis. While it is easy for a casual observer to see that the transportation industry and the hotel industry are ripe for disruption it can also be easy to overlook the fact that the lip balm industry is also ripe for disruption.
According a report by Global Industry Analysts Inc., the international market for “lip care products” is predicted to be as large as $2 billion. While many investors and business people overlook the opportunities that exist in the lip balm market there are a few entrepreneurs who have decided to dive into the market with full force. Some of those entrepreneurs include business partners Sanjiv Mehra, Craig Dubitsky and Jonathan Teller, who put their minds and years of business experience together to create a skincare and lip balm company that is known as EOS lip balm. While most people probably might not be familiar with the name Evolution of Smooth they are probably familiar with the company’s most popular lip balm product, a brand of lip care products that are known as smooth spheres. The company’s smooth spheres (https://evolutionofsmooth.com/lip-balm.html) virtually revolutionized the lip care market in the United States with their unprecedented approach to lip care packaging. EOS is a hit with social media and has more than 1.8 million followers on Instagram and almost 7 million followers on Facebook. The company’s founders wanted to create something that was very different from anything else in the marketplace and they succeeded in that and are now reaping the benefits of their hard work according to Fast Company Magazine.