The story of how it all began started with a mix of chance and acquaintances. Most of us were randomly assigned by Ronald, our teaching assistant, during the first session of TE. About half of us were assigned together and we managed to pick up several more members through acquaintances we had from previous modules together. All in all, most of us thought that ten members were going to be problem due to the difficulty in achieving consensus, the differing working styles and backgrounds as well as the unfamiliarity among the members.
On top of that, we had an issue within the first few weeks about the business idea we wanted to engage in. We started with the video resume idea and also ran through other ideas like a fashion and art sharing online platform. We couldn’t decide until we found a common idea – Tea. All of us understood the potential of an online tea retailer coupled with a customizable concept. Needless to say, we were far from bringing the business idea to fruition and doubts about group synergy as well as the feasibility of the idea still lingered.
However, as the weeks went by and we continued to work closer together, every one of us saw the strengths and weaknesses of each member and we embraced them – creating a team of synergy, fun and focus. We learnt to delegate responsibilities efficiently and play to the strengths of each member effectively.
As things started ramping up and we got more and more progress through the course of the project, we really bonded closely with each other. Knowing each other’s quirks and idiosyncrasies and spending many hours on improving the business idea and products made the experience a lot more fun – really turning our group of ten individuals into a team of ten entrepreneurs. We found that each member had different academic disciplines, backgrounds, working styles and experiences but we had one major thing in common – the passion.
As the project concluded with the academic term, we got more and more excited about the project because we saw the business idea as a great opportunity to capitalize on a nearly untapped market and wanted to take it to the next level. We did not see this as the end but rather, the beginning of how a great team of friends and entrepreneurs can create a legacy for ourselves.
Product Flitch is a mobile application platform that allows fashion consumers and merchants to satisfy their fashion related needs and wants.
Fashion consumers At the present, fashion consumers have to look to different platforms to satisfy different fashion needs. To purchase fashion items, they would turn to traditional shops or online stores like blog shops, online fashion websites. To look for fashion inspiration, fashion consumers would choose to Google, look up social networking platforms like instagram browse through magazines and so on. There seems to be a lack of a focused platform that allows people to buy, sell and browse through anything related to fashion on the go.
Fashion merchants: With the pervasiveness of the internet and online shopping, the trend now is no longer to own bread and mortar shop, but to set up online shops via blogs or websites to sell fashion products. However, new online merchants often find huge difficulty in competing with already well-established online stores such as ASOS, Zalora and so on due to the lack of marketing budget and platform to capture the attention of the right audience. It is also expensive to own a professional looking website or shopping cart system to manage customers’ purchases professionally. What these merchants need is similarly a platform that will where they can market their products to targeted audience that are potential customers and a professional purchase system that they can make use of to bring their online shop to the next level at a much lower cost
Fashion consumer For fashion consumers, Flitch is a one-stop platform that allows them to satisfy their fashion desires in several ways. Firstly, fashion consumers can explore different fashion styles by browsing through style sets of other users or create their own style sets from an extensive range of fashion items available in Flitch’s fashion gallery. Other users, fashion merchants or themselves could contribute fashion items to the fashion gallery. Upon seeing an item that they desire, fashion consumers can choose to share it on other social networking platforms or purchase the item it is contributed by a fashion merchant.
Fashion Merchants For fashion merchants, Flitch offers a target platform for targeted advertising to take place so as to maximize the returns spent on marketing their shops and fashion products. Flitch also allows merchants to make use of our professional shopping cart system to conduct sales transactions so as to bring up their brand image and improve the quality of service to their customers. The styling system used by fashion consumers also allows them to directly interact with fashion merchants’ products. This could potentially increase the fashion consumers’ interests in their products, thereby helping fashion merchants bring in even more sales and outreach to potential customers by putting their clothes up on Flitch.
by Shreeya, Shermaine, Xue Yin, Fabian, Lydia, Thanh, Loius
The whole idea began with 7 students from Singapore Management University. We share our ideas of having fun and would like to introduce that to the people. Originally we planned to open a bar that will sell fruit juice by day and alcoholic drinks by night. However, after talking to investors and gathering feedback, the team decided to work on LabExpress - a fruit juice van business idea that is fresh, filled with potential and promises good results!
LabExpress is a van that will move a round Singapore and park in different places. The van sells fruit juice to customers and is equipped with the latest technology to keep the fruits fresh and makes the taste heavenly good. We aim to target the students all over Singapore and the young adults that have a thing for healthy lifestyle.
