Summary
- Support Received: Financial
- Grant awarded: £10k
- Private Match: £10k
- Outputs Achieved: 3 new jobs created and 1 new product launched
Background
Jetnow.com is an online travel agency that enables consumers to spread the cost of their trips – beyond the date of departure. This new and unique travel agency combines both financial technology (FinTech) and traditional travel distribution technology to create the world’s first Vertically Integrated fintech and travel website, enabling consumers to search, book and borrow in one convenient platform to finance their trips.
The business was awarded a revenue grant of £10,000 in February 2020 from Coventry & Warwickshire Innovation Test-Bed Programme, which is part funded by European Development Regional Fund (ERDF) and delivered by Coventry City Council. Without this funding it would have been a real challenge to launch their new product . They had secured some private investment into the business, but the ERDF funding enabled them to secure new jobs and finalise the development and delivery of the project.
The Innovation
The product is truly revolutionary to the travel industry, with its most innovative part being the development of a FinTech solution and combined with travel distribution technology. This has resulted in Jetnow.com becoming the world’s first travel agency focused on Travel Now, Pay Later – making travel more affordable (by giving consumers longer to pay off their trips) and accessible (by removing the upfront cost barrier to travel).
The product launched in July 2020 and the website is live, currently serving the first few customers and weathering the storm of Covid-19. The Innovation grant gives the business the support to survive the pandemic and have some amazing opportunities to look forward to once the recovery begins. Jetnow.com are actively exploring launching the product in both Canada and the United States next year, which is really exciting for the team.
Gavin Miller, CEO and Founder of Jetnow.com has commented: ‘We would encourage other SMEs locally to explore ERDF funding, the team at CWLEP were amazing and helped us no end. This funding and support are created and deployed to help SMEs just like yours. I would encourage everyone to reach out and speak to an advisor at your Local Enterprise Partnership or the CW Innovation Programme at Coventry City Council to see if they can assist with your project. We found the whole process hugely rewarding!’
To find out more, visit: jetnow.com
About the programme:
The Coventry and Warwickshire Innovation Programme is part financed by the European Regional Development Fund and is delivered by Coventry City Council, Warwickshire County Council and Coventry University Enterprises Ltd.
It provides a range of assistance to SMEs to develop innovative and new to the market, products, services or technologies.
We offer:
- Support for developing and testing new products or services including prototyping
- Support for acquiring and protecting intellectual property
- Access to finance with grants of up to £25k
- Networking opportunities with other innovative businesses and supply chains
- Referrals to other specialist innovation support programmes
- Workshops and 1:1 support
If you are aiming to grow your company and launch your innovation, we want to hear from you. To find out more about how we can help your business please contact us by email at innovation@coventry.gov.uk and one of our Business Advisors will be in touch.
Slingshot