The 2008 invention of erasable paint was the brainchild of three college roommates. John Goscha, Jeff Avallon and Morgan Newman, all graduates of Babson College, ranked #1 among all business schools for entrepreneurship, got together and developed this product.
Class instructors at Babson College often require students to brainstorm with each other to find the best solutions to problems. When John Goscha, Jeff Avallon and Morgan Newman became frustrated with the small area of white board they used to write down their own brainstorming ideas, they wondered if they would have a more productive session if they had a bigger space to write on. After hanging paper all over the walls to help them have a bigger writing area, they came up with the innovative idea of using a paint that would act as a whiteboard. These three men believed that if you could land a rocket ship on the moon, then certainly you could create a paint with an erasable surface.
Their plan to create a unique paint presented many challenges. They worked with two different labs to create the paint. Paint samples, when applied to a wall, produced an unappealing crackling effect, giving the wall the appearance of a shattered window. Other paint samples would dry and start to sag and droop. Finally, the chemists at both labs claimed the job was impossible. At this point the three were in debt and without a product.
Following in Thomas Edison’s footsteps, they continued on, despite failing results. Persisting in following through with their product plans, the entrepreneurs contacted CAS-MI laboratories in Michigan. CAS-MI, a firm that specializes in coatings and paint testing, has a friendly company motto that says “problems in – solutions out.” Within a short period of time, the formula for erasable paint was created. After testing the paint and finding that the erasing was flawless, the three men were pleased. They launched their new erasable paint product in June of 2008.
At a national trade show, they covered a 3,000 square foot wall with the erasable paint. It wasn’t long before people were impressed with the new paint and could envision using the paint on all kinds of surfaces. The paint appealed to cash strapped schools who couldn’t afford to invest in white boards. Customers for the new paint included businesses, schools, universities, and government agencies. Companies and businesses like Nike, Microsoft and MIT quickly became advocates of the new erasable paint.
The new erasable paint became so successful it began to change the business of white boards. In 2009, company sales reached up to $2 million. In 2010, sales were close to $12 million. Sales for 2012 are projected to reach $250 million and the reinvented paint is now sold in twenty different countries.
John Goscha, Jeff Avallon and Morgan Newman ranked number 13, 14, and 15 respectively in Inc. magazines’ “30 under 30” – America’s coolest young entrepreneurs.
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