Young entrepreneurs: Oliver Murphy, Reviveaphone
Tech whiz kid Oliver Murphy has hit upon a growing need with his water damaged phone revival kit
Name: Oliver Murphy
Perhaps the ultimate litmus test for a business, pitching on Dragons’ Den is a chastening experience for even the most experienced entrepreneur – but it is a test Oliver Murphy has already overcome, gaining £50,000 investment from Kelly Hoppen on the strength of his water-damaged phone revival kit.
Deceptively simple – it is sold as a small bag of chemicals you soak the phone in to remove impurities – it has hit upon an exponentially growing need, as more and more people become smartphone owners (and hence more and more phones fall victim to expensive aquatic mishaps).
Started with just £400 from his mum’s airing cupboard, Murphy initially packed and shipped the kits himself, generating an impressive £20,000 turnover in less than a year – with an even more impressive £3,000 net profit on top of that. Now with backing from Hoppen, Murphy predicts that Reviveaphone will generate around £250,000 revenue in 2014, having already secured a ‘very large’ order from a leading UK distributor in January.
The business is already doing well, but the feisty young entrepreneur is determined not to stand still, with plans to start a number of other ventures alongside it. “I see myself owning multiple businesses and selling a couple of those,” he predicts. “I have always wanted to get into the property market, so I have definite plans for that.”
And what of success at such a young age? “Every day presents new challenges, like dealing with suppliers and ensuring the quality of the product and customer services are up to scratch – but all of these challenges are making me stronger as an entrepreneur.”