A Taste for Opportunities Among Challenges

A Taste for Opportunities Among Challenges

Welcome to the Innovative Business Visions Series, where we bring our alumni’s phenomenal entrepreneurship and innovation stories to you. Next in the series are Lydia LAU, BSc in Economics and Finance (2014), and Stephanie LAM, BBA Marketing and Operations Management (2014), Co-founders of Homie Living.

Many businesses struggled to stay afloat amidst the economic downturn during COVID-19. But Lydia and Stephanie saw this as an opportunity for their new online furniture business – Homie Living.

Their school of thought was simple yet effective. Focus on what customers need, provide quality products, and stay agile depending on the economic situation. With their unwavering commitment to these principles, they managed to turn Homie Living into a profitable online venture despite the pandemic's challenges. Let’s dive into Lydia and Stephanie’s unique entrepreneurship journey, starting at HKUST Business School.

On Being Practical, Efficient, and Down-to-earth  

Lydia and Stephanie developed their pragmatic and efficient way of doing business at the School. Working with different classmates through group presentations, projects, and more encouraged them to develop a can-do attitude and strong team spirit.

But their degrees taught them more than marketing and finance. The School's practical learning approach also helped them develop essential soft skills for entrepreneurship. Stephanie's strategic marketing course involved simulation games and corporate case competitions, which enhanced her problem-solving and presentation skills. And studying economics and finance helped Lydia gain a forward-thinking perspective and analytical skills for the global business world.

Studying at the School was hectic. But they also learned to study and work efficiently by acquiring vital stress management techniques to maintain a healthy and positive outlook. “All the students are very down-to-earth, and the academic pressure motivated us to take ownership of everything we do and be efficient,” Stephanie explained.

Beyond the classroom, joining student committees, internships, and exchange programs gave them invaluable industry and overseas exposure to expand their network. “Our network has become an essential foundation for our personal development as entrepreneurs,” said Lydia. Many of their classmates would go on to become lifelong friends, future business partners, and advisors for Homie Living.

Left: Stephanie (left) and Lydia (second from right) were committee members of the Rotaract Club of HKUST and made a visit to Sri Lanka. 

Right: Lydia and Stephanie (in the middle) supported the Rotaract Club's fundraising activity on the campus. 

Thriving in COVID-19 

Homie Living was born out of Lydia and Stephanie’s frustrating furniture-buying experience as first-time homeowners. Since launching three years ago, the online platform offers over 6,000 products and thousands of home styling ideas for aspiring homeowners. The duo is also innovating a new AI function to streamline the interior decoration as a member company of the Hong Kong Science and Technology Parks (HKSTP) Incubation Programme.

But how did a new online furniture business like Homie Living manage to thrive during COVID-19? Despite the local economy’s downhill slump, “it accelerated the e-commerce market and gave us an unmissable opportunity to reach more online shoppers,” Stephanie explained.

Lydia and Stephanie also believe there are always opportunities among challenges. Although starting a new business during COVID-19 was tough, extensive industry research and scope analysis allowed them to identify a market gap as a trusted e-commerce partner, helping other local furniture brands gain online exposure.

What’s more, Lydia and Stephanie remained consistently efficient and creative, always pivoting and changing their offering based on customers’ ever-changing needs. “You can’t hold onto the initial business idea forever because it won't solve the whole problem. You have to keep testing and analyzing results and make the right changes as you progress,” Lydia reflected.

Don't Get Too Comfortable 

It’s often said that what doesn't kill you makes you stronger. Although starting a new business during COVID-19 had its challenges, Lydia and Stephanie’s efficient and down-to-earth mindsets helped them stay true to their vision and maintain sustainable growth. But they are not ready to get too comfortable with their current offering. There’s still so much more that they can offer through Homie Living.