Referoll.com is the brainchild of straight-out-of-university Ariff Munshi.
As one of the finalists at last year’s Startup@Singapore and Lee Kwan Yew Global Business Plan competitions, Singapore-based Referoll solves the problem of linking market research projects to much needed participants who come from specific demographics and backgrounds.
Since its launch in November 2011, Referoll has seen a steady growth in users and projects.
The site is a major win-win for both Referoll’s clients and users.
People who sign up on Referoll.com are able to find what Ariff calls lobangs, which colloquially means a money-making opportunity. By taking part in research projects such as surveys, interviews, focus groups, mystery shopping trips, product testing and even medical trials, users receive attractive incentives such as cash or an iPad 2.
Clients who provide projects are given access to a potential database of test users and save the hassle of hiring expensive HR consultants. A web form is generated specifically for each project for screening interested participants and assessing their suitability.
With a degree in a totally unrelated field to market research, it’s hard to imagine how Ariff was inspired to start Referoll.
“The idea for Referoll came in December 2010. I was approached by a recruiter for market research companies who had collected particulars of 5000 people on Excel sheets across many years. I then noticed that he would tiresomely match respondents from his Excel sheets to research projects. In that instant, I knew that much could be done to refine his method,” Ariff explains.
That was the genesis of Referoll.
The one year period between the initial conceptualisation of the idea to the actual launch was not all smooth sailing, especially for Ariff, who was not trained as a programmer.”The main challenge I faced was finding passionate team members with relevant skills to realise my vision, given that I could not afford to pay them,” he said.
He faced the same problem of being unable to find a technical co-founder while working on his previous startup, an audio streaming website. “When I finally managed to rope in a good friend to be a partner, he left after a few months as he decided to work on his own start-up,” he lamented.
Referoll qualified for both Startup@Singapore and SMU's Lee Kwan Yew Business Plan competition
Undeterred, Ariff took part and managed to secure places in both the finals of Startup@Singapore and Singapore Management University’s Lee Kwan Yew Global Business Plan competitions, giving him extra validation for Referoll.
Upon graduation in June 2011, Ariff took matters into his own hands and started programming and building the product. He designed and deployed the whole project without having to wait around for others. Slightly after, he raised S$50,000 (US$40,000) from the YES! Startups scheme and engaged additional man power to help out.
Ariff says that never before has there been a more effective way to engage such a large audience and acquire useful data about audiences. “More recruiters will start to readily adopt online strategies and social media for their key business processes,” he adds.
Referoll seeks to be even more competitive by delivering better features through the platform. Currently in the works is a matching algorithm to quickly link projects to users in the database.
While it is easy to persuade users to take part in the various projects using attractive incentives, the key challenge lies in growing the database of users to cover a wider demographic. Certain demographics are harder to reach via online mediums and channels. Getting the word out to them would require more time, money and investment on marketing Referoll.
To be honest, I’m pretty taken by Referoll. While it’s not exactly as sexy as the typical SoLoMo ideas that are popping out everywhere on the Singapore start-up scene, it certainly doesn’t hurt that Ariff’s business is generating revenue quickly and steadily.
When Ariff’s first idea for an audio streaming start-up didn’t take off, it didn’t cross his mind to look for a job. Instead, he opened his eyes to other opportunities and persevered.
In his words: “I believe that a true entrepreneur is one that has faith and determination to soldier on till he feels the joy of seeing something he envisioned being realised. The most important pitch is not to your potential business partners, it is to yourself. If you can ‘buy’ into your own ideas, it is just a matter of time before the money starts rolling in.”
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