[Startup to Watch] The Golden Concept

The Golden Concept is the brainchild of Venessa Keng and Lee Chang Si, graduates from NUS Business School. Came across the startup when one of my friend shared their link on the Facebook news feed.

Idea: Bringing you a truly unique range of creative gift ideas for your loved ones entering their golden years. The Golden Concepts provides innovative products such as a handy jar opener, plug handle, remote control light, as well as a senior phone. Pretty neat.

Revenue Model: Proceeds from sales of actual products. Users can order and purchase these products through the website and get it delivered to their doorsteps.

Thoughts: 

  • There are about 300,000 Singaporeans aged above 65 and by 2030, the number will rise to about 900,000.
  • As the government gives more and more attention to the aging population in Singapore, as discussed in the recent parliament debate, The Golden Concept definitely is moving into the correct niche market. Not only does the products prove to be good gifts for the elderly, they are also useful products in our daily lives. I wouldn’t mind getting one for my mum during her birthday.
  • Not only for children to get a gift for their parents or grandparents, the retiring population, housewives, or working adults could also purchase these products for their own usage. Im sure most of us would need these kinda product when we grow older.
  • However, the product range is a bit limited and users might not be motivated to revisit the site. If the site could include more products for the elderly (which I’m pretty sure the founders are doing) users will definitely purchase more stuff and there is a perceived tangible value to revisiting the site.
  • Im not too sure if the products are only available with The Golden Concept. The jar opener, and plug handle looks like it could be purchase at normal retail stores. Perhaps getting imported stuffs and brand it accordingly (brand it as an exclusive product in Singapore) could be appealing to users and could motivate them to purchase the product. For now it feels like I could purchase the stuff from other avenues. If this is not the case, perhaps this could be stated at the site. Not too sure about the competition though.
  • I like how the product page shows the description of the products and how to use the products, as well as the benefits of the products.
  • Maybe the site can put some pictures of the elderly for aesthetic purposes. Just my 2 cents.
Potentials:
Free image of StarFree image of StarFree image of Star

Ranking would definitely be higher with more products. =) But I won’t be surprised if they will be featured soon on the media for targeting the old population and actually doing something that value adds to them, and especially when the government is focusing more on the older segment of the society. The coverage would definitely get the site more buyers.

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One thought on “[Startup to Watch] The Golden Concept

  1. aga

    found this really interesting. thanks for sharing jacky! it’s true that some of these seem like any other products that can be purchased from normal retail stores. perhaps adding a personal touch to the product can help to enhance a sense of exclusivity, which can help in building the brand name as well. since it’s a gift shop, perhaps consumers can be entitled to gift-like items such as greeting cards and whatnots too? else it’ll just seem like a normal online store. can take into account that the older generation will become increasingly tech-savvy over the next few decades too.

    seems like there’s good value and potential here. once again, thanks for sharing!

    Reply

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