Learning Lights: A Candle-Making Start-Up With A Twist
A candle-making start-up with a twist. This plucky young start-up was founded with the aim of helping students from low-income backgrounds afford third-level education. The business model is simple. The start-up manufactures and sells a range of scented candles and then invests the majority of the business’s profits into an endowment fund. The endowment fund, which will be managed by a third-party investment manager, follows a dedication strategy, investing primarily in high-grade investment bonds. Jody, the company’s founder believes that “the benefit of investing in an endowment fund instead of distributing the profits directly to qualifying students is that it gives greater stability. If the profits were to be distributed directly, the distributable amount would fluctuate greatly with yearly sales. By investing in an endowment fund this volatility can be reduced”.
Learning Lights was founded by Jody Murphy, a third-year business student who is heavily involved in societal life at Trinity. He believes that the private sector could do more to improve equality of opportunity particularly with regards to the financial accessibility of third-level education, and so he decided to take action.
Learning lights not only helps students, it also helps the environment, through its sustainability agenda. All candles are made from natural soy wax and are set in recycled glass bottles. In addition to this, all the candles are handmade and dispatched within 2 days of purchase. Currently, there are five scents (Vanilla, Rose, Sandalwood-Vanilla, Lavender, and Japanese Magnolia) available in two sizes (13.5 oz, and 8.5 oz).
Plans for the Future
Within the first 24 hours of trading, Learning Lights had sold all of its inventory. It was anticipated that there would be a slump in sales after the initial launch, however, the revenue from the launch has brought cash into the business that has allowed Learning Lights to continue to improve its online presence as well as fund more inventory. Within the next week, Learning Lights will become available in several locations throughout Monaghan and Dublin.
“Thankfully, there haven’t been any major issues so far, just some minor start-up hiccups,’ says Jody.
In the coming months, the Learning Lights Alliance Initiative will come into action. This involves businesses that burn candles on their premises, such as salons, cafés, restaurants and hotels, becoming Learning Lights Allies by purchasing and burning Learning Lights.
Trinity Society Involvement
Jody credits the business societies at Trinity for helping him take the first steps in launching this venture. In his second year at Trinity, he became an ambassador for the TES incubator programme. By engaging in this programme, he not only learned a great deal about developing a start-up, but also gained valuable exposure to start-ups that were involved in the incubator programme.
Jody is also part of the Trinity Business Review team and is currently the Secretary and Chief Strategy Officer. In this role, Jody has gained confidence and gained significant knowledge of the Irish business environment.
Check Learning Lights out at
Etsy: LearningLights on Etsy
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Instagram: Learning Lights (@learninglights_candles)