16-Jan-24 10:00

Edmund Tan, Co-Founder and Managing Director, The Inside Scoop

In this episode of Open for Business, you will learn about Inside Scoop's inception 11 years ago and the journey this venture has taken, what Farm Fresh brings to the table, and the Inside Scoop on this business's potential quantum leap ahead with Edmund Tan, Co-Founder of Inside Scoop.

Founded in 2013, Inside Scoop has evolved into a household name with over 40 outlets across the country. Last year, the company hit a significant milestone after Malaysia's largest homegrown dairy company Farm Fresh acquired a 65% stake in Inside Scoop for around RM84 million. Farm Fresh taking a bit into Inside Scoop marks a new chapter in this homegrown ice cream maker's journey.

The discussion delves into the early days of starting Inside Scoop and why the founders left lucrative careers in finance, the creation and development of the brand, and the aim to expand into the Consumer Packaged Goods (CPG) market with Farm Fresh now in their corner. Edmund also gets into their strategy to maintain brand authenticity, the challenges of venturing into a highly competitive market, the importance of customer experience, and the future plans for location expansion and product innovation.

01:39 The Founders' Motivation and Initial Challenges

02:10 The Birth of Inside Scoop

02:41 The Transition from Corporate to Entrepreneurship

03:19 The Importance of Financial Planning

10:00 The Role of Personal and Professional Growth

13:40 The Art of Ice Cream Making

16:06 Understanding Customer Preferences

17:02 Brand Development and Strategy

17:35 The Importance of Customer Experience in Building a Brand

18:07 Recognizing Malaysia's Manufacturing Industry

18:54 The Journey of Building and Growing a Brand

20:10 Key Marketing Strategies and Customer Acquisition

20:21 The Impact of Free Ice Cream

20:55 The Success of the Ramadan Ice Cream Buffet

21:50 Building a Relationship with a Niche Audience

23:02 Growth Expectations and Future Plans

23:55 The Acquisition by Farm Fresh and Revenue Growth

25:35 The Profitability of the Venture

29:34 The Relationship with Farm Fresh and Future Growth

31:57 The Next Stage: Consumer Packaged Goods

33:00 The Long-Term Involvement of the Founders