60 second start-up: Shopwave

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

Shopwave is a user friendly omni-channel iPad Point of Sale (PoS) system, that enables retailers to focus on delivering a great customer experience and monitor their business. 

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

Shopwave currently has three core revenue sources: monthly fees, card payment processing, and hardware sales. 

10-15 seconds: Who are your competitors?

The main heavyweights in the PoS space are Micros and NCR but these are unwieldy and expensive, and fail to utilise cutting-edge real-time technology – meaning retailers are missing out.

There are numerous other iPad PoS apps out there but these lack robust payments and data capabilities. Shopwave enables users to monitor and manage multiple aspects of their business in one system. 

15-20 seconds: What's your USP?

Shopwave is the UK’s only retail management system featuring integrated PoS, payments, mobile coupons and loyalty functionality as standard. Because it runs on iOS, the iPad enables retailers to be more imaginative in how they interact with customers. For example It allows greater mobility, so you no longer have to stand behind a counter and wait for transactions. 

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

We have secured more than £340,000 through equity crowdfunding platform CrowdCube to expand our team and have just been accepted into Wayra UK, part of Telefonica’s global start-up accelerator program.

We also received an early angel investment from Mark Pearson and Ironbridge Capital Partners.

25-30 seconds: What were you doing before?

Julian Polzella, CTO and co-founder, and I previously co-founded VouChaCha, which managed multi-channel coupon distribution and was acquired as part of Markcomedia in a deal worth £55m by Monitise PLC in 2013. 

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

The idea was born out of our experience building VouChaCha. We realised there wasn’t a single product that provides everything a retailer needs in one system, from sales and stock management to marketing and data analytics. There was a significant gap in a market ripe for disruption.

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

Listen more than we talk!

40-45 seconds: What's the stupidest?

Supersizing an extra value meal when not that hungry – senseless waste!

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

A porterhouse from Goodman – much better than a biscuit. 

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

Flappy Bird.

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

We have the vision and ambition to scale from a disruptive UK challenger to global leader in the PoS and financial technology marketplace. We are already in talks with national retailers about trialling the product on a huge scale. By the end of 2016 Shopwave aim to be generating over £8m in annual sales.

Visit Shopwave to learn more about their Point of Sale service. You can also follow them on Twitter or like their Facebook page.

Shopwave

Check out last week's 60 second start-up: Spark Inside

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