Life has thrown many challenges at Matthew Chow, a Hong Kong based entrepreneur who has spent the last decade of his life caring for his autistic son. Last month we had talked about his wireless charging wallet. Since then, GOQI’s wireless charging travel wallet has been fully funded on Indiegogo, with the company managing to raise funds in excess of $31,000.
Excerpts from our recent conversation with Matthew:
On manufacturing trends
From his learning in the past couple of years, he believes four main issues face Hong Kong manufacturers, wholesalers & retailers. A strong USD relative to the RMB which leads tourist away from HK to Europe, Japan & Korea. The anti-corruption drive from Beijing, leading to fewer investments in the region. The anti-mainland Chinese tourist sentiment, which with modern social media has created an anti-HongKong sentiment with Chinese travellers. The general weakness in retail demand in main world markets, such as USA, Europe & Japan. With these recent issues, Matthew believes in the future of fashion tech for traditional businesses leading into the future, and with the IOT(internet of things) and big data boom soon to hit us, there is no better time and place to engage in this sector.
GOQI was established in 2015 to keep travellers charged and organised at all times, wirelessly. A cable free life is not a dream, but now a reality. He believes that in 5 to 10 years time most wires will be removed from our lives. GOQI wallets enable travellers to be organised and charged at all times, wirelessly. With the explosion of tech gadgets on the market, GOQI will be the source of their power when their batteries run out. All new tech is useless when their batteries die.
On success with Indiegogo
IGG experience was nerve wrecking but a good learning experience. He did not go through an agency and did not know that he should have started to market the idea at least a month before the launch to ensure he had enough buyers the first day to pretty much hit his target.
On funding goals
He has been self funded to date but looking to get investment to help scale up the production of the wallets quickly. He has learnt from RISE 2016 that since GOQI is more hardware tech solution, he would be best served to find strategic partners who can can help him scale up production and marketing, as opposed to a software startup which VC companies can flip for a profit in a couple of years. GOQI is solving a few serious issues with the travel and fashion market so we need the right support of cash and experience.
On personal challenges
For my self the past 10 years has been a major personal challenge, with the realisation that his son is autistic and will most likely require continuous care for the rest of his life. The realisation that a beautiful young boy will be challenged the rest of his life with the internal struggles of this condition. The family struggles to ensure his life is as happy as possible.
On the road ahead
As a young startup GOQI is seeking fair and suitable partners to help with future funding & experience for the production, distribution, marketing, sales and after sales service of the collection around the world.