HISTORY OF RED IDEAS
HISTORY OF RED IDEAS
The RIHB Group was founded in June 2013 with the incorporation of RISB by David Foo, Ignatius Ho, Michael Loke and another business partner who has since exited our Group in late 2016. David Foo and Ignatius Ho were the originators of the initial business idea, while Michael Loke was primarily our Group’s founder. The initial business idea was mooted when the co-founders realised the potential demand for such services and how the eventual product and services of our Group could add value to community living.
Our business is essentially to provide a platform to deliver community services and solutions related to security, communication and convenience, by leveraging on mobile application platform. Being a mobile application-based solution, our business model and product may be subject to replication. However, given the strength of our dedicated management and technical team, along with initial funding by our shareholders, our Group was able to capitalise on the first mover advantage in our market segment, which we believe is one of the key success factors of our business.
The earliest version of our mobile application was communication-centric, with only ‘notice board’ as the key selling feature. During this period, our co-founders conducted market surveys and studies of the potential demand for mobile application-based communication service between residents, security personnel and management offices in residential communities. As a result of this market survey, we shifted the focus for the Graaab Platform to be utility-focused and to act as substitute to the more traditional intercom and cabled emergency button systems.
During the initial stages of our product development, between June 2013 to November 2015, we outsourced the coding for our mobile application to external third parties. Due to the complex features that we wanted to add to our platform, we started building our own in-house software development team and user-experience design team in 2015, and subsequently re-developed the whole platform in its entirety. We began rolling out our product commercially back in December 2015 with a primary function of ‘Emergency Assist’.
The base framework of our current platform was completed in July 2016. Since then, our Customer base has been increasing steadily over time.
On 23 December 2014, our co-founders have incorporated IPR, now our wholly-owned subsidiary, and have assigned the intellectual property rights of our Group from RISB to IPR. The purpose of incorporating IPR is to be the registered owner of the IP rights of our Group and to facilitate our Group’s plans for overseas expansion.
Dato’ Gooi joined our Board as Non-Independent Non-Executive Chairman in July 2017 and acts as our strategic investor to bring our Group to the next level of growth. Alex Lim was also appointed to our Board as our Independent Non-Executive Director in July 2017 as a step towards good corporate governance, pursuant to our Proposed Listing.