HappyBid: Mike Adamou
The founder of the low-bid auction site talks about his ambitions for the business
Name: Mike Adamou
Staff numbers: 1
Date founded: 01/03/2013
Tell us what your business does:
We offer lowest unique auctions to our registered members. Giving them the opportunity to win a high value item for a lot less than the RRP!
Where did the idea for your business come from?
A combination of things sparked the idea, there are already some penny auction based websites out there, such as MadBid, but I wanted to do something different and more rewarding to the user.
How did you know there was a market for it?
MadBid has thousands of active users and the general auction market online is huge.
What were you doing before starting up?
I currently work in web development.
Have you always wanted to run your own business?
How did you raise the money?
I did most of the work myself so I did not need to raise too much but when I needed some extra funds I had people willing to help me. I actually turned down a lot of investment so I could do it by myself.
What challenges have you faced and how have you overcome them?
The challenge of programming the site was always going to be a long one; it took a lot of late nights and testing for it to come together.
Describe your business model and how you make money:
The site aims to generate money from advertising by offering sponsored auctions.
What advice would you give to budding entrepreneurs?
Work hard and put your mind to it, and if it doesn’t work out try something else.
Where do you want to be in five years’ time?
The proud owner of the most popular reserve auction site in the UK!