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

 

Company Results: Air NZ Rides The Tourism Boom With Record Full-Year Earnings

Air New Zealand has ridden the tourism boom and staved off increased competition to deliver the best full-year earnings in its 76-year history. More>>

ALSO:

New PGP: Sheep Milk Industry Gets $12.6M Crown Funding

The Sheep - Horizon Three programme aims to develop "a market driven, end-to-end value chain generating annual revenues of between $200 million and $700 million by 2030," according to a joint statement. More>>

ALSO:

Half Full: Fonterra Raises Forecast Milk Price

Fonterra Co-operative Group Limited today increased its 2016/17 forecast Farmgate Milk Price by 50 cents to $4.75 per kgMS. When combined with the forecast earnings per share range for the 2017 financial year of 50 to 60 cents, the total payout available to farmers in the current season is forecast to be $5.25 to $5.35 before retentions. More>>

ALSO:

Keep Digging: Seabed Ironsands Miner TransTasman Tries Again

The first company to attempt to gain a resource consent to mine ironsands from the ocean floor in New Zealand's Exclusive Economic Zone has lodged a new application containing fresh scientific and other evidence it hopes will persuade regulators after their initial application was turned down in 2014. More>>

Wool Pulled: Duvets Sold As ‘Premium Alpaca’ Mostly Sheep’s Wool

Rotorua business Budge Collection Limited (Budge) and sole director, Sun Dong Kim, were convicted and fined a total of $71,250 in Auckland District Court after each pleading guilty to four charges of misrepresenting how much alpaca fibre was in their duvets. More>>

Reserve Bank: Labour Calls For Monetary Policy To Expand Goals

Labour's comments follow a speech today by RBNZ governor Graeme Wheeler in which Wheeler sought to answer critics who variously say he should stop lowering interest rates, lower them faster, or that inflation-targeting should no longer be the primary goal of the central bank's activities. More>>

ALSO:

BSA Extension And Sunday Morning Ads: Digital Convergence Bill Captures Online Content

Broadcasting Minister Amy Adams has today announced the Government’s plans to update the Broadcasting Act to better reflect today’s converged market... The Government considered four areas as part of its review into content regulation: classification requirements, advertising restrictions, election programming and contestable funding. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Sci-Tech
Search Scoop  
 
 
Powered by Vodafone
NZ independent news