Two years ago, UTS Civil Engineering and Business student Michael Childs created his own startup business selling affordable wine racks and wine storage systems. Today, the business is one of Australia’s leading wine storage providers.
Michael discovered a gap in the market after working in bottle shops for a number of years: “A lot of people used to come in and ask about these [wine storage] products. They used to say, ‘Do you know where we can buy these from?’ And my answer used to always be no,” he says. “I started doing some research into it. I found there was enough demand for the product.”
Wine Stash’s point of difference lies in the wide range of products it offers and at a much lower price than other brands.
Michael joined UTS:Hatchery at the start of 2015. To him, the program was integral in helping the development of the “initial skills and tool set” required to grow the business. “When we did the Hatchery we started a mock business as a group and we learnt a whole bunch of skills and tools and knowledge,” he says.
And Wine Stash is growing. Rapidly even, with a revenue forecast of more than $3 million dollars this year. The challenge for Michael now lies in in balancing his university degree with his growing business. “Last semester I dropped down to part time uni,” he says. “I’ll probably be doing the same this semester so I’m giving Wine Stash my priority at the moment.”
Check out the Wine Stash website here.