Local

Adam Schwab, Internet mogul, addresses Chabad of Melbourne CBD

From mergers and acquisitions lawyer to managing director of one of the fastest growing companies on the BRW list in just over ten years, Mount Scopus College alumnus Adam Schwab has quite a story to share. A very large lunchtime attendance came to hear that story on Tuesday 16 June at Chabad of Melbourne CBD – some old acquaintances and others just interested to find out how he achieved such success in such a short space of time.

The initial motivation for Adam Schwab and his old school friend Jeremy Same was simply doing something different, venturing out on their own to at least match their previous incomes at Freehills and the ANZ Bank respectively. Entrepreneurship, said Adam, was still a dirty word back in 2004 – something that has changed dramatically over the intervening years when today, many young people (and many of them Jewish young people) are looking to emulate his success.

Schwab and Same began with what Adam Schwab described as “high end backpacker apartments” – first one, then two, then ten – before realising that the low rentals characteristic of the mid‑naughties could not last forever and that landlords would become reluctant to rent to them when rentals increased. They therefore went up market, moving from backpacker apartments to executive apartments that were smartly furnished and cleaned weekly. Their business, Living Corporate Apartments, reached $2M a year in turnover.

After coming to the realisation that in order to grow their income further, they would need a business that was scalable as well as sustainable, Schwab and Same came across the US‑based online discount website Groupon and decided to duplicate it in Australia. Zoupon was born, offering multiple discount coupons to local businesses. Once they had found a creative way to build a customer list, the business took off. Zoupon later bought deals.com.au.

Their next and most significant change came when “almost by accident” they stumbled across the travel business. After battling with the challenge of local merchants not always providing the quality that they had promised, negatively effecting the website’s reputation, they saw the relative merits of the travel business. Having started with bed and breakfast, they soon realised that many good hotels in places like Thailand and Vietnam had minimal opportunities to market themselves in Australia. Recognising that this was an untapped market, they moved their focus increasingly into travel – hotels, restaurants, bars, spas – with multiple websites, including Cudo and LuxuryEscapes. In the first quarter of 2015, their combined businesses had a turnover of over $200M.

So what was their secret? “Don’t force an idea: let an idea come to you”, be aware of your potential weaknesses, hire good people and perhaps most of all, just be in the right place at the right time.

adam1

 

 

 

 

adam2

 

 

 

 

adam3

 

 

 

 

adam4

View Comments (1)

1 Comment

  1. Susan

    June 18, 2015 at 8:34 pm

    Rabbi chaim very nice BH

Leave a Reply

Your email address will not be published. Required fields are marked *

Local

More in Local

e7f5156e3db34a1428b2d1c1bdae7c4b.jpg

White House Says New Policy Won’t Affect Jared Kushner

adminFebruary 21, 2018
bb0a383bdcc48e9db7e2d70e926af76e.jpg

WATCH: ‘I Will Not Shut Up!’ Haley Blasts UN, Palestinians After Abbas Addresses Security Council

adminFebruary 21, 2018
5068797117ee198cb2712fd6d39d28a3.jpg

Florida School Shooting Unfolded Instantly On Social Media; Could Scar Children

adminFebruary 21, 2018
13d62b91f3a952f267816c139d3664c9.jpg

Leaked Wikileaks Messages Show Julian Assange Targeted Jewish Reporter In Anti-Semitic Attack

adminFebruary 21, 2018
0602b15eac29872cb2385bb45d5f9e1b.jpg

42-Year-Old Slashed By Stranger In Times Square

adminFebruary 20, 2018
a73fed6979874c69878d685bf2346358.jpg

VIDEO/PHOTOS: Israel: Husband Learned Of Wife’s Death From The Media

adminFebruary 20, 2018
23dec91a4f630aa8c036eb39db3be4fe.jpg

SCHOOL VIOLENCE: Ohio 7th Grader Shoots Himself In School Bathroom

adminFebruary 20, 2018
343c73ade484cb453481d5a131b556eb.jpg

Thanks To President Trump, Israeli Settlements Reportedly Grew Rapidly In 2017

adminFebruary 20, 2018
e74ddf5b69797ba36b30f1a782ba7437.jpg

Hero Teacher Scott Beigel Z’L Shot Dead Shielding Students From Florida School Gunman

adminFebruary 16, 2018