As the module has come to an end, we have learnt lots of things about setting up a business in Singapore. As a dynamic group of students from different disciplines and cultures, LaGom came together and had fun while learnt so much about business operations, financial planning, strategic planning and even launching of a product. This definitely is an experience that every student should be granted in a tertiary institution.
by Chee Wen Qi, Div Teng, Eddy Lim, Grace Chan, Li Qiqian, Loy Zhen Yi, Terrence Chua
Quintessential Cosmetics, also known as 黃金比例 in Chinese, is a premiere hub for cosmetic surgery and products that is dedicated to excellence hand work, daily and after care for our clients. We will develop a patented state of art technology to analyse and track progress of the Skin Condition and Golden Ratio of our customers and help them to achieve their best look given their natural facial features. The markets we first aim to enter are United Arab Emirates, China and Hong Kong. UAE is the most attractive market for our cosmetic services which we aim to capture approximately 1% of this market – USD11.55 million. China is the most attractive market for our skin care products and make-up products which we aim to capture approximately 3% at USD27.48 million and 0.5% at USD 0.95million respectively. The choice of location to support our vision is critical. We chose The American Hospital because of it is near the clusters of medical clinics, allowing greater advantage in a fixed and trustable inflow of customers. It also facilitates the sharing and transfer of skills and technology, as well as research and development among the various businesses. Additionally, it gives the bulk of our customers who are mostly tourists; greater assurance if our clinic is located at the prime medical clinics areas and not somewhere Our unique selling proposition lies in our Patented Golden Ratio and Skin Condition Diagnostic System, Effective Skin Care Products, Natural Make-Up and Cosmetic Services of Excellence. This range of USP allows us to scale and to cover the full spectrum of the market. Should a client be unreceptive towards cosmetic services, they can turn to Feng Shui or Make-Up under our wing of services and products. In addition by offering this spectrum of products and services, we are able to obtain regular income through the sale of our skin care and make-up products. Ridding on the similarities of equipment and labour in cosmetic surgery and other face care services, we capture not just the niche market but the mass market through the provision of other face care services such as facial, laser treatment, botox and Stem Cell enhancement. Moreover, similar to the success of Abercombie & Fitch, our services not just capture the men but also ladies. We are searching for keen investors willing to invest in the range of USD 0.5 to 2 million. With multiple streams of revenue and a reasonable startup of USD 1million, we expect to see a profit on the first year and a healthy cash flow. With a growing beauty dollar and greater consciousness of beauty, we believe Quintessential Cosmetics - 黄金比例 will be an industry setter in the aesthetic and cosmetic line.
Cliqure was formed serendipitously when the eight of us bidded for TE mod in Jan 2013. We all came into the class with different backgrounds and interests; some of us were already running existing businesses. Yet, there was one thing common for all of us – an aspiration to start something really big one day.
Brendan then pitched his idea of an online profiling platform for photographers which got all of us excited. There was no turning back after that. It was a good 13 weeks of fun, friendship and exchange of ideas within the team. We had our 'many firsts' - first time starting a tech business in 10 weeks, first-time doing an elevator pitch, first time pitching to a venture capitalist.. The list goes on. Through these experiences, many of us stepped out of our comfort zone and learnt so much that the textbook cannot offer.
We are extremely thankful to Prof Pamela Lim for her guidance and belief in us.
Cliqure Connecting Photographers with the World
Business Concept A platform that facilitates this transition, catering to photographers first, then their clients. A LinkedIn for photographers worldwide. A UI facilitated shift from traditional focus on photos to contemporary convergence on photographer
Market Potential A huge market potential spanning from the retail consumers and commercial clients who are looking to engage in photographers,to the professional photographers who wish to be found. Cliqure operates in a lucrative and stable photography service industry worth billions of dollars annually.
The Gap A need for a transition platform for aspiring professional photographers to move from casual-sharing communities to professionally branded ones, where they can brand themselves and build up their clientele.
Consumer Buy-In Photographers: Personally branding, networking and client engagement
Clients: A search engine facilitated platform to find photographers
Revenue Model A freemium revenue model, charging for premium features. User advertisement for search engines.
Distribution Launched through desktop, with a mobile application phase in August 2014 and software pluggin for Aperture and Lightroom
Objectives 100,000 monthly website hits, 5,000 Twitter followers and Facebook likes by E2013. Page rank of third and active search for Cliqure content on search engines by M2014.
Elastic is an electronic last minute ticketing online market place that specializes in the resale of ticketed events in Singapore. Think of Elastic as the eBay for tickets only. We specialize in reselling tickets to concerts, events and local attractions.
At Elastic, we noticed that many people were buying and selling resale tickets off websites like eBay or hardware zone and the problem with these sites was that listings would almost be crowded out immediately by thousands of other general listing within a matter of minutes, making it very difficult for genuine buyers to find guine sellers. We wanted to put a stop to this, which is why we came up with Elastic to provide an efficient, smooth and secure way that would connect the buyers with the sellers and vice versa.
Remember that one time when you bought a pair of concert tickets but couldnt make it last minute? That's essentially as good as doing throwing the ticket away and at Elastic, we no longer want to see a pair of good tickets go to waste.
So join us on our journey to redefine the way resale tickets are bought and sold across the region.