The Malta Independent 19 May 2024, Sunday
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Pitch to rich: Maltese-run startup company could get Richard Branson funding

Therese Bonnici Tuesday, 9 June 2015, 12:16 Last update: about 10 years ago

Discount IF is a revolutionary concept in which customers purchasing a wide range of products, have the chance to receive 100% cash back.

As an example – the offer would give 60% cash back on a Go-Pro purchase if Brazil wins the Copa America 2015. Each and every purchase has a cash back promise, which could be linked to any event betting companies allow bets on. The customer will purchase the product at a normal price and this will be dispatched immediately. If the specific outcome occurs, he will be automatically refunded the promised percentage.

The company has managed to make it to the semifinal of a UK-based competition- Pitch to Rich – out of 1,000 applicants. If it manages to make it to the final three, the team gets to meet with well-renowned businessman Richard Branson and pitch their ideas to him. If the company is then chosen from the top three, it will get a £150,000 investment and one year of business advice from Virgin. It is now up to the public to vote. If Discount IF makes it – the service will be offered to other countries besides the UK – starting with Malta.

“People already love shopping online – now they have the possibility of getting some of the money they spend back. At the moment, everything is pre-defined and it is the company which decides the cash-back offer. The products offered are targeted to potential customers – that is, a bet on Manchester United will accompany a purchase of Man United merchandise. Samsung products are targeted to Chelsea fans, given they are the team’s main sponsors. The updated version will be different. The customer can choose the product – even if it is not available on the website - what events he wants to link with and how much cash-back he would like. The higher the cash back percentage, the less likely the event is to happen,” explains Andrew Sammut Alessi, Product Analyst and Manager at the company’s office in Malta.

“If nothing the exposure we have had is impeccable, however we really need the public to give us a push. It is the people who vote,” Mr Sammut Alessi continues.

Five out of six members of the team are Maltese. The CEO, the graphic designer and business consultant operate from the United Kingdom, while the operational side is managed from Malta.

Last December, the company promised customers that if they do their Christmas shopping from the website and if it snows on Christmas Day, they will get their money back. And customers got lucky – because it was indeed a White Christmas in the United Kingdom.

The concept is one of the first of its kind – although companies in the UK have tried it out. However, it got very complicated for the customer and it was not as straightforward as Discount IF.

The company runs from the Take Off offices at the University of Malta. Take off helps companies which are still starting up, offering them office space and resources. UoM is also an investor in the company in question.

Instructions for Voters:

·        Click on VOTE to enter Name and Email here – www.pitchtorich.co.uk/discountif

·        After casting your vote, you need to verify your vote by clicking the verification link within the email you receive from Virgin Media Business

·        Forward this email to [email protected] for a chance to win;

Apple iPad Air 2

Samsung 40” LED HD TV

Website: www.discountif.com

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