You have a million-dollar business idea but you have very little capital and no business background – can you succeed?
Well, the answer is YES if you listen attentively to this interview.
My guests – Solomon Poon and Ryan Foo – founded a company called DrinkAid. They formulated the first alcohol defence against intoxication, flushing and hangovers. Received a a $10,000 funding by their university. Launched in Aug 2020 (in the midst of COVID19 pandemic), broke even within 7 days and now become one of the top three products under the detox category of Shopee.
Pretty impressive right?
So get ready your favorite alcoholic drink and discover how you too can build a profitable bootstrapped startup in 7 days.
Also listen out for Solomon & Ryan's answers to the following questions:
- Solomon – nutritionist. Ryan – law graduate. How did you guys meet? – 1:55
- How did DrinkAid come about? - 2:57
- Out of a hundred applicants for the SMU incubator business grant, you were one of few. What do you think were your compelling reasons? - 8:09
- You spoke about presentation, give us a few tips. What did you learn out of it? – 10:30
- Did they question you about whether your product has an addressable market? - 10:56
- Share with us your dynamics – two-person team - 12:27
- How did you fair launching your business during the COVID pandemic? - 13:46
- How do you deal with disappointments and setbacks? – 15:21
- What other challenges did you both face? – 16:13
- How did you breakeven in 7 days? - 16:50
- Walk us through how you managed to secure the Mothership interview? - 17:37
- What were some of the other factors that contributed to your success? - 19:30
- Talk to us about packaging. Why these two colours? – 20:30
- You shared the active ingredients. Isn’t that supposed to be proprietary? - 21:43
- After launch, what is your next marketing strategy besides word of mouth? - 23:19
- There are many brands trying to tell stores but many fall flat. Why do you think that is? What might be some of the mistakes people are making as they tell stories? - 26:36
- What were some of the mistakes you made as you launched your eCommerce offering? - 29:09
- How do you keep in touch with your consumers? - 31:35
- What’s next for you guys? - 33:05
- What were some of the future challenges you are dealing with? - 35:33
- When will the next supplement or bio-hack come about? - 38:18
- What would be your advice for entrepreneurs listening in? - 38:45
If you want to keep in touch with Solomon & Ryan, you can reach them on Instagram at @solothesensei & @shrimpy.pd. DrinkAid is on Instagram @drinkaid.co
Read these books to become highly sought after in your own industry -> www.pickericsbrain.com
Thank you for listening to this episode of #HighlySoughtAfter!
If you enjoyed this episode, please help me hit the ‘subscribe’ button if you’re listening on Apple Podcasts or hit the ‘follow’ button if you are listening on Spotify.
I would also love to hear your biggest takeaway from this episode! Here’s how: take a screenshot of you listening to #HighlySoughtAfter and tag me on Instagram. My handle is @ericgoesglobal. This way, I can personally thank you.