$10 million a month revenue. Not bad

The men behind the multi-million dollar online shopping website, Adam Jacobs, Cameron Votan, Andreas Otto and Finn Age Haensel. Source: Supplied

THEY'RE young, they're rich, and they're taking the technology world by storm. Over the next two weeks, news.com.au will be introducing you to some of the world's most successful entrepreneurs and offering you the chance to win $1000 and a BlackBerry 10 phone when you vote.

AUSTRALIAN online fashion retailer The Iconic is close to earning $10 million a month in revenue and the four men behind the venture say it feels "pretty f***ing great".

Well, actually co-founder Adam Jacobs said that, but his three co-founders agree.

Jacobs, along with Andreas Otto, Cameron Votan and Finn Age Haensel all left lucrative day jobs to launch what is now one of Australia's most successful online shopping sites that employs about 350 people.

With three-hour delivery, free returns and 500 brands under the one roof, The Iconic has seen unprecedented growth aided by the launch of its own magazine - starring Joel Edgerton on the cover - and with the signing of Bondi Hipsters Dom and Ade to an ad campaign for the site.

"We saw after a few months our customer base grow really quickly," Adam Jacobs said. " That was the first sign to us that this business model works and, yes, Australians like shopping online."

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Jacobs says the success of the online shopping site stems from the belief that the customer experience is the absolute priority.

"That’s why we optimise the site for easy use, offer free shipping and express options like three-hour delivery in Sydney, have products at a variety of price points, and a local customer service team," he said. “We believe that the customer can and should have it all."

Partnering with a venture capital fund also didn't hurt, because it allowed them to experiment and take risks.

"We had a great venture capital firm behind us which provided us funds," Finn Age Haensel said. "It really motivated us to try new things that were unheard of in the market.

The group launched a fashion magazine earlier this year to help boost sales.

“No other online retailer had done that before. Because we had the support of the venture capital fund to try that, we know that if we failed we'd learn from it but we wouldn't get punished for it.”

What was the "key" to their success? Adam Jacobs says their isn't one but said it is essential to decide firmly on the mission and values of your start-up and to make them the core of everything you do.

"You need to be able to adapt very quickly to a changing environment, while keeping a stable centre with consistent goals to aim for," he said.

Jacobs said the team looked to sites like eBay, Yahoo and Google for inspiration.

"They are known for consistently pioneering technology and also for being great places to work," he said. "These guys were on the front line of internet development, and have innovative cultures and strong track records in success."

At a time when bricks and mortar stores are struggling to compete, it's unlikely most retailers were pleased when they heard they had local online competitor potentially stealing customers away.

This group of mates have created one of the most successful online retail stores in recent times. Find out just how they did it.

However, Jacobs said that "there will always be a space for bricks and mortar retail in Australia because the Australian customer is savvy, and expects a variety of options and experiences".

But that doesn't mean The Iconic won't give retailers a run for their money.

"We believe that online retail will become a huge part of retail, very soon," he said.

"Online retail can offer variety, experience, competitive pricing and convenient delivery in ways that bricks and mortar retail cannot. Like Europe and the USA, Australia will shift to Goliath online industries and very happy online customers."

So what advice do these entrepreneurs have for people who have a great start-up idea but don't know where to start?

"Buy the domain, lodge the patent, start building.”

"In this climate, great ideas are flying, and if you believe in what you’re doing, one of your biggest advantages could be doing it first. Build the skeleton and ask for feedback – from friends, family, and anybody who might use your product.”

Another essential element to success is research and getting to know your environment. Find out whether anyone else is doing it already and think about how you could do it better.

View the original article here

RIM sells a million new BlackBerry 10s

The BlackBerry 10 is shown off at its debut at a launch event in New York City. Source: AP

RESEARCH In Motion Ltd has sold about 1 million of its critically important new BlackBerry 10 devices and surprised Wall Street by returning to profitability in the most recent quarter.

