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Hershey’s Founding Story

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Hershey’s Founding Story


The name Hershey’s is synonymous with chocolate and it is rightly so considering The Hershey Company is one of the largest chocolate makers in the world.  Hershey’s however is not just into making chocolates as they even sell cakes, milkshakes, cookies and many more products.  The Hershey’s Kisses are one of the most well known chocolates to be ever made by Hershey and the bite size chocolates are a favourite globally.  However, Hershey’s was not always a chocolate company and was manufacturing something entirely different when it was founded.

Founding Story

The Hershey Company was founded by Milton S. Hershey in 1894, but the company traces its roots back to 1873 when Milton Hershey opened a candy shop in Philadelphia after an apprenticeship.  After running the candy shop for six years, Milton Hershey apprenticed with a confectioner to learn how to make caramel following which in 1886 Milton founded the Lancaster Caramel Company.  

Milton Hershey saw a chocolate making machine for the first time in 1893 at the World’s Columbian Exposition in Chicago, and decided to make chocolates thereby founding The Hershey Company in 1894.  Before the chocolate making machines, chocolate was a luxury item and was time consuming to make.  Milton Hershey saw an opportunity and built a milk processing plant so he could create and refine a recipe for milk chocolate candies.  Milton Hershey’s first thought was to manufacture chocolate bars covered in caramel but the chocolate bars became such a huge hit, Milton ditched the caramel.  He began manufacturing Hershey’s Milk Chocolate Bars, also called Hershey’s Bars or Hershey Bars.  This would go on to become America’s favourite candy bar in its brown and silver wrapper.  Milton Hershey sold his caramel business in 1900 for a million dollars to focus on making chocolate.

ALSO READ: Dropbox Founding Story

Growth

Milton Hershey decided to build a town called Hershey in Pennsylvania where he would manufacture chocolate.  The plots of land Hershey chose were close to the Berks and Dauphin Turnpike, as well as the Reading and Philadelphia Railroads. There was a massive labor pool of rural families who were ready to work, and it was also close to one of his factory’s main ingredients which is fresh milk.  The Hershey’s Kisses were introduced in 1907 and were a huge success in the market.  The Kisses were followed by the introduction of some popular brands which are still famous today like  Mr. Goodbar (1925) and Hershey’s Syrup (1926.)  One of Hershey’s most iconic brands, Reese’s Peanut Butter Cups, was purchased by Hershey’s in 1963 and in 1969, Reese’s Peanut Butter Cups became The Hershey Company’s top seller.

Hershey’s is now present in 60 countries worldwide and is still continuing to grow in leaps and bounds.  Thousands of people visit Hershey town every year to visit Hershey Park and also to know the history of the famed chocolate brand.  It is safe to say Hershey’s has changed the way chocolate is consumed and will continue to do so in the future.

 

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Wallmantra: This Indian Startup Is Upping The Home Interior Decor Game With Their Modern Designs

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Wallmantra, Wallmantra Indian Startup, Home Interior Decor Game, Home Modern Designs, Startup Stories, Collection of Wall Decor Products, Interior Decor Designs, Online Marketplace WallMantra, Best Wall Paintings, WallMantra Decoration Items, Wallmantra Founder, Wallmantra Latest News

India was always home to some of the oldest and most diverse art forms which have received a lot of international attention over the years.  The advent of internet technology and smartphones meant these art forms have found a new lease of life.  Wallmantra, an Indian startup is at the forefront of bringing these artforms to homes all over the world and India with their humongous modern variety of home and interior decor designs.  Ever since designing and selling affordable wall and interior decor out of their own online marketplace WallMantra has come a long way.

WallMantra was founded in 2013 focusing solely on an online presence.  Wallmantra has more than a thousand unique products which are listed on their website which means customers are simply spoilt for choice.  But what sets Wallmantra apart from their competitors is they have ownership of end-end processes right from design and procurement to sales and shipping and therefore have complete control over quality and timely delivery.  This Make In India startup focuses on design which brings out the best in interior spaces while every product is designed keeping in mind its utility and space requirement.

Mandala Designer Multi Layer Wooden Wall Clock

The beautiful designer Wooden Wall Clock time piece is made of birch wood, hand painted with high-quality paint.

Wallmantra has a very unique range of products like Wall Aquariums- a new and easy way to keep fishes in house, 3D Frames-layers design with LED, Garden Shelves-a short of portal Garden in your house, Wall Shelves-designs inspired from real life characters, Wooden Wall Hangings, designer clocks, and many more and all of which can be accessed through their website.  The website is quite responsive on mobile and desktop with clear division of products in defined categories.  Some of their best selling products include a Planter Shelf Wall Hanging, Mandala Designer Wall Clock, a Golden Buddha Canvas Painting and a Deer Do It Yourself (DIY) Painting Kit.

 

Ship Shape Wood Wall Shelf

This exquisite Ship shape Wall Shelf brings a unique decor for your bare walls with a great utility.

Although the entire world has been coming to terms with the COVID-19 pandemic, Wallmantra have shown no signs of stopping and in fact have used this crisis as an opportunity to expand their operations as well as  generating a whole lot of employment responding to Govt’s call for #VocalForLocal and #AtmanirbharBharat.  Wallmantra has trained a workforce consisting of  restaurant workers, contract teachers, factory workers giving them an opportunity to learn new skills.  Wallmantra has expanded, hired and trained a workforce of more than 100 people and is still continuing to expand steadily.  This is due to several factors but the most important one being its complete online marketplace.  Wallmantra has also expanded its presence into the social media platforms like Facebook and Instagram which contributed largely to their growth.  

