KUALA LUMPUR: "Start a business with a good problem and not a good idea," says Joshua Lim Yi Fan, co-founder of Buzz, formerly known as Beebag.
He said that to identify a meaningful problem, engage with many people in the industry to understand their challenges, especially if there is a lack of industry experience.
"It's crucial to not overlook the simple task of asking just a few people because it helps you find a problem and build the right solution for it," Lim said.
Lim and his twin brother, Joel Lim Yi Xuan, founded Buzz in August 2021, revolutionising marketing in the FMCG industry. Their platform allows brands to utilise purchase data for personalised item-level promotions and precise attribution of marketing expenditures.
Thrugh the Buzz Engagement Network (BEN), FMCG brands can reach millions of shoppers across various platforms. By leveraging purchase insights, brands can offer personalised cashback deals, effectively driving online-to-offline (O2O) sales conversion.
"We're unlocking an entirely new marketing channel for FMCG brands to reach millions of shoppers while also enabling fintech-related consumer platforms to access the FMCG brand's marketing dollars as additional revenue and engagement for their consumers.
"And ultimately, shoppers benefit from this dynamic as they are able to discover saving opportunities for their everyday items. That is why our mission is to positively impact the lives of shoppers by redirecting dollars back to their pockets," Lim said.
Before founding Buzz, the Lim siblings introduced Beebag, a solution that rewarded consumers for reusing plastic to reduce pollution from single-use plastics.
Beebag utilised NFC and QR technology to create Southeast Asia's first smart reusable bag. Today, the company, now known as BuzzLoop, has expanded to offer smart reusable bottles and cups.
The Lims, who obtained degrees in economics and finance from Xiamen University, secured funding from Cradle and MRANTI, along with investments from Sunway iLabs and ScaleUp Malaysia, while growing Buzz.
They also participated in the Shell LiveWIRE programme, winning in 2022.According to Lim, the RM50,000 award money has assisted the company in expanding its marketing efforts and refining their product.
He added that Buzz's reputation as an early-stage firm had been enhanced by the attention surrounding its win of the Shell LiveWIRE programme and its affiliation with Shell Malaysia.
Established in 2015, Shell LiveWIRE Malaysia supports entrepreneurs dedicated to starting and growing their businesses. Through a series of workshops, the programme helps participants develop and improve their business ideas, test their business models, and get ready to become successful entrepreneurs.
Toward the end of the program, participants engage in a pitching workshop and competition that aim to provide the necessary skills for entrepreneurs to grow their businesses.
Expanding to new heights
Lim said that since the company was named a Shell LiveWIRE winner, its business has expanded rapidly.
"As Shell is a big and well-established corporation, we knew we would be able to improve and grow our solution with the help of Shell. We learned a great deal about improving our business model and pitching from the trainers during the initial bootcamp. Additionally, we made valuable connections with fellow entrepreneurs and gained insights from their experiences.
"We've tripled our revenue since becoming a Shell LiveWIREwinner. We've crossed the six-figure revenue mark in 2023 and doubled our 2023 revenue in the first two quarters of 2024. Additionally, we've also improved our business model with the recent pivot to Buzz, and we hope this pivot will enable us to appeal more to retail businesses like Shell, and we hope to explore further partnerships with Shell Malaysia from here on," he said.
"We've surpassed the six-figure revenue mark in 2023 and doubled our revenue in the first two quarters of 2024. We've raised over RM700,000 in funding through grants and investments from Cradle Fund, MRANTI, Sunway iLabs, and ScaleUp Malaysia. The recent pivot to Buzz marks a significant milestone, opening new opportunities and potential impacts," added Lim.
Earlier this year, Buzz was invited to be part of the Brunei Startup Summit in 2024, providing an opportunity to introduce the business to the Brunei market.
According to Lim, Buzz needed to give its stakeholders greater value if it was to expand.
"While Beebag's solution was addressing some of the problems faced by the industry, it wasn't sufficient to grow to the scale we wanted.
"That is when we decided to explore beyond impact and look into addressing commercial problems. And after months of interviewing and research, we launched the MVP of Buzz in August 2023 with the goal of providing more saving opportunities for shoppers and helping FMCG brands improve marketing ROI and data analytics.
"After receiving great feedback from both users and partners on the MVP, we decided to fully pivot our business in March 2024 and officially announce our rebranding to Buzz," he said.
The Lim brothers aim to enhance consumers' quality of life with Buzz by making it easy for them to find savings on everyday purchases, particularly benefiting those in the B40 and M40 communities. They argue that the current marketing landscape, where advertising funds primarily go to companies like Google and Facebook, fails to provide direct benefits to consumers.
"We want to change this by involving shoppers directly and allowing them to benefit from their data. With BuzzLoop, we are working on reducing single-use plastic pollution. The world is drowning in single-use plastics, and Malaysia is one of the largest contributors to single-use plastic in the world.
"A recent study showed that Malaysians ingest more microplastics daily than 108 other countries. Our solution aims to address this issue by promoting the use of reusable bags, bottles, and cups with rewards.
"By successfully addressing this issue, we're not only able to improve the lives of people but also contribute to a cleaner environment, which would have a direct impact on the economy of the country too," Lim said.
Lim acknowledged the challenges of lacking experience and connections in their business.
To overcome these, he and his brother read books, listened to industry-related podcasts, and consulted with industry experts and experienced entrepreneurs. To build connections, they participated in startup and entrepreneurship programs like Shell LiveWIRE.
Through these events, they met many industry investors and entrepreneurs who became crucial to their journey.
"One key lesson I learned early on is that the benefits are often indirect and not immediate, so it's important to expose yourself as much as possible to eventually get 'lucky.' Besides joining events and programmes, we were also active on LinkedIn, which was crucial in helping potential partners, clients, and investors discover us," he said.
Shell LiveWIRE Malaysia is back this year
Shell LiveWIRE Malaysia is calling out all entrepreneurs from Sabah, Sarawak, and Peninsular Malaysia to be a part of this exciting initiative that can be a game-changer for budding entrepreneurs.
Shell Malaysia is seeking out entrepreneurs whose ideas will power lives in environmental sustainability, social impact, and business innovation. Shell LiveWIRE Malaysia will run in Kuching, Kota Kinabalu, and the Klang Valley.
Five winners from each state will receive seed grants of RM10,000. These five winners from each state will then compete at the national level, where five national winners will stand a chance to win an additional RM30,000.
Alongside the grant, the winners will also be provided with mentorship and guidance to kickstart their businesses from the Shell LiveWIRE Malaysia facilitators for the next three years, a chance to be absorbed into Shell's supply chain, and a chance to go into partnership with Shell retailers.
The deadline to register for Shell LiveWIRE Malaysia Peninsular Malaysia challenge is July 10. Register today at https://livewire.shell.com.my/ and live your dream!