Lin Hwang, Co-founder and CEO of Damogo has a great nose for business and a keen ability to spot opportunity.
His entrepreneurial skills were born and honed working for his father in the seafood processing industry. This brought him to Korea in 2015, just when the startup scene began to balloon.
His experience in the food retail sector in Korea, his own social conscious and a great introduction gave birth to Damogo.
As Lin explains, “For example, Dunkin Donuts, or a bakery, at the end of the day, there’ll be tossing those donuts away that they haven’t sold. And it’s obviously a huge waste. So, what we would do is we will partner with these kinds of bakeries and restaurants, hotel buffets that have breakfast, lunch, dinner services and at the end of each day or service, they would upload it to our app at half price. And any user that’s on our app can browse. It’s a direct improvement to their bottom line in two ways. Extra cash from the sales, and less money spent on waste disposal.”
Despite this idea, Lin found it a tough sell, to convince bakeries and restaurants to list. Korea is drowning in food apps. Most owners saw Damogo as just another app wanting their slice of pie.
Then came the two pivots. The other Co-founder of Damogo, Muhammad Farras, and Lin had been building an Indonesian connection. After a visit or two, both saw the opportunity to maximize their capital and enter one of the world’s largest consumer markets.
The moved Damogo to Indonesia and switched from a B2C business model to a B2B model. The reborn Damogo connect retail food stores with their suppliers through an app that is convenient efficient and guarantees no more lost invoices.
Today’s episode is brought to you by Eastpoint Partners, offering you an unparalleled Asia-wide network to connect you with corporates, governments and investors.