1st Entrepreneurial E-Commerce Excellence (E3) AwardS

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BEADA.com wins first E3 competition

This generation is all about individuality. It is no wonder that do-it-yourself (DIY) e-Tail and retail stores are generating buzz as they empower users to make creations stamped with their personal brand. Capitalizing on this trend of customized possessions, BEADA.com breezed its way through the first Entrepreneurial E-commerce Excellence (E3) Awards and came out as the victor.

Translating the DIY concept into design-it-yourself, the team behind BEADA.com created a web portal that allows users to customize different kinds of jewelry. This is done through a template that employs a click-and-drag interface. Users can simply choose from the wide selection of beads, stones, and gems and drag it into the available templates (either necklace, bracelet, or anklet). The website has a large selection of homegrown stones in various colors to choose from. Users suffering from a creative drought may alternately purchase ready made items as well.

BEADA.com is the brainchild of three college students specializing in different areas. Jed Cagalawan is a fashion student from De La Salle-College of St. Benilde, Karl Satinitigan is a management student from the Ateneo de Manila University, and Eliel Sarmiento comes from an information technology background in De La Salle University Manila. Their distinctive roles were definitely noted by the panel of judges. "The unique products come from the artistic creativity of Jed. Eliel develops the web interphase [sic] for e-commerce so that the products are available online and consumers can interactively design accessories of their choice. The strategy of selling to a niche market is implemented by Karl," says Beta Balagot-Gan, Mozcom’s Chairman and CEO.

As the fashion guru behind BEADA.com, Jed sets the trend direction in the team. His experience in jewelry-making dates back to his elementary years in Cebu. He had an on-off relationship with this hobby and he was able to develop his craft over the years. "I remember seeing Jed back in high school do lots of beadwork," says Karl, "and every time [our] batchmates gather here in Manila, he always has something new and…our female friends [would] be so [impressed with] them." Jed has been informally selling his works during college, mostly through word-of-mouth. "I'm having a more in-depth experience in [beaded] accessories-making right now,” he says. It was, however, Karl who proposed the idea of selling customized jewelry online. "While presently they are able to sell fashion accessories to a physical market, they ventured into a web-based solution to facilitate customization of clients' specifications into a more efficient manufacturing and distribution capability," says Hermie Pugeda, Executive Vice President for Corporate Product Banking of Unionbank.

BEADA.com’s target market is dubbed by Nielsen Media as “twenteeners”. They are members of the AB classes, have the purchasing power of adults, yet possess the spending appetite of a teen. These women are image-conscious, empowered, and noted career builders. The supply chain, however, is far from glamorous.

The young technopreneurs-in-the-making are not simply financially-driven, they are socially responsible as well. The team is outsourcing the beadwork production to trained artisans from prospectively, Gawad Kalinga communities. Taking the idea from local crafts website MODI Philippines (www.modiphilippines.com), the team will be training them in the different areas of production. Their participation will not only increase their skills and enhance their self-esteem, but should also uplift their financial situation. BEADA.com is not simply about fashion, but community empowerment as well.

BEADA.com stood out because they had all the right ingredients. They “knew what they wanted to do. It’s a great example of having a clear focus when developing a new business. They clearly understood who their target market was and what products they wanted,” says Ramon Duarte, Head of e-Channel Solutions Management for Unionbank. The winning team likewise displays a vision for their venture that truly sets their progress in motion. As Gan aptly said, "BEADA demonstrates synergy at work in business… [resulting] in a business endeavor that has high chances of success."

The first Entrepreneurial E-Commerce Excellence Awards (E3) is a nationwide contest for college and post-graduate students co-sponsored by Mozcom and Unionbank. Launched in June 2006, the contest generated some of the most innovative e-business ideas from all over the country. Set in three stages, it ran until March 2007. The contest focused on the creation and implementation of an e-business plan that included an online transaction component. For more details on E3, visit http://www.payeasy.ph/e3.asp.