60 second start-up: Memfy

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

Memfy.com provides a private place online to record your personal, private and most treasured memories so you never forget them.

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

We're currently testing a freemium model but are open to changing this if our users would prefer a different approach.

10-15 seconds: Who are your competitors?

The biggest one if FriendsReunited, but I think we make the user experience uniquely simple and straightforward.

15-20 seconds: What's your USP?

Memfy gives our users the flexibility to record their memories in the way they choose.  Some memories (or Memfies) are very private, some are private to you and a group and others can be shared to a wider group of friends, even on Facebook.

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

Memfy.com has been entirely self-funded to date.  Outside investment was considered but we didn't go through with it in the end.  I think we're clear on where we want Memfy to go and considered that outside investment too early could jeopardise that!   

25-30 seconds: What were you doing before?

I lived the typical corporate lifestyle before Memfy, and left that to start my own business.  It wasn't Memfy though; it was a West London minicab company!

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

A friend and I shared an office - both working on our own start-ups. We went to university together and got talking about a moment from those days that we couldn't recall well enough.  We figured there must be some site out there that caters for memories.  We couldn't find one so built one ourselves over the next 3 months!

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

Followed my heart and continued with the site by investing my own money in its redevelopment. In its initial form, Memfy was actively run by both its co-founders and we got very close to abandoning the entire thing.

40-45 seconds: What's the stupidest?

Using a popular content management system as the site's back-end and not thinking far enough ahead.  Whilst it worked initially, the way it was built did not give us enough flexibility to improve upon it without breaking something else.  

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

It would have to be a box of Crawford's Family Circle Biscuit Selection.  Everyone knows which ones they want to share and which ones they want to keep to themselves.

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

Path - because they have a beautiful set of mobile & tablet apps (in fact it's not available in other forms).  We don't have any apps yet, but that's the next step!

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

Right here - adding yet more value to a fast-growing user base who are adding Memfies on a regular basis and building up their memory banks.

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