(Nov 20): Why do the majority of food and beverage outlets close within the first three years? Singapore-based Red Hare Studios owner Koh Wee Lit studied the question and decided that it is because most business owners are unable to create a consistent customer experience, especially after they expand the business.
Red Hare Studios developed computer games, but in 2012, Koh started diversifying into other sectors in the hope of creating a more sustainable future for his game developers. That was how he came up with his idea for the F&B industry. From his observation, he realised that there was much to be done and technology could help.
“We found that 59% of F&B businesses close within three years of opening. It could be because there was not enough start-up capital, they had poor knowledge of the competition or they chose the wrong location. And then there is poor restaurant promotion, so no one knows about the business,” says Koh.