IN DETAIL: START-UPS
Anatomy of a Start-Up Cashmaster’s decision to launch in Asia was based on intelligent market analysis, risk assessment and belief in the product. – By Gordon McKie
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ashmaster International is an SME of longstanding in the UK, USA, Europe, and Australia where our count-by-weight cash counting devices are a staple part of many clients’ cash management systems. Some 250,000 Cashmaster devices are currently and actively used by long term, global clients including fast-food restaurants and coffee shops, convenience stores and supermarkets, retailers and banks. Our decision to launch an Asian regional headquarters in Hong Kong was predicated on two facts: we would be pioneering the introduction of our latest touch screen technology to the region, and
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many Southeast Asian markets are still solid cashbased environments. Simply put: these were ideal conditions during which to establish the company in the HKSAR.
Launching in Hong Kong I was already familiar with Hong Kong and still had valued contacts within the community, making it the ideal launch platform. Hong Kong responds well to new products, and our touchscreen “Cashmaster One” range is the most sophisticated of its type on the market. Cash is still king in many of Asia’s markets, so it was fertile ground to seek expansion of our business. We were lucky to have good advisers on regulatory, legal and audit procedures, which smoothed our entry substantially, as well as having invaluable support and guidance from a local corporate affairs adviser. We were also fortunate in being introduced early on to the British Chamber as part of our launch activities, participating in a Breakfast Briefing on Cashmaster that allowed my chairman, Malcolm Offord, and