Quick Questions with The Ultimate Start-Up Space Finalists – Part 2

To learn more about the finalists for The Ultimate Start-Up Space competition, each of the 10 finalists will answer 3 questions:

1. Why this idea?

2. Why this space? (Why do you feel like your idea best suits the shop space at 29 Boon Tat Street?)

3. Why this team? (Why do you think you’re the best person/team to realize your business idea in this space?)

In this post, we feature the answers from 3 of the finalists in random order.

Public supports plays a big part in determining the winner. If you have a favorite among the finalists, pledge your support here.

Zilch

Why this idea?

Web companies have this habit of giving things for free to consumers and earning money through advertisers or suppliers. I come from a software background and this thought of giving free evolved in me resulting in Zilch. Zilch is nothing but a cross pollination of ideas between web product companies and retail industry. At Zilch, we give products for free to consumers and earn through the retailers. Zilch is a social platform for brands to connect to their consumers. Imagine a young woman who tries on a new branded lipstick at Zilch. At the store we have several corners fitted with IPADS’ which can be used by the woman to show her friends on Facebook, what she has actually tried. The instant recognition and social engagement actually satiates the need of our retailers and consumers as well. In fact we encourage our consumers to do so by rewarding them with “social points” that increases the number of products they can take home, every time they visit us. So retailers can not only use Zilch to test their products and innovation but can also improve their brand recognition and awareness using the social platform. For consumers , its double whammy. They get to try all the latest products for free and also play a crucial role in redefining the product offerings from the brands. This mix of technology and retail actually gave an interesting output and that propelled me to proceed with the idea and apply to Martell V.S.O.P “The Ultimate Start-up Space”.

Why this space?

Boon Tat Street has a soothing presence in the CBD area. It’s a quite snug, around 8-10mins walk from the Raffles MRT, but away from the hustle and bustle of Robinson road or Lau pa sat. By being closer to Chinatown MRT,Boon Tat street is actually positioned at a place that is walkable from both green and violet MRT lines. This suits our exact need of a place that is convenient, calm and has a unique presence. We want our consumers to try the products at leisure and spend more time in the shop. Zilch is kind of a trendsetters’ hangout that needs to have a unique presence .The ambience of Boon Tat Street and proximity to the CBD area promises such an environment. Being at the intersection of Lau pa Sat and Robinson road , a substantial floating population is also guaranteed. More over currently our brands and retailers are around the CBD area which will help us to reduce costs on procurement.

Why this team?

Perseverance is the key for any business to succeed. Actually I was part of the TOP TEN finalist at Martell V.S.O.P “The Ultimate Start-up Space” 2010 and eventually lost in the finals. I have come back here again, honing my skills and preparing a better plan to succeed. I am confident that I would be able to take head on, the problems that are thrown at me without crumbling or accepting defeat. And my technology experience would be really helpful in realizing my idea of making Zilch a social platform that connects the brands and socially conscious consumers. The very reason that I have ventured out alone this time is to later recruit a co-founder who has diverse skill sets that complements me. He/she should be from either a retail industry or advertising industry. Since most of my friends and acquaintances are from software, it would not make business sense to have people with same skill sets and experience. This clarity and diversity in team definition is the biggest strength that Zilch possesses.