Endorsements from Business Entrepreneurs

Michael Smith

Michael Smith and his friend Tom Boardman often mused over a pint at Birmingham University, about how to make a fortune from a simple idea. As avid readers of men’s magazines, they were fixated by the “must have” gadgets.

Fresh from university in 1998, they co-founded hotbox.co.uk, an internet retailer, with a £1,000 loan. Operating initially out of a Cardiff attic, the company saw rapid growth when customers in droves began snapping up a 'Shot Glass Chess Set' from its website. A year later the company raised £500,000 venture capital finance during the heady days of the dotcom boom, moved to London and relaunched as Firebox.com.

Following a host of mistakes and over-ambitious plans, the money disappeared as quickly as it had been raised. For 6 "hellish months", Firebox teetered on the brink of bankruptcy, but managed to survive and has been profitable since 2002.

Initially a "pure-play" internet only business, selling toys and gadgets for men aged 18 to 34, Firebox has now successfully moved into the Mail Order, Corporate and Wholesale/Trade sectors. In 2004 the business turned over £8m and now has a core team of over 24 staff. “It’s a very simple business,” says Michael, now chief executive. “We find cool products, generate the hype and then sell them.”

In fact, growth has been so spectacular that in late 2004 Firebox was listed by the Sunday Times Fast Track 100 as the 13th fastest growing privately owned business in the UK. Other awards include Highly Commended E-Trading Business of the Year in the DTI E-Commerce Awards 2004.

Michael is passionate about inventing, designing and marketing new products. His plans do not stop at Firebox, as over the next few years he intends to develop several other business interests.

Visit the Firebox website www.firebox.com.

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