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

 

Scoop Business: Govt Resisting Pressure To Pump More Cash Into Solid Energy

Prime Minister John Key says it is “not the government’s preferred option” to make a fresh capital injection into the troubled state-owned coal miner, Solid Energy, but dodged journalists’ questions at his weekly press conference on whether that might prove necessary... More>>

ALSO:

Lagest Ever Privacy Breach Award: NZCU Baywide Accepts “Severe” Censure In Cake Case

NZCU Baywide says that once it was found to have committed a breach of a former staff member’s privacy, it had attempted to resolve the matter... the censure and remedies for its actions taken almost three years ago are “severe” but accepted, and will hopefully draw a line under the matter. More>>

ALSO:

Scoop Business: PayPal Stops Processing Mega Payments; NZX Listing Still On

PayPal has ceased processing payments for Mega, the file storage and encryption firm looking to join the New Zealand stock market via a reverse listing of TRS Investments, amid claims it is not a legitimate cloud storage service. More>>

ALSO:

Housing Policy: Auckland Densification As Popular As Ebola, English Says

Finance Minister Bill English said calls by the Reserve Bank Governor for more densification in Auckland’s housing were “about as popular in parts of Auckland as Ebola” would be. More>>

ALSO:

Crown Accounts: NZ Government Deficit Smaller Than Expected In First Half

The New Zealand government's operating deficit was smaller than expected in the first six months of the financial year, as the consumption and corporate tax take rose ahead of forecast in December, having lagged estimates in previous months. More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

Standards New Zealand
 
 
 
 
 
 
 
 
Sci-Tech
Search Scoop  
 
 
Powered by Vodafone
NZ independent news