The earnings provide a first glimpse of how RIM's new touch-screen Z10 is selling internationally and in Canada since its debut on January 31. Details on the US launch are not part of the fiscal fourth quarter's financial results because the Z10 just went on sale in the US last week.

In the quarter that ended March 2, RIM earned $US98 million ($93.7 million), or 19 cents a share, compared with a loss of $US125 million, or 24 cents a share, a year earlier. After adjusting for restructuring and other one-time items, RIM earned 22 cents a share. Analysts surveyed by FactSet had been expecting a loss of 31 cents.

Revenue fell 36 per cent to $US2.7 billion, from $US4.2 billion. Analysts had expected $US2.82 billion.

The 1 million Z10 phones were above the 915,000 that analysts had been expecting. But RIM lost about 3 million subscribers to end the quarter with 76 million.

Bill Kreyer, a tech analyst for Edward Jones, called the subscriber decline "pretty alarming".

"This is going to take a couple of quarters to really see how they are doing," Mr Kreyer said.

The BlackBerry, pioneered in 1999, had been the dominant smartphone for on-the-go business people and other consumers before the iPhone debuted in 2007 and showed that phones can handle much more than email and phone calls.

The new BlackBerry Z10 has received favourable reviews since its release, but the launch in the critical US market was delayed until late this month.

A new keyboard BlackBerry, called the Q10, won't be released in the US for two or three more months. The delay in selling the Q10 complicates RIM's efforts to hang on to customers tempted by the iPhone and a range of devices running Google Inc.'s Android operating system.

Even as the BlackBerry has fallen behind rivals in recent years, many users have stayed loyal because they prefer a physical keyboard over the touch screen on the iPhone and most Android devices.

RIM, which is changing is formal name to BlackBerry, said it expects to break even in the current quarter despite increasing spending on marketing.

"I thought they were dead. This is a huge turnaround," Jefferies analyst Peter Misek said from New York.

Mr Misek said the Canadian company "demolished" the numbers, especially its gross margins. RIM reported gross margins of 40 per cent, up from 34 per cent a year earlier. The company credited higher average selling prices and higher margins for devices.

"This is a really, really good result," Mr Misek said. "It's off to a good start."

Chief executive Thorsten Heins said he implemented numerous changes at the company over the past year and those changes have resulted in RIM returning to profitability.

The company also announced that co-founder Mike Lazaridis will retire as vice chairman and director.
 

View the original article here

RIM sells a million new BlackBerry 10s

The BlackBerry 10 is shown off at its debut at a launch event in New York City. Source: AP

RESEARCH In Motion Ltd has sold about 1 million of its critically important new BlackBerry 10 devices and surprised Wall Street by returning to profitability in the most recent quarter.

The earnings provide a first glimpse of how RIM's new touch-screen Z10 is selling internationally and in Canada since its debut on January 31. Details on the US launch are not part of the fiscal fourth quarter's financial results because the Z10 just went on sale in the US last week.

In the quarter that ended March 2, RIM earned $US98 million ($93.7 million), or 19 cents a share, compared with a loss of $US125 million, or 24 cents a share, a year earlier. After adjusting for restructuring and other one-time items, RIM earned 22 cents a share. Analysts surveyed by FactSet had been expecting a loss of 31 cents.

Revenue fell 36 per cent to $US2.7 billion, from $US4.2 billion. Analysts had expected $US2.82 billion.

The 1 million Z10 phones were above the 915,000 that analysts had been expecting. But RIM lost about 3 million subscribers to end the quarter with 76 million.

Bill Kreyer, a tech analyst for Edward Jones, called the subscriber decline "pretty alarming".

"This is going to take a couple of quarters to really see how they are doing," Mr Kreyer said.

The BlackBerry, pioneered in 1999, had been the dominant smartphone for on-the-go business people and other consumers before the iPhone debuted in 2007 and showed that phones can handle much more than email and phone calls.

