Before founding Myflat.hk, Matthew and his co-founder Antony met on the job working in global investment banking. Both grew up with the entrepreneurial gene as Matthew’s father started and operated the second Chinese restaurant in Zurich, Switzerland while Antony’s father owned a successful textile dyeing company in Hong Kong.
At work, their similarities continued as they both have a background in project management for various business lines. As they saw the banking industry evolve – they decided to change things up and take a leap into startup life.
What is your startup?
Myflat.hk is Hong Kong’s neighbourhood social network. There are many social networks available to people in Hong Kong, but we saw a gap in the market for a network that connects people who live close to one another. We often hear people say that Hong Kong is less friendly than before, and that they know very few of their neighbours. Everyone is so quick to connect with people across town or across the world, but there is no platform to easily connect people who live across the hall or in the same building.
Myflat.hk aims to connect real neighbours for the practical benefits of help and support within their communities. Whether they share resources, seek tips about local merchants, or setup similar interest groups, there is a wide range of topics on which neighbours can connect.
How did you come up with this idea?
I like the estate where I am living, and was trying to figure out which channels provide information about the available flats for rent. I passed by my lobby’s notice board one day and started looking at the information presented on the cards. The contents were comprised of cars or flats for sale or rent, and tutors. I was also looking for a tennis partner at the time, so I thought I would try to post a message to see if any neighbours would be interested. However, when I asked the property management company how to post some information, they told me that my message had to fit a specific template and that the cards would only be updated at the beginning and middle of each month. I thought there has to be a better way to connect people, as there is so much potential for neighbours to have their own platform and not be bound by physical cards that are only refreshed twice a month.
Who are you targeting and how big is the market in HK/Asia?
In Hong Kong, we are targeting the adult population who is tech savvy and familiar with using online networks. We especially want to target communities with higher density living and with greater social benefits to be gained by connecting neighbours.
In Asia, we believe the market is huge. There is potential for us to consider replicating the Myflat.hk platform for major hubs that have similar urban structures – i.e., large populations in dense cities, with high penetration rates for internet/mobile subscription and social network usage.
What are your future plans for your startup?
We have launched our public beta website and are currently developing the native apps for iOS and Android. Following the launch of the apps, we will focus on the next major product release which aims to connect residents with their local businesses (and vice versa) in the community.
1 Benefit and 1 Challenge in the HK startup scene?
1 Benefit: There is a huge can-do attitude in Hong Kong. People are not afraid to work hard, which is really helpful for a startup when resources are tight and everyone needs to pitch in. There is now a great startup scene developing, and it is quite easy to start networking and meeting like-minded entrepreneurs who are also passionate about their business ideas. There is an energy and a buzz that few other industries seem to have, or they may have had at one point but now have lost. (Sorry, that’s more than 1 benefit…)
1 Challenge: Fundraising is a challenge because the startup scene is still relatively new and the majority of investors are still accustomed to putting their money in more bricks-and-mortar types of investments, such as real estate. There is not a large, well-established industry of angel investors who understand the technology landscape and are willing to invest for long term returns.
Matthew Tam on Startbase.HK: Matthew Tam
Antony Wong on Startbase.HK: Antony Wong
Myflat.hk on Startbase.HK: Myflat.hk
