Startup Battlefield Competition: Session 1 – Inovat

[Applause] Have you seen the piles of paper that International Travelers have to complete In order to get their VNT refunds long Queues in the airports and stress people Running late for their flights The innovation has happened in many Areas of traveling but we Theory funds Are being overlooked meat Peter a Traveler who wants to get his vet refund It has to go through this daunting Process feel numerous forms Wait hours in cues and in the end he Doesn't receive his money back After my last experience when I was late For the flight I couldn't bear it Anymore This is how inawat was born Innovate is a digital solution that Offers the fastest and easiest VT refund Experience for travelers making their Journey stress-free Customers can get their money back in Three simple steps create a profile Upload the receipt and get the money Back when leaving the country let me Show you how this works we move to the Demo please The customer has to go through a quick And straightforward kyc check by Uploading the documents it then has to Upload his trip which we automatically Verify via apis without travel partner And input his refund method we support

Many of those He then has to upload any receipt from Any UK store and we extract the Necessary data from the receipt creating A digital VT form which will link to the QR code The customer has to show the QR code at The customs office when leaving the Country and he gets back his money in Three working days On top of that we put a recommendation Tool where we analyze the purchases of The customer and recommend the items From the same retailers Complementing the look of our Traveler We move back to the presentation please So our customers are Travelers like Peter they love to show but hate to wait And lose money The market opportunity is huge we are Based in London as it is the growing Hub Of both traveling and shopping The UK taxi Market is around 4.3 billion Dollars It's looking extremely attractive with Several European governments already Contacting Us in how we can incorporate Our agile solution into their legacy Systems Not to mention the European taxi Market Is around 20 billion dollars There are many favorable opportunities In the current market Open banking allows us to read customer

Transaction data standardize it Normalize it and sync with the Customer's bank account completely Eliminating the need for uploading any Receipts to the system And brexit when and if brexit happens European customers will be able to get Their visa refunds when traveling and Shopping in the United Kingdom The tax-free industry Has never been challenged old players Still have an obsolete process With paper fees and huge queues the new Entrants have gone into compliance Issues We found a legal way on how we can scale Our product on a global level So Innova is a fully digital solution Which is easy to use and completely Transparent And on top of that we put the special Retail offers so it's a win for all the Parties for The Travelers like Peter you Get more money and you don't have to Queue For the government will help with the Compliance systems and we help them Eliminating the fraud And for the retailers we help tapping Into the international Travelers Market As well as as well as helping with the Customer retention Our business model is pretty Straightforward

We have a percentage fee as well as Weekend variable fees and fees on risky Currencies We are looking in how we can prove our Concept working with some of the biggest Names out there such as L'Oreal and lvmh We are also looking in how we can Leverage our Solution by partnering with Large travel agencies and Airlines such As EasyJet and aeroflot as our Distribution partners Moreover on the user acquisition Strategy we've already integrated our Solution into WeChat and we are looking In how we can tap Into the communities of Travelers on Such platforms as Telegram We believe we have the necessary Experience to bring this product to a Global scale I myself was a professional Esports player and sold my first Business in gaming as well as well as Working in a technology VC fund I also have a masters in accounting from London School of Economics with a focus On VT taxation My co-founder knows how to launch Products from her past working Experience at revolut as an early Employee both in legal and operations Department We've also built a solid team of Advisors to support us in our business Including X tax-free entrepreneurs and

Ex-government employees So if you're a traveler like Peter join Innovate and get your tax free stress Free Gadgets I would love to start with the following Question Um why why why this particular Market Because if you look at the competitors There are so many digital Solutions You've got companies like refund it Right that are funded massively and that Are alive in 17 countries how do you why Are you tackling this and how do you Different yourself yes so initially we Are the customers of this product Because myself I'm coming from Russia And I found this problem for five years I haven't seen a single solution which Steps into the into this particular Market where we are operating our Competitors such as refunded and vivot Has gone into compliance problems and They're not operating in the United Kingdom so we found a legal way on how We can scale our solution and help the Customers To get their Victory funds digitally I Didn't know that okay So who's the critical uh party here that You need to convince it seems like the Retailers We don't need to convince any retailers We're completely retail agnostic the

