Vibefam: Raising the bar(bell) in the Singapore fitness industry
This case, set in January 2024, discusses the entrepreneurship journey of Serene Lim, the co-founder and CEO of Vibefam, a tech management system for boutique fitness studios. In the Singapore gym and fitness sector, besides the large chain studios, there were many smaller studios that offered niche...
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| Main Authors: | , |
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| Format: | text |
| Language: | English |
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Institutional Knowledge at Singapore Management University
2024
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| Online Access: | https://ink.library.smu.edu.sg/cases_coll_all/480 https://cmp.smu.edu.sg/case/6056 |
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| Institution: | Singapore Management University |
| Language: | English |
| Summary: | This case, set in January 2024, discusses the entrepreneurship journey of Serene Lim, the co-founder and CEO of Vibefam, a tech management system for boutique fitness studios. In the Singapore gym and fitness sector, besides the large chain studios, there were many smaller studios that offered niche activities to consumers. These studios often did not have automated booking services, relying instead on pen-and-paper records. Lim felt that she could develop an app to streamline the booking process for these studios and their clients.
In 2021, Lim assembled a team comprising members with a common passion for entrepreneurship and possessing the relevant business and technological expertise. After several online interviews with potential customers, the team pivoted away from building a system based on social features. The team then built a prototype booking app to gain actionable feedback from both studio operators and users. Most of the early adopters loved the product and quickly converted to paying customers. While Lim was proud of Vibefam’s achievements thus far, she was constantly thinking about how best the startup could expand.
This case may be used for graduate, postgraduate and executive education classes on early-stage entrepreneurship. Learning objectives for the students are to frame your business idea as a customer problem; be willing to pivot based on customer feedback; allow customers to interact with your product as soon as possible; and understand the importance of building a good management team. |
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