Matthew Hassett, founder and CEO of Loftie, has encountered severe tariff challenges, with rates exceeding 100% on imported products from China. This situation threatens the company's business model and financial stability. To cope, Hassett aims to expand Loftie's software segment, which provides AI-driven bedtime stories and meditations, in hopes of significantly increasing subscription revenues to sustain the company's operations and avoid layoffs. With growing awareness of the need for innovative digital solutions, Loftie is racing to enhance its software capabilities.
"The tariffs have completely blown out our whole business model. We're paying more in tariffs than we are for the actual product and don't have the ability to absorb that."
"Our focus is, for the time being, to become more of a software company. We were slowly building that business, which uses artificial intelligence to create unique bedtime stories and meditations."
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