Party that we need to convince is the Government since we are working directly With the government on implementing this New legislation it's basically we are on The Forefront of innovation in the tax Free industry that we are completely Retail agnostic so when the customer Buys something in a store it doesn't Need to go to get his form he only needs He needs to get the receipt scan the Receipt and upload to our system and we Automate the whole process from there Okay okay that's that's a big difference Versus the existing Market which the Reasons Market has a B2B model where you Have to go to the store you have a POC Where you basically print they print you This receipt instead of us we are Completely histor agnostic and we go on A b2c uh scalability level where we Allow for flexibility for the customers Saving them time you don't need to queue In the store That's that's a key point then so so how Far along are you with the government Then they have to be convinced so are They so we started four months ago we're Already working extremely close with the UK government on implementing this Solution Uh we are one of the parties that is Looking to change the legislation in the UK and as you mentioned before refunded They are not live in the UK and they are

Not working with the government We Believe starting in the in the second Biggest Market out there give second a Competitive Advantage London and Paris Are the biggest markets where Legislation is the hardest to change if You can correct these two markets it's Extremely easy to scale in other European countries such as Belgium and Germany Have you already processed claims by Customers we are currently processing Our own claims since we developed the Complete technology solution which was Which took us some time and when we will Be 100 sure that we can launch to the Wider audience and we can issue the Refund in 100 of claims we will go we'll Go live to the public audience so now we Are confident in providing our reclaims But we are working with our money and When we when we're working with the Client's money we want to be 100 Confident So you're going to take a cut of every Claim what percentage is that So Currently we are on a closed beta Testing we are looking to take a cut of Four percent and then that is possible Because we have all the Technology Solutions in-house from all our Competitors they're using third party to Actually extract the data from the Receipt since we have a unique

Technological advantage of having the Leading computer vision technologist in Our team we build the whole technology In-house and we are able to drive the Prices down and add this recommendation Tool which which leverages machine Learning and allows us to to basically Leverage our application in the view of Customers There's a feature I'm trying to wrap my Head around which is the upselling of The Louis Vuitton the handbag when at What point do you capture my attention To do that and would you need me to Upsell right then and there in the store Before I check out I'm trying to figure That out yeah thank you for the question It's a great question so once you upload The receipt we verify it and we extract The necessary data which categorizes Data and this is data matches with the Data from the retailer at this point we Will we are already able to give you Basically the complement items which you Can buy either online and we receive a Revenue share cut from this or you can Get in the store and we have a specific Offers for the people who buy this in a Store we are our Retail Partners So basically you will get the full Refund without any fees What does it mean that WeChat is an Early adopter what does it mean in the Sense that uh we view China as one of

The biggest markets it's 30 of all the Tax rate funds are made by Chinese Customers and we want to be With the Chinese customer even before They come to London for example so we've Already integrated the solution and if The Chinese customer has a WeChat Account he can basically open Us in the Media application scan the receipt VR WeChat and we will do the whole Automation process so he doesn't need Even need to upload our application we Do everything on the visual platform so It works now We've basically shipped this version in Two weeks it's currently working and we Are testing it on ourselves basically Before we are confident that we can Offer it to our consumers Hmm What what are the governments concerned About is is fraud the main concern do You have an answer to that yes the Government main concern is that the Whole paper process doesn't have any Data points so they can collect data They can't eliminate the fraud because You can't verify that the receipt is Genuine and the customer is leaving the Country without technology system we can Track the GPS of the customer we do the Kyc ourselves so when the customer Already arrives to the airport we do the Job for the government to already

Identify that the customer Has this identity made this purchase and He's in the airport leaving the country So we're basically helping the Government eliminating the fraud Improving their compliance systems and If need basically working closely with Them on like improving their compliance Systems All right give it up for innovat [Applause]