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21-11-2004, 10:23 AM
Habbo Ltd.
Dee Edwards used her experience in the internet field to launch Habbo Ltd. She talks about her company's rise.
Name: Dee Edwards, Habbo Ltd Founder and Managing Director
Age: 28
Business: A youth brand built on a graphical chat and gaming environment for teenagers
Business name: Habbo
Amount of Employees: 8
Turnover: £1million (from first year of trading)
What made you take the plunge and start your own business?
I really believed internet business could be made successful by using technology to run a business effectively and leveraging the different way people were changing their communication. I felt that few companies were doing this effectively and wanted to prove it could be done.
Where did you get the funding to start your business?
Habbo Ltd is backed by Electric Mother Ventures, a Scandinavian venture capitalist.
How much did it cost to start your business and where did you get the funding?
Habbo Ltd had seed financing of £1m and we are on track to break even. We have learnt from other startups and are keeping a tight rein on expenditure making sure that all our investments work toward the bottom line.
What age did you decide to go it alone?
My background is in business to business marketing and Internet business strategy. I joined David Bowen, the Independent on Sunday's former business editor in setting up the internet publishing company Net profit. After helping to build the company into a credible and trustworthy brand, I moved onto the Internet business consultancy Razorfish where I focused on new business and conceptualisation. The idea of Habbo Hotel was born while I was entrepreneur in Residence at the internet incubator, Brainspark plc.
Where did the idea for your business come from?
I met up with a development company in Finland who were creating innovative multi-user environments and felt that there was a potential to work together to create a new type of business and a new type of brand?
Did you have any help from family and friends?
It's important to have support from those around you. It was kind of a natural progression for me to start my own online business after building up so much experience in the industry. This also meant that I could (and still do) call on the help of friends in the industry who understand how to make businesses successful.
What academic qualifications did you get?
A degree in Business Management and an MA in European Marketing.
Did they help you?
Yes, you obviously draw on whatever experience you have had.
What is the single most important thing that has helped your business succeed?
I have always been convinced that truly understanding people's needs and addressing them in a unique manner is the only way to succeed.
How could the government improve conditions for startups?
On the whole, the UK is a positive place to start a business.
How many hours a week do you work now?
In some ways not enough, in others too many - I strive to maintain a balance.
What skills and characteristics do you need to start your own business?
The ability to see opportunities and take advantage of them.
What has been your main business problem?
Having the right people in the right roles at the right time.
Has there ever been a time when you thought you were close to failing - how did you overcome it?
There is so much pressure on small businesses that I think this happens pretty often; you just have to have confidence in yourself and your team to do the best you can.
What is your top tip to anyone wanting to start a business?
Never lose sight of your vision and execute your vision tirelessly.
Where do you see your business in a year's time?
The aim with Habbo has always been to use technology to build a brand cost-effectively, and be able to leverage this brand in different ways. The climate is difficult for companies in our arena, so we are focusing on our core business for the foreseeable future.
Dee Edwards used her experience in the internet field to launch Habbo Ltd. She talks about her company's rise.
Name: Dee Edwards, Habbo Ltd Founder and Managing Director
Age: 28
Business: A youth brand built on a graphical chat and gaming environment for teenagers
Business name: Habbo
Amount of Employees: 8
Turnover: £1million (from first year of trading)
What made you take the plunge and start your own business?
I really believed internet business could be made successful by using technology to run a business effectively and leveraging the different way people were changing their communication. I felt that few companies were doing this effectively and wanted to prove it could be done.
Where did you get the funding to start your business?
Habbo Ltd is backed by Electric Mother Ventures, a Scandinavian venture capitalist.
How much did it cost to start your business and where did you get the funding?
Habbo Ltd had seed financing of £1m and we are on track to break even. We have learnt from other startups and are keeping a tight rein on expenditure making sure that all our investments work toward the bottom line.
What age did you decide to go it alone?
My background is in business to business marketing and Internet business strategy. I joined David Bowen, the Independent on Sunday's former business editor in setting up the internet publishing company Net profit. After helping to build the company into a credible and trustworthy brand, I moved onto the Internet business consultancy Razorfish where I focused on new business and conceptualisation. The idea of Habbo Hotel was born while I was entrepreneur in Residence at the internet incubator, Brainspark plc.
Where did the idea for your business come from?
I met up with a development company in Finland who were creating innovative multi-user environments and felt that there was a potential to work together to create a new type of business and a new type of brand?
Did you have any help from family and friends?
It's important to have support from those around you. It was kind of a natural progression for me to start my own online business after building up so much experience in the industry. This also meant that I could (and still do) call on the help of friends in the industry who understand how to make businesses successful.
What academic qualifications did you get?
A degree in Business Management and an MA in European Marketing.
Did they help you?
Yes, you obviously draw on whatever experience you have had.
What is the single most important thing that has helped your business succeed?
I have always been convinced that truly understanding people's needs and addressing them in a unique manner is the only way to succeed.
How could the government improve conditions for startups?
On the whole, the UK is a positive place to start a business.
How many hours a week do you work now?
In some ways not enough, in others too many - I strive to maintain a balance.
What skills and characteristics do you need to start your own business?
The ability to see opportunities and take advantage of them.
What has been your main business problem?
Having the right people in the right roles at the right time.
Has there ever been a time when you thought you were close to failing - how did you overcome it?
There is so much pressure on small businesses that I think this happens pretty often; you just have to have confidence in yourself and your team to do the best you can.
What is your top tip to anyone wanting to start a business?
Never lose sight of your vision and execute your vision tirelessly.
Where do you see your business in a year's time?
The aim with Habbo has always been to use technology to build a brand cost-effectively, and be able to leverage this brand in different ways. The climate is difficult for companies in our arena, so we are focusing on our core business for the foreseeable future.