The rewards are starting to add up for Ethan Foy. The fifth-year neuroscience student from Oakville, is working on his business idea called LifePoints. The mobile application rewards users for time spent at a fitness facility with points they can later cash in at local businesses. The application is now live on the App Store for iPhones, with a version soon to follow for Android users.
Foy will be presenting LifePoints on the stage at the upcoming Monster Pitch competition Monday, Jan. 8 at the FirstOntario Performing Arts Centre.
It’s a moment he’s had his eye on for more than a year.
LifePoints had been percolating in Foy’s mind since before last year’s Monster Pitch and his goal was to one day join the finalists on the stage to share his vision with the judges. Having previously worked as a student ambassador with BioLinc, Brock’s business incubator run by the Goodman School of Business, he was familiar with the resources that would benefit him when it came time to launch his own business.
Foy began to work on his idea for LifePoints and it paid off at the end of last year’s event, when BioLinc announced that he was one of two recipients of the Deborah E. Rosati Entrepreneurship Award, which provided him with mentorship and funding over the summer while he worked full time on his business.
Foy is passionate about the idea of having customers receive monetary rewards, and has designed his mobile application as an experience-driven reward platform, breaking away from the conventional loyalty model companies use to reward customers for their purchases through accumulated points and product discounts.
“I fell in love with the idea of being able to provide a monetary reward for every other aspect of life, outside of work life,” said Foy.
Read the full story here