The new BlackBerry Z10 has received favourable reviews since its release, but the launch in the critical US market was delayed until late this month.

A new keyboard BlackBerry, called the Q10, won't be released in the US for two or three more months. The delay in selling the Q10 complicates RIM's efforts to hang on to customers tempted by the iPhone and a range of devices running Google Inc.'s Android operating system.

Even as the BlackBerry has fallen behind rivals in recent years, many users have stayed loyal because they prefer a physical keyboard over the touch screen on the iPhone and most Android devices.

RIM, which is changing is formal name to BlackBerry, said it expects to break even in the current quarter despite increasing spending on marketing.

"I thought they were dead. This is a huge turnaround," Jefferies analyst Peter Misek said from New York.

Mr Misek said the Canadian company "demolished" the numbers, especially its gross margins. RIM reported gross margins of 40 per cent, up from 34 per cent a year earlier. The company credited higher average selling prices and higher margins for devices.

"This is a really, really good result," Mr Misek said. "It's off to a good start."

Chief executive Thorsten Heins said he implemented numerous changes at the company over the past year and those changes have resulted in RIM returning to profitability.

The company also announced that co-founder Mike Lazaridis will retire as vice chairman and director.
 

View the original article here

RIM sells a million new BlackBerry 10s

The BlackBerry 10 is shown off at its debut at a launch event in New York City. Source: AP

RESEARCH In Motion Ltd has sold about 1 million of its critically important new BlackBerry 10 devices and surprised Wall Street by returning to profitability in the most recent quarter.

The earnings provide a first glimpse of how RIM's new touch-screen Z10 is selling internationally and in Canada since its debut on January 31. Details on the US launch are not part of the fiscal fourth quarter's financial results because the Z10 just went on sale in the US last week.

In the quarter that ended March 2, RIM earned $US98 million ($93.7 million), or 19 cents a share, compared with a loss of $US125 million, or 24 cents a share, a year earlier. After adjusting for restructuring and other one-time items, RIM earned 22 cents a share. Analysts surveyed by FactSet had been expecting a loss of 31 cents.

Revenue fell 36 per cent to $US2.7 billion, from $US4.2 billion. Analysts had expected $US2.82 billion.

The 1 million Z10 phones were above the 915,000 that analysts had been expecting. But RIM lost about 3 million subscribers to end the quarter with 76 million.

Bill Kreyer, a tech analyst for Edward Jones, called the subscriber decline "pretty alarming".

"This is going to take a couple of quarters to really see how they are doing," Mr Kreyer said.

The BlackBerry, pioneered in 1999, had been the dominant smartphone for on-the-go business people and other consumers before the iPhone debuted in 2007 and showed that phones can handle much more than email and phone calls.

The new BlackBerry Z10 has received favourable reviews since its release, but the launch in the critical US market was delayed until late this month.

A new keyboard BlackBerry, called the Q10, won't be released in the US for two or three more months. The delay in selling the Q10 complicates RIM's efforts to hang on to customers tempted by the iPhone and a range of devices running Google Inc.'s Android operating system.

Even as the BlackBerry has fallen behind rivals in recent years, many users have stayed loyal because they prefer a physical keyboard over the touch screen on the iPhone and most Android devices.

RIM, which is changing is formal name to BlackBerry, said it expects to break even in the current quarter despite increasing spending on marketing.

"I thought they were dead. This is a huge turnaround," Jefferies analyst Peter Misek said from New York.

Mr Misek said the Canadian company "demolished" the numbers, especially its gross margins. RIM reported gross margins of 40 per cent, up from 34 per cent a year earlier. The company credited higher average selling prices and higher margins for devices.

"This is a really, really good result," Mr Misek said. "It's off to a good start."

Chief executive Thorsten Heins said he implemented numerous changes at the company over the past year and those changes have resulted in RIM returning to profitability.

The company also announced that co-founder Mike Lazaridis will retire as vice chairman and director.
 

View the original article here