Click here to watch the recorded video.
This week we were fortunate to have Kar Kiat to share with us his entrepreneurial journey and bold vision on changing how Singaporeans obtained their meals daily. Kar Kiat founded Fastbee.sg earlier this year. Given the rising business cost for the F&B sector, he believes there could be opportunities for disruptive business models on how consumers obtain their meals daily. Seemingly yet another Food delivery business, Fastbee’s business model however distinct itself with a low cost, highly scalable model through (i) aggregation of orders through a prescribed menu daily, (ii) bulk food delivery and (ii) eliminating last mile delivery via Smart Food Dispenser.
Video walkthrough of Fastbee delivery: https://www.youtube.com/watch?v=4e6_Yyb6BuI
Fastbee is on-track to deploying 10 Smart Food Dispensers by Nov 2017. It has also set an ambitious goal to deploy 100 Smart Food Dispensers in office buildings, condominiums and new HDB estates in Singapore by end 2018. With a network of 100 such machines, which will be valuable real estate/shop fronts for Fastbee aims to become (i) an extension for F&B outlet stores bringing them more revenue, (ii) self-collection point for online shopping & courier service, (iii) e-commerce player and (iv) food review portal.
Prior to launching Fastbee’s service in February 2017, Kar Kiat spent 8 years in the Singapore Economic Development Board where his last held position was a Head under the New Business Group leading up the Safe City Test Bed Programme. He also spent a 3-year stint in Beijing where he was also concurrently the First Secretary with the Singapore Embassy in Beijing. Being a firm believer of the Lean Business Startup methodology, Kar Kiat built MVPs and pivoted many times before arriving at the current Fastbee business model.
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