Putting customers first isn’t exactly a revolutionary idea, but it’s one that the Start-up 50 has embraced with ruthless zeal.
Smoke Alarm Solutions has standards in place that include responding to each phone call in three rings, replying to emails in five minutes and offering loyalty incentives ranging from iPads to brand new cars.
Customer service isn’t just about such visible front-line acts though, as Milan Direct demonstrates with its diligent work in finding the right suppliers and warehouses to meet its clients’ expectations and the empowerment of staff by overall winner Job Capital, which implicitly trusts its hand-picked employees to make the best decisions for the company.
Not so long ago, selling furniture online would’ve been considered a ridiculous idea. This didn’t stop either Milan Direct nor Fidarsi Furniture for doing just that and reaping the rewards.
Elsewhere in the top 50, RedBubble revamped the online retail marketplace with its shopfront business model that showcases leading artists and Kidz Lidz Salons does hairdressing with a twist – its clients are all children.
The moral of the story is that you don’t have to blindly follow others or create an entirely new market. Top entrepreneurs can take exisiting business models, subtly redefine them to new territory and create lucrative new companies.
Anyone who believes that Australia isn’t a hub of innovation should take a look at this year’s top 50. New ideas and cutting edge technology are sprinkled liberally on the list.
Green technology is, unsurprisingly, leading the way, with AquaGen Technologies creating a new way of harnessing tidal power, all tested in the Victorian coastal town of Lorne, while Direct Energy is a pioneer in geothermal energy.
Not all new ideas come from the environmental sector – Expanda Van Homes is leading the way with a van-cum-house creation and Inventium invited a psychometric tool to measure performance at work.
As the modern-day business maxim goes, entrepreneurs are now as likely to come up against competitors in Delhi as they are in Darwin. But the global economy also provides plenty of inspiration for Australian start-ups – and more quickly than ever before.
The founders of Everyday Hero were struck by how developed the online charitable giving sector was in the UK compared with Australia. They moved quickly and have now effectively cornered the market in Australia.
Meanwhile, Dean Ramler was backpacking his way around Europe when he realised that the high demand for replica designer furniture may have been met at reasonable cost in Italy, but it wasn’t in Australia, unless you felt like spending $4,000 a time.
The next generation of Australian entrepreneurs aren’t just inspired by their immediate surroundings. An idea from anywhere in the world can now be transported back home.
For entrepreneurs in our top 50, a stable, risk-free career isn’t a comfort, it’s a burden to be shed at the earliest possible opportunity.
While others may have vacillated at the thought of giving up a regular income in order to chase a start-up idea, our business builders were happy to ditch their jobs in order to go it alone.
For example, Clovis Young gave up a lucrative career as a Wall Street banker to create Mad Mex Fresh Mexican Grill, while Design Experts co-founder Tim Gentle quit his job as a marketer to become a farmer and teach rural businesses the potential of the internet and online marketing.
Of our top 50 businesses, 72% of them are wholly-owned by the founders. This is a group that generally likes to build their business in their own image, away from the meddling of investors.
The desire for control by top 50 entrepreneurs is mainly rooted in quality control. Jarrod Tame of Fifo Capital is a one-man band despite the business pulling in a revenue of $3 million. He cites the lengthy time spent with clients as a key driver of the business – something that others might not be able to replicate.
Some owners take this even further. Cara Kirsten, founder of radiology business Sound Diagnostic Radiology, came to work while her twins, who were born prematurely, were still in hospital in order to make sure the company was running smoothly. She is planning gradual expansion of the business so that service delivery isn’t compromised.
Of course, plenty of these businesses will face growing pains as they move into the fast-growth stage. But the early focus on high standards and attention to detail is admirable.
