Cover Story
Sweet sounds
How Findaway World LLC has everyone’s ears
Smart Business Cleveland | September 2009
Mitch Kroll, CEO, Findaway World LLC
Blake Squires, Chief strategy officer, Findaway World LLC
If you want to talk about success, take a look at Findaway World LLC. The company experienced unprecedented business growth for the region by doubling sales revenue each year for the past four years, reaching $20 million. Findaway, which was founded by CEO Mitch Kroll and Chief Strategy Officer Blake Squires, achieved that success through the innovation of the Playaway.
Findaway formed in June 2004 through a partnership of five native Cleveland entrepreneurs and a small group of local, private funders who conceived and launched the Playaway into market in less than one year. Through the Playaway, digital content and a player have been merged to bring pages to life at the push of a button. Each Playaway holds an entire audiobook, regardless of length. Playtime depends on the length of the title and can range from 25 minutes to 80-plus hours.
Findaway has reach a compounded annual growth rate of more than 260 percent and has shipped more than 1.5 million Playaway units in the United States and to eight international markets. In addition, more than 20,000 schools and libraries circulate Playaways and more than 650 military units distribute Playaways to thousands of troops each month. The innovation is having an impact around the country and around the world.
In the three years since the initial product launch, Findaway World has experienced unprecedented regional growth by creating a new, innovative product, which attracted a talented and dedicated team. The distribution of the product and the growth of the company created significant new job opportunities in Northeast Ohio. The company expanded its corporate facilities from 1,700 square feet in Chagrin Falls in 2005 to more than 30,000 square feet today at its corporate headquarters in the Enterprise Zone of Solon. Findaway World currently employs more than 100 employees and has had an 82 percent employment growth rate since the company’s start in 2004.
With more than 6,500 titles from 100 leading publishers and national praise from The Wall Street Journal, The New York Times and People magazine, Playaway is a true success.
How to reach: Findaway World LLC, (440) 893-0808 or www.playawaydigital.com
