A couple weeks ago, a Shark Tank-esque TVB show called “I Am a Boss” came on our radar.
One episode in particular featured Hong Kong startup Carshare.HK, so we reached out to co-founder Chris Yeung and marketer Joyce Kan to get the skinny on their reality TV show experience.
After applying for the show, Chris and Joyce told us that the Carshare.HK team went for two rounds of interviews before being invited to join an episode of “I Am a Boss.”
Chris says that while the show has been a great opportunity for a startup like Carshare.HK to gain exposure and additional funding of HK$20,000, he said the judges needed to take a harder edge with startups. “The judges were all too nice, and everyone got money basically. They would say ‘we think you’re not ready, but you’re a passionate guy so we’ll still give you the money.’ We spoke to the production crew and told them we thought it could have been tougher.”
(Chris pitching to judges)
Although Chris would have preferred more challenging elements in the show, he understands that “I Am a Boss” was produced more from an entertainment perspective. “I feel like it’s more like an imitation show than like a Shark Tank program,” Chris said. “The money doesn’t come from the judges, but from TVB. It’s a big difference from Shark Tank because the money actually comes from the investors – it’s a good initiative but there is room for improvement.”
Besides the publicity from the show, Carshare.HK has been gaining traction since they closed a deal with an insurance company last summer. After launching their platform in December 2013, Carshare.HK has signed up 3,000 members and 350 car owners so far. Getting their start with CoCoon back in November 2012, the Hong Kong startup raised HK $2 million in August 2013 from a private investor who read about them in an SCMP story.
Chris says that besides the obvious benefits from a business angle, car sharing as a concept has a positive ripple effect on society as a whole. “Research shows that car sharing is good for the environment, reduces the number of cars and congestion and creates a more trusting community,” he said. “Helping people take the leap of faith and share their assets, this is where the trust comes from.”
To help facilitate the trust, Joyce said that the Carshare.HK team has built a messaging system for owners to stay connected with renters. According to Joyce, renters will proactively communicate their location with owners, which gives owners a sense of relief when lending out their vehicles. In addition to the messaging feature, Carshare.HK also has a review system similar to AirBnB which builds repetition for their users.
What’s next for this young startup? Chris says that after growing their Hong Kong business, Carshare.HK will be expanding to China; most likely Shanghai. Carshare.HK has already reached out to some China funds and is looking to raise a second round of funding.
Carshare.HK on Startbase.HK: Carshare.HK
Chris Yeung on Startbase.HK: Chris Yeung
