60-second start-up: Txt2buy

0-5 seconds: Sum your business up in a sentence

Txt2buy enables every UK consumer to purchase instantly and securely from any advert by simply sending a text.

5-10 seconds: What's the business model?

Retailers use Txt2buy to offer their customers more convenient ways to buy. This generates incremental sales from offline advertising, helps them close sales before the competition and build personal mobile relationships with their customers. Txt2buy is very much focussed on understanding an individual retailers needs and creating the right solution for them and their customers.

10-15 seconds: Who are your competitors?

We are currently the only service in the UK to offer this level of simplicity over 100% of handsets. Text purchasing has really taken off in the USA and Asia, but with high interest already seen from UK retailers we won't be far behind.

15-20 seconds: What's your USP?

To be honest everything about txt2buy is unique. Text payments to a credit or debit card, a consistent service across 100% of mobile handsets and our ability to adapt to each retailers needs gives us a really exciting outlook.

20-25 seconds: How have you funded it so far?

My partner and I worked day and night in a range of rather unpleasant jobs to get the business started. At one point we even cleaned drains! Then in May 2011 we took Venture Capital funding to expand the team as well as our offering and really invest in our future.

25-30 seconds: What were you doing before?

Unibutler.com was our first project. It was an SMS butler service for university students looking for things to do and cheap ways to do them. Txt2buy co-founder Daniel and I were always looking for interesting opportunities and when we saw the rapid growth of mobile commerce we tried to build something that made it as easy as possible for shoppers to use.

30-35 seconds: Where did the idea come from?

One morning on my train to work I came across a full-page advert for Satnav's. I had been meaning to buy one for ages but never got around to doing it. I would have bought one there and then if I could have responded to the ad, but instead I forgot and ended up buying one weeks later from a different retailer. There's clearly a massive market out there for people wanting to buy products on impulse, especially if it's made easy for them. Text has the potential to reach 50m UK consumers with the simplest and quickest way to close a sale - a 45 second, two-click process. With such a compelling proposition, for the first time it is clear how a business can realise the full potential of m-commerce.

35-40 seconds: What's the smartest thing you've done so far?

Spoke to everyday shoppers on the street and listened to what they want from mobile shopping. You'd be surprised by how many companies don't do simple things like this.

40-45 seconds: What's the stupidest?

I've done far too many stupid things to list here. We all make mistakes everyday- the important thing is to learn from them. It sounds like a cliché but it's so true.

45-50 seconds: If your business was a biscuit, what would it be?

Digestive. Nice, simple and does what it says on the tin.

50-55 seconds: Which idea are you a bit jealous of?

Jealousy is a horrible trait and so unnecessary. If I stay focussed and realise my vision, jealously of others won't come into it.

55-60 seconds: Where are you going to be in 12 months time?

The leading UK provider of universal, simple mobile commerce retail solutions.

Find out more about Txt2buy

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