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Jump On It makes founders overnight millionaires
Renai LeMay
Friday, 10 September 2010 17:00
Think Australia doesn't have what it takes to build a new Google or Facebook? Think again.
Australian web 2.0 startup Jump On It today said it was on track to reach $24 million of revenue in its first year of operation '” just three and a half months after it launched locally with the same business model that has made fellow startup GroupOn a billion-dollar business in the United States.
The company was founded by local internet veterans Colin Fabig, James Gilbert and Adam Rigby in November last year. Its model is simple: It will issue one deal '” typically a discount at an Australia-based outlet such as a restaurant or hairdresser '” per day to its subscriber database. Businesses who sign on to advertise their services only pay when they actually sign up customers.
'The aim of the merchant is to convert them into ongoing payments,' said chief executive Colin Fabig (pictured) in an interview this morning.
Fabig gives the example of a dentist. If such a small business was to advertise a so-called 'coupon' deal on Jump On It '” which could give customers up to 90 percent off a visit '” they will usually be able to sign that customer up for repeat business later on.
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