Today, Mattel, Inc. (NASDAQ: MAT), a leading global toy and family entertainment company and owner of one of the world’s most iconic brand portfolios, announced an exciting new initiative from its Hot Wheels brand. Continuing its mission to ignite the challenger spirit in every child, Hot Wheels has launched Challenge Accepted, a platform designed to empower children through play, encouraging them to embrace challenges and cultivate a growth mindset—the belief that abilities and intelligence can develop through effort, practice, and persistence.
To inform and enhance the development of Challenge Accepted, Hot Wheels partnered with Mindset Works, a global leader in growth mindset research and development. By collaborating with experts in the field, Hot Wheels aims to provide children and their parents with tools, insights, and strategies to foster resilience and a challenger mindset during key developmental stages.
A recent survey conducted by Hot Wheels and Mindset Works revealed a striking insight: while 77% of children aged four to eight believe they can learn anything with effort, 71% of parents admit to stepping in when their children face minor challenges, often in an attempt to protect their child’s self-esteem. Unfortunately, this well-meaning intervention may inadvertently hinder the development of a growth mindset, depriving children of opportunities to build resilience and problem-solving skills—critical factors for long-term success.
Through Challenge Accepted, Hot Wheels addresses this challenge by showing how interactive play can spark the challenger spirit in children. The research found that children who frequently play with Hot Wheels toys are 32% more likely to take on new challenges, experimenting through trial and error—a process fundamental to learning and growth.
“Very young children naturally display a growth mindset, but as they approach age five, they become more vulnerable to adopting fixed mindset beliefs about their abilities. This shift is influenced by school environments, social evaluations, and external expectations from adults and peers,” explains Dr. Lisa Blackwell, co-founder of Mindset Works. “By supporting children’s growth mindset through play, parents and educators can play a critical role in keeping the challenger spirit alive.”
To further this mission, Hot Wheels is launching the Hot Wheels Challenger Spirit Fund™, an initiative to provide resources and opportunities that nurture a growth mindset in the next generation. The fund’s inaugural partner is Mission 44, a charity founded by Seven-Time Formula 1 World Champion Sir Lewis Hamilton, focusing on creating a more equitable and inclusive future for young people. Through its work, Mission 44 champions underrepresented groups and invests in solutions to overcome social injustices, particularly building inclusive education systems and expanding access to STEM (Science, Technology, Engineering, Math) opportunities.
“Hot Wheels has long been focused on inspiring the challenger spirit in children, and with the Challenge Accepted platform, we are committed to partnering with like-minded organizations to make a tangible impact,” said Roberto Stanichi, Executive Vice President of Hot Wheels & Head of Vehicles and Building Sets at Mattel. “We’re proud to collaborate with Mission 44 and support their work with the Hot Wheels Challenger Spirit Fund™. Together, we can empower children to embrace new challenges both on and off the track.”
As part of this collaboration, Hot Wheels will bring Challenge Accepted to life at the 2024 Formula 1 United States Grand Prix in Austin, Texas. At the event, Hot Wheels will host activities at Mission 44’s STEM inspiration event, offering hands-on experiences to inspire young people from diverse backgrounds. Hot Wheels designers will be on-site to showcase the physics behind the iconic toys, facilitate toy-building challenges, and highlight the principles of growth mindset through the concept of “Try. Fail. Repeat. Grow.”
Jason Arthur, CEO of Mission 44, emphasized the importance of the partnership: “When Sir Lewis Hamilton founded Mission 44, his vision was to create a fairer, more inclusive future for young people worldwide. Collaborating with Hot Wheels and their Challenger Spirit Fund will help us break down barriers and unlock the potential of young people, regardless of their background. I’m thrilled to be kicking off this partnership at the United States Grand Prix, where we will introduce young people to the exciting worlds of STEM, motorsport, and Hot Wheels.”
About Mattel
Mattel is a global leader in toys and family entertainment, with a portfolio of iconic brands, including Barbie®, Hot Wheels®, Fisher-Price®, American Girl®, and many others. Since 1945, Mattel has been committed to empowering generations to explore, learn, and grow through its wide array of toys, games, and experiences. Visit mattel.com to learn more about the company’s mission and offerings.
About Mindset Works
Founded by leading researchers in the growth mindset, Mindset Works is dedicated to creating a world where people can learn and grow continuously. By offering evidence-based programs and professional development tools, the company empowers educators and parents to foster environments that encourage perseverance and growth in learning.
About Mission 44
Mission 44, founded by Sir Lewis Hamilton in 2021, is dedicated to creating a fairer future for young people by addressing systemic barriers and promoting social justice. The charity focuses on inclusive education, empowering underrepresented communities in STEM and motorsport, and enabling young people to shape their futures. Visit mission44.org for more information.
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