Originally from Malaysia, Wai Hong Fong arrived in Australia to study at Melbourne University. Rather than follow in the footsteps of his parents, Fong wanted to do his own thing.
With the help of his uncle, Fong started OZHut, a top destination for lifestyle brands and leisure products, predicted to record $3.1 million in sales this year.
In addition to being named Best Young Entrepreneur at the StartupSmart Awards, Fong is StartupSmart’s resident SEO expert, with a never-ending supply of tips.
Last year, OZHut launched OZKitchenware, a category devoted solely to kitchen appliances and utensils.
“It’s going really well in the sense that we’ve seen a 50% increase in the business overall since its launch,” Fong told StartupSmart.
It was a busy 2011 for Domenic Carosa, who heads up Future Capital Development Fund, with a portfolio of start-ups including OurWishingWell, CheapHotels, PaintMyPicture, DriveMyCarRentals and RentABin.
FCDF invests in young, fast-growing internet, mobile and technology start-ups that have already attracted customers and generate transaction revenue.
In July, Carosa revealed he is considering a dual listing in Australia and the United States or the United Kingdom, after raising $5 million to invest in the development of emerging companies.
Carosa says the fund is looking to list on the ASX around the middle of 2012 and will aim to raise $20-30 million. This is in addition to a possible dual listing in the US or UK.
“Part of the FC strategy is to build our visibility and relationships in international markets, and a listing can fulfill part of that strategy,” Carosa told StartupSmart.
Adir Shiffman, who sold his venture HelpMeChoose.com.au to Mortgage Choice in 2010, recently returned to the start-up market with the launch of a new cash-back shopping portal.
Shiffman’s latest venture, StartHere.com.au, has racked up some impressive numbers already, despite only officially launching in early December.
The site has 10,000 signed-up members, with $4 million sales completed already. More than 900 online stores are selling their products through the portal, including Apple, Dell and Vodafone.
“I haven’t spent $1 on marketing and we’ve got 10,000 subscribers. We will probably look to raise funding next year. At the moment, I have funded it myself,” Shiffman told StartupSmart.
“When I sold HelpMeChoose on a Friday, I went to the beach and relaxed on the Monday, and by Tuesday I was already over the retirement lifestyle. Entrepreneurship is in your blood.”
9. Mike Cannon-Brookes and Scott Farquhar
Cannon-Brookes and Farquhar set up software company Atlassian when they were 22-year-old university graduates. The company is now wildly successful, despite starting up on a shoestring.
Atlassian has more than 20,000 customers in 140 countries, but is still headquartered in Sydney. While Atlassian’s success is nothing new, its founders caught the eye in 2011 with their willingness to help other tech start-ups by hosting and sponsoring various events.
Both Farquhar and Cannon-Brookes, who have a combined wealth of $360 million, are mentors for the Startmate program and are also involved in Launch48, held over the course of a weekend.
According to Atlassian spokesperson Joris Luijke, the company readily involves itself in events like Launch48 because it “bleeds green and gold”, highlighting Atlassian’s support for start-ups.
“We want Australian companies to succeed [by learning] from our success but also our own learning process. It wasn’t that long ago that Atlassian was a start-up itself,” Luijke says.
Shoes of Prey is an online retailer that allows women to design their own shoes, which are handmade and shipped globally.
The business was co-founded by husband-and-wife team Michael and Jodie Fox, along with Mike Knapp, all of whom met while studying law in the early 2000s.
Shoes of Prey was launched in late 2009 and has since seen its retail model bear immediate fruit. It beat all of its initial sales targets, with 60% of sales in overseas markets.
The business recently won the Best Online Strategy Award at the 2011 StartupSmart Awards, and the founders are well known for offering their advice to other small businesses.
In October, the founders secured former Google employee Mark Capps as the CEO of new start-up Sneaking Duck, which aims to shake up the eyewear market, costing just $50,000 to establish.
