Video | Business Headlines | Internet | Science | Scientific Ethics | Technology | Search

 


Ubuy – The $60 IT Company

Ubuy – The $60 IT Company

Thursday, 29 April 2004

In March 2003, Ubuy Directors Dean Hall, at penniless 21 year old IT guru, and Matthew Van Veen, a retired Airforce Warrant Officer, started a project to develop an online shopping solution that met the needs of the New Zealand market. “We quite literally had nothing” comments Dean Hall, who’s other business, Dean Hall Design (DHD) created and licenses the software and design that powers Ubuy. So cash strapped was Hall in starting the project, that he had to borrow the $60 necessary to register the domain name from his parents, “They thought I was mad, in hind sight I probably was.”

The Community provides free merchant facilities to businesses that register with the site, taking a small commission on every sale. “We believe this creates a win-win business relationship situation” says Hall, “revenue is only generated by increasing sales for the merchants – so the company is 100% committed to making the perfect selling environment for every merchant.”

“The initial design of the system I completed in a weekend,” says Hall when describing the development, “the next eight months were spent refining and developing the system.” From such humble beginnings the Ubuy concept has grown quite rapidly with over fifty merchants now signed up and using the system, selling everything from Plasma Televisions through to Orange Juice.

Twelve months on both Matt and Dean have the chance to reflect on what has been an exciting business development. “More important to us than what has happened over the last twelve months, is the next twelve months. We’ve proven that our philosophy of providing a no-risk solution to merchants works, our future challenges centre around gaining enough capital to grow further.”

At times they have felt the frustration of most small businesses, “It’s been pretty hard, being so young, and with both me and Matt being new to business. A lot of people wouldn’t take us very seriously.”

[ENDS]


© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Trade Plans: Prime Minister's Speech To International Business Forum

"The work to improve public services, build infrastructure, and solve social problems is possible only because we have enjoyed sustained, solid economic growth. A big reason for that is the Government’s consistent agenda of economic reform, and our determination to open up more opportunities for trade with the world." More>>

ALSO:

Media: TVNZ Flags Job Cuts To Arrest Profit Decline

Chief executive Kevin Kenrick said the changes were aimed at creating "a sustainable future video content business for TVNZ in an ever-changing media market." More>>

ALSO:

Reserve Bank: Wheeler Keeps OCR At 1.75%

Reserve Bank governor Graeme Wheeler kept the official cash rate unchanged at 1.75 percent, as expected, and reiterated his view that the benchmark rate doesn't need shifting for the foreseeable future. More>>

ALSO:

f work for Pumpkin Patch staff

Retail: Pumpkin Patch Brand, IP Sold To Catch Group

The receivers of failed children's clothing retailer Pumpkin Patch have confirmed that the company's brand and intellectual property have been sold to Australian online retailer Catch Group. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
Sci-Tech
Search Scoop  
 
 
Powered by Vodafone
NZ independent news