Good example of building something valuable even if you are non-tech. If you divide the sales proceed in the story by 10 years (time they spent building the biz), most of us can't make that kind of figure as annual salary ever. So why aim for a unicorn outcome when all you need is merely something 10 times better than what you have now?! This means any biz has the potential to create good and even great value, not just the tech biz. CONCLUSION: Build your 10 million dollar biz first before you aim for a 1 billion dollar biz.
In 2013, a Malaysian couple was burnt out from their jobs. So, they decided to start their own business. And last year, that business brought in $7.6M in revenue, was valued at $21M, and sold a 65% stake for $17.5M. This is the story of Inside Scoop 🔥 The beginning Edmund Tan and Lim Shew Li started Inside Scoop with a simple idea: to make delicious ice cream for Malaysians. Shiew Li loves ice cream, and they saw a gap in the market for brick and mortar artisanal ice cream shops in Malaysia. Since they weren't experts, Shiew Li attended Gelato University in Italy to learn how to make ice cream. ⭐️ The debut Their first shop opened in Bangsar, Malaysia, and people loved it! What made them special? They had flavors like Durian and Valrhona Chocolate that got everyone talking. Inside Scoop became known for its locally made ice cream that suited the Malaysian taste. As they grew, they opened even more shops. They also added buttermilk waffles and more uniquely local flavors like Cempedak, Bandung, Kopi Peng, Teh Tarik, Salted Gula Melaka, and Cendol. 🧠 Standing out But it wasn’t easy. There are tons of different ice cream brands! So, Inside Scoop had to find ways to get people excited about their ice cream, so they invited regular customers as “flavor enthusiasts,” to enjoy special tastings of their unique ice cream flavors. They even held special events like ice cream buffets and offering free dates with ice cream during Ramadan, and celebrating their business milestones with complimentary treats. 🌏 Going international Scaling. Inside Scoop's success led to expansion of over 40 stores across Malaysia, and 1 store in Singapore in 8 years. And just last year, Inside Scoop sold a 65% stake to Malaysian dairy products provider Farm Fresh, for MYR 84M ($17.5M). Now, Edmund continues to drive Inside Scoop which is now under Farm Fresh’s ice cream division, and intends to continue expanding their stores and flavors in Malaysia and potentially expand to the Philippines and Indonesia. 📩 Like stories like this? Let us know by signing up here: https://lnkd.in/gk4DqVQW 📰 Stay updated on the latest Southeast Asian startup and tech news, subscribe for free to BackScoop: www.BackScoop.com.
Glad you liked the post, Jeffrey Ling!
Edmund Tan well done and congratulations.
Global Marketing Strategist | Mental health | EdTech
9moI'm a fan of Inside Scoop 😋