To make this business work, we knew it was important to carry out a lot of research. We spent months talking to experts – including bankers and child psychologists. We learnt that children begin to understand money as young as four, their first interaction usually being a visit from the tooth fairy! So we used this expertise to mould our design. It isn’t just about money, it’s a tool for teaching children about patience, perseverance and delayed gratification.
Originally we were going to call our product Ernie, but in the research and trademark process we found that the name was already taken…by Sesame Street. So we had to find a new name, and Ernit was born.
We are looking forward to the future, and will hopefully be launching this month. Right now we are working hard to make our product a perfect market fit. We are currently in the midst of understanding how Ernit can be altered for different cultures. For example, in America families are very much focused on saving money for a college education, whereas this isn’t the case in Europe. We’ve got a long road ahead of us, and we’re enjoying every minute of it.