Gogoboon was born in late 2016 when the team at Vimi first started thinking about creating a crowdfunding platform in order to help our startup clients with fundraising.
When we discovered that Thai regulations for crowdfunding make it exceedingly difficult for anyone except for banks and similarly established large players to enter the space, we began looking for workarounds what would allow us to proceed with the limitations of the legal framework.
It was round about the same time we happened to get to know Keeran Janin and the gang from Dart Brunei and Avantist, and they shared with us their remarkable insights into the amazing world of luxury products.
As is often the case for innovation, the juxtaposition of these two unrelated events helped us with two fundamental realizations that offered a solution for the crowdfunding paradigm:
- Luxury products use as a standard 10x markups – The surplus that margins of this scale generates can easily be leveraged to support a cause or a start-up in need of funding.
- What differentiates a luxury product from its “every-day” comparable is, above all, the strength of its story. It’s the story behind the product’s brand, and the faith people have in that story, that motivates them to spend so much more in order to own it.
What differentiates a luxury product from its “every-day” comparable is, above all, the strength of its story. It’s the story behind the product’s brand, and the faith people have in that story, that motivates them to spend so much more in order to own it.
We figured we’d create a site where people could leverage the story of their cause in order to sell items at a luxury markup, and utilize the surplus revenue created in order to support the realization of their dream.
There was just one hitch…
While the idea sounded great to us, it received initially little traction, and so we shelved the project. A few months later things took a fortuitous turn thanks to Elon Musk’s Boring Company, and to be more specific, thanks to the fact that Anthony ran across an article that shared the amazing story of how Elon Musk was raising hundreds of thousands of dollars in funding for the Boring Company by selling caps, and (believe it or not) flamethrowers.
Elon Musk had in effect provided the validation we needed for our concept, and so we decided to go ahead and build it – Gogoboon was born, and the rest is history in the making…