University of Bath student, James Courtney, has launched a business which he hopes will replicate the success of loyalty programmes like Air Miles, but in the restaurant market.
His app-based business, LUX, which was developed with support from alumni, has already signed up a number of Bath restaurants, been accepted into two accelerator programs (SETsquared and Entrepreneurial-Spark) and raised in excess of £60,000 in crowdfunding.
James had the idea for LUX when he noticed a gap in the market for professionals who dine out regularly on business, but whose loyalty wasn't being recognised. After winning the University's Business Plan competition (twice) and taking home top prize of £3,000 in the alumni sponsored Dragons' Den competition, James began to develop his idea as part of his placement.
He gave us his 'elevator pitch': "LUX does for restaurants what Air Miles has done for airlines. It's a premium rewards scheme that allows customers to earn high quality rewards for money that they are already spending on dining out, and allows restaurants to fill spare capacity with their perfect customers (high spending, business or affluent customers). There is also a social good element, as LUX helps to raise money for local charities. All this, and LUX delivers a high growth, cash-flow positive opportunity to investors."
As well as financial support, James also received valuable insight from alumni on a trip to New York and Boston last year.
James says: "I really can't thank the University enough. The support I have received has allowed LUX to have a real chance at success. We have now been able to hire four University of Bath graduates, launch the app and are gaining increasing interest from angel investors. We want to prove the concept in Bristol and Bath, before we scale up and expand into London in 2017."
James is joined on the project by fellow graduate, Josh Maynard, and Richard Godfrey.
If you would like to learn more about James or LUX, you can contact him at email@example.com