Business IQ

3 Tips To Successful Bootstrapping With GoGet

Tiffany Loh
Smarter Writer

Tiffany Loh is the Smarter Business™ & News and Digital Editor, with varied writing experience always looking for a unique story

Tiffany Loh
Smarter Writer

Tiffany Loh is the Smarter Business™ & News and Digital Editor, with varied writing experience always looking for a unique story

Bruce Jeffreys, co-founder of GoGet, shares his bootstrapping secrets.

high tech carpark

1. Find an Industry to Disrupt

Actually, this industry is more likely to find you. It did with GoGet. Both Nic and I had begun perceiving vehicles as a resource that could be managed, more like a public utility than an object that you had to own. We wanted to see if other Australians looked at cars the same way.  It turned out they did and GoGet was born.  In the beginning it was fairly primitive, but we saw that it worked and that was enough to keep us going.

 

2. Beware of Too Much Technology

A lot of people think that great technology equals great experience or disruptive innovation. In fact, it’s easy to ruin a business with an over-reliance on technology, believing in tech too much. When we started, the idea of car share was the big thing. We didn’t wait for the technology to make car share possible.  Later the technology definitely helped us grow, but it also changed the way we did things, member-wise, and we had to be really careful not to lose the best things about us by depending on the technology too much. We had to find a balance.

Coincidence doesn’t happen if you don’t take action on the idea in the first place.  So take the action.

- Bruce Jeffreys, GoGet

3. Don’t Ask for Permission and Embrace Luck

As long as you have good intentions, you’ll usually be forgiven.  Also, don’t underestimate the role of coincidence.  It's one of those things that no one can formulate in a business plan – it just happens.  But coincidence doesn’t happen if you don’t take action on the idea in the first place.  So take the action.  Nine out of ten people will tell you your idea is stupid and has no future - even family.  Be prepared for that.

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