StartUp of the Week: Reduce My Invoice

We love businesses that do good. Our StartUp of the Week is Reduce My Invoice, a London-based company that helps schools make considerable savings on supplies and services by teaming up with businesses, therefore freeing up money for other programmes within the school. Let's find out more!

Ground to floor 1 – Explain what your business does

We connect schools and their local community, using economies of scale to save them up to 30% on their supplies and services, freeing up budgets for new technologies, the arts and other programs to inspire the next generation of entrepreneurs.

Floor 1 to 2 - Where are you based?

We're a UK based company in London, But we're currently part of the startup wise accelerator program in Tallinn, the most successful B2B accelerator program in Europe. This give us an opportunity to focus on core business activities and a platform to test and prove our concept.

Floor 2 to 3 – What’s the business model?

We provide a single marketplace with dynamic pricing based on economies of scale, we then take a percentage from the suppliers - not the schools.

Floor 3 to 4 – Who are your competitors?

Our competition is large wholesalers, however we can also save wholesalers time and money by providing a single large account.

Floor 4 to 5 – What’s your USP?

Dynamic pricing that reduces based on economies of scale.  Everyone is able to purchase the quantity they need, when they need it. Buyers are able to help their local school every time they buy. It's fast, simple and secure.

Floor 5 to 6 – Where did the idea come from?

As a parent my fear is that my children will suffer due to decreasing school budgets, teacher layoffs, and lack of innovation in the classroom.  With our background as team members at Groupon UK, we experienced the power of bulk purchases and economies of scale.   We built on our experience of daily deal sites, and created a marketplace suitable for use by schools that helps them and their suppliers.

Floor 6 to 7 – How much funding did you receive from Virgin StartUp?

£20,000.

Floor 7 to 8 – How are you going to use it to grow your business?

We are currently investing heavily into sales and marketing to grow our subscriber base and suppliers and strategic partners, to drive us forward.

Floor 8 to 9 – Who’s your Virgin StartUp Mentor?

Nick Winters from Baker Tilly.

Floor 9 to 10 – What’s your workspace like?

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Floor 10 to 11 – where will your business be in 12 month’s time?

Our plan for the next 12 months is to gain an extra 1,200 school buyers. With an ever growing product range of services and supplies. We hope to save schools in the UK the equivalent of 500 laptops, 1000 Lego evo3 robots or 17 teachers salaries, while using a percentage of our profits to help schools in the developing world.

To find out more about Reduce My Invoice check out their website, or connect on Twitter and Facebook.