So head over to their Facebook, Instagram and their website to browse their huge collection of various interior and wall decor products to brighten up your house.  Wallmantra is committed to providing an artistic touch and elevating the interiors of your home.

 

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Leading Brands Which Jumped On The Baba Ka Dhaba Bandwagon For Positive Change

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Leading Brands Which Jumped On The Baba Ka Dhaba Bandwagon For Positive Change

A few days ago, a video appeared on social media of an old man and his wife, who run a small food business in South Delhi.  The old man can be seen breaking down on the video, because business has been quite bad due to low demand due to the COVID-19 pandemic.  The old man who is now being called as Baba spoke about how it has been difficult for his wife and himself to make a living.  The video quickly went viral on social media and #BabaKaDhaba began trending.  The video was widely shared by celebrities, politicians and the people at large and Baba was not prepared for the outpouring of love, help and the surge in demand all of a sudden.  

Famous brands have also decided to get in on the #BabaKaDhaba bandwagon and Zomato was the first to make the most of the moment marketing.  A Twitter user tagged Zomato on the viral video and asked if they can add Baba Ka Dhaba on their app and Zomato obliged and went ahead and added Baba’s Dhaba as a listing on their platform.  Even the Indian Premier League franchise Delhi Capitals, shared the video and urged Delhites to go and help the Baba and his little eatery.

ALSO READ: Top Ten Long Standing Indian Brands

Pepsi also stepped up and provided a dealer hoarding, a fridge full of Pepsi beverages for free so that Baba can sell the beverages to his customers apart from sending rations for Baba’s home. 

Credit managing startup OkCredit helped the Baba by setting up a QR code for payments so Baba can keep a track of receivables and credit as Baba Ka Dhaba caters to the crowd who frequent nearby institutions and trucks drivers.  Google has set up a Google Pay QR code so customers have additional mode of payment.

The National Restaurant Association of India (NRAI) pledged to upgrade the infrastructure of Baba Ka Dhaba to make it COVID-compliant.  The dating app Tinder also shared a tweet from their official Twitter account to urge others to choose the eatery for their next date.

 

 

Although Baba Ka Dhaba has become a hotspot for brands to advertise themselves, the incident will be a lesson on how social media can be a great agent for change and spreading positivity.  

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How Do IPL Franchises Make Money

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How Do IPL Franchises Make Money

If there is one thing that every Indian and every cricket fan waits for all year, it is the Indian Premier League, which is the world’s biggest cricketing league.  Professional cricket players from all over the world vie to get selected by one of the eight franchises which compete in the league.  The entire league is a star studded affair and Indians manage to forget their differences and band together for all the time the league is aired.  Each franchise boasts of a loyal fan following who have supported their teams through thick and thin ever since IPL was inaugurated in 2008.  While the entire league is a melting pot of entertainment and competition, have you ever wondered how the franchises make money in IPL?  In this article we will decode the business models behind the IPL teams and how they earn money.

Franchises need to bid for players every year before the start of the IPL season in an auction.  Each franchise has a maximum spend limit of Rs. 80 crores to buy players in the auction.  Apart from buying players each franchise also needs to bear the cost of travel, support staff and logistics.  The following are the different avenues from which franchises earn money.

1) Sponsorships

Franchises earn a major chunk of their revenue from sponsorships, but they do not get the money from sponsorships directly.  The IPL governing council gets money from sponsors and in the case of this year it is from Dream 11, which is the title sponsor while VIVO was the title sponsor last year.  All the money which is earned from sponsorships is divided into a ratio of 60:40 with the Board of Control for Cricket in India (BCCI) retaining 40% of the sponsorships.  The remaining 60% is distributed among the ten franchises.  BCCI owns and operates the IPL in India.  The ratio of distribution might change in the coming years depending on the decisions taken by the BCCI.

2)  Media rights

Broadcasting companies bid for the media rights and the winning bid will get to air the IPL on their channel.  Star India bagged the media rights for IPL with a bid of Rs. 16,345 crores for five years (2018-2022.)  The money from media rights are also distributed in the 60:40 ratio with BCCI keeping 40% and the franchises getting an equal distribution from the remaining 60%.

3) Franchise sponsors

Each franchise has its own dedicated sponsors which pay a huge amount of money to the franchise.  The logos and names of the companies which you can see on the sporting attire of every IPL team are actually the dedicated sponsors of their respective franchises.  The profit from dedicated sponsors depends on the deal the franchise has made with their sponsor. The income generated from dedicated sponsors might differ from team to team.

ALSO READ: 5 Cricketers Who Are Entrepreneurs

4) Sale of tickets

Each franchise can choose a home ground from the available venues in the BCCI roster like Sunrisers Hyderabad, choosing Hyderabad and Kolkata Knight Riders choosing Kolkata.  Only the home franchise can fix the price of tickets for the matches happening in their home ground.  Bigger stadiums with large seating capacity earn the most from ticket sales.  Kolkata Knight Riders home ground Eden Gardens has the highest seating capacity in India and therefore KKR earns the most from ticket sales.  

5) Merchandising

Each franchise makes some money by selling official jerseys, caps, wrist watches, souvenirs etcetera.  The merchandise is sold through the official franchise websites.

6) Prize money

Franchises battle it out in a long season to become the winner of the IPL season.  The winning team also wins a hefty prize money which is an additional source of revenue.  In 2019, the winning franchise won Rs. 15 crores while the runner up won Rs. 10 crores.

IPL is a big stage for franchise owners to earn their revenues as well as the perfect opportunity for players to make their mark and win big auctions.  This is how franchises earn their revenues from the IPL.  As this year’s edition is off to a flying start, IPL has been a blessing in disguise for millions of Indians in the gloomy times we currently are experiencing.  

 

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