Innovation and Ideas Series from Swinburne Commons
“With devastation comes Innovation”, this is the motto that has helped this family overcome many obstacles in their entrepreneurial journey.
Government deregulation and Covid19 destroyed an established taxicab business that existed for over 20 years.
Staring into abyss and trying to figure out the next entrepreneurial pivot was an emotional and challenging time.
It was the academic learnings and life experiences that the family drew upon to create their next venture.
One particular core unit within the Masters Course: Opportunity Evaluation was critical in the resurgence of the family’s entrepreneurial journey.
The unit coupled with years of entrepreneurial experience helped create the framework for the business model.
- Does the business solve a need?
- Can the business operate with low fixed costs?
- Can the business provide recurring revenue?
- Is the business scalable?
- Are there high barriers to entry?
Self-storage satisfies all the above criteria; the academic learnings and case studies clearly demonstrated the prescribed model although is difficult to achieve does work.
What followed thereafter was the execution of the project, this involved design, build and delivery of the storage facility.
StorageX is one of the most functional, safe, and secure facilities in Melbourne.