Risky business: “I’d rather have a go and fail than live with regret,” says ItsFound managing director Luke Cubis. Picture: Penelope Green. A TECH start-up founded by three Hunter mates is fast gaining traction withcorporates and looking to scale rapidly and go global.
ItsFound is a software solution that allows large organisations to manage their until now largely ad hoc lost property departments.
Itis being trialled by the Newcastle Knights and Sydney Airport and its growing client list includesGPTand hotel chains Novotel, Rydges andCrowne Plaza.
The start-up was launchedin June 2015 by Lake Macquarie councillor and former teacherLuke Cubis and SydneysidersMarko Njabro and Robyn-Anne Miosge, who met in their Newcastle school days.
MrCubis said Ms Miosge’s background in hotels led her to note the lack of an innovative lost property platform.
“There are cloud-based management systems for everything from accounting to design but there was very little on the market for lost property, just outdated systems and inflexible software,” he said.
The trioscratched together funding and approached corporates including Westfield to tap the market.
“Basically the 100 or so companies we spoke to had nothing better than an Excel spreadsheet to track lost property,” he said.
The company developed its cloud-basedplatform before launching it in May 2016, and is continuing to refine aspects of it, including a three-tier pricing structures which aids corporates, small business and individuals.
A business to business solution, ItsFound allows corporate users to automate their lost property departments, reduceunclaimed items and boost customer satisfaction.It also has a database for all general public lost property and an auction facility which allows clients to sell off unclaimed property and either use the revenue or donate to charity.
ItsFound has just expanded into New Zealand and Mr Cubis, a former primary school teacher, said the company is now poised to do a capital raise to drive fast growth.
“We want to go global and sacrifice equity early to do that because the concept is highly scalable,” he said.