If you can’t measure it, you can’t improve it.
Great things in business are never done by one person. They’re done by a team of people.
The way to get started is to quit talking and begin doing.
The idea of REV21 was born in Singapore as Thibault was walking down the streets in a busy restaurant area and was amazed by the number of restaurants and bars to the left and right. Some were completely empty with more staff waiting outside than customer sitting inside. Coming back few months later realizing that some restaurant’s names changed and some of the F&B outlets were shut down. Another few months later, another new wave of restaurant and bar offering in the same street made him realized something was wrong.. We found out that on average, two restaurants are opening every day in Singapore, but an average of 1.8 restaurants are shutting down every day as well! Worldwide, the number of restaurants failing in the first year is close to 60%. With only one in three chances of success, starting a business in the food and beverage industry appears to be a high-risk venture. Feeling empathic for the dreamers and entrepreneurs in F&B, Thibault and Mihir felt they should try to make a difference, help the community and change things.
The adventure started in April 2018.
At REV21, we all come to work every day because we want to solve the biggest problem in the Food and Beverage industry. Everyone is guessing. Most of the Managers and Entrepreneurs don’t know how to sustain their business, optimize their data, or even what to price each items at. In fact 23% of them will close in the 1st year of operation (14% in the 2nd year and 7% in the 3rd year). With everyone taking business decisions based on gut-feel rather than data analytics the risk of failure is high.
Throughout the history of business, people use data to make more informed decisions. Our mission at REV21 is to make Revenue Management in the F&B industry more transparent and more user friendly. Today we want to make these practices available to as many people as possible (not just the top 5%) and as much automated as possible.
Thibault believes in being Adventurous, Creative, and Open-Minded. He values great work and attention to details. At REV21, he looks after product, financial management and operations.
Mihir is an emerging markets specialist with a track record of building business’s across the markets of Africa, Middle East and Asia Pacific regions. At REV21, he is looking after strategic partnership, lead generations as well as acting as an overall operations advisor.