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NGEE ANN POLYTECHNIC

SCHOOL OF BUSINESS AND ACCOUNTANCY
DEVELOP A BUSINESS

TUTORIAL 5
Business Model Generation
(For week beginning 22nd May 2023)

Getting their just Rewardz

Four months after leaving her job at Credit Suisse to start Rewardz, Ms Nicole Seah
discovered that she was pregnant. She recalled: "I was moving around with a
pregnant belly and doing sales, events. After the delivery, I only had one month's
maternity leave and I had to bounce back."

The firm, a HR technology startup, turns three in October. It created two apps that
focus on the areas of employee benefits and engagement - an area that is relatively
unexplored.

Having worked at a bank's HR department, Ms Seah realised that there was a gap in
the area of employee engagement as all the perks and benefits that the staff were
entitled to were embedded in a link that no one knew or read about.

Their first app, EmPerks, allows employees to see what benefits they are entitled to
and redeem them on their mobile.

The second app, Flabuless, motivates people to be fit and gives employers an
avenue to reward their staff to build a happier, healthier workforce. For example, one
can create a marathon challenge and sync with devices such as Fitbit. Staff can use
the points accumulated to redeem health and wellness rewards.

Both apps are tailored to each company's needs and branding to make it look like
the firm's very own.

Employee engagement can be tracked through the apps. For EmPerks, companies
will be able to track top trending perks, and the number of redemptions made. For
Flabuless, there is a dashboard that will show the number of registered users and
number of active users who have done at least one activity per month.

By working with third party providers such as Fitbit, RunKeeper and Jawbone, the
technological challenge is to integrate with these different platforms seamlessly.

"Right now, there are so many different types of Android phones so making a
platform that works across Android phones is another big challenge," says Mr
Sudhanshu Tewari, the man behind Rewardz's technology.

Besides holding both positions of CEO and Chief Technology Officer, Mr Tewari and
Ms Seah are also husband and wife.
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While Ms Seah has the soft skills of managing accounts and relationships, Mr Tewari
is the tech guy and had to work many late nights and weekends to create the
technology platform for the company. Mr Tewari has since left JPMorgan this year to
focus on Rewardz.

Today, Rewardz has about 30 clients, which includes big names such as NUHS,
Intercontinental Hotel and Fuji Xerox, and boasts a 400 per cent growth in revenue
from 2013 to 2014.

The couple would be one step closer to attaining their goal by the end of this year,
when the firm marks its presence in five markets with different models - depending
on the culture of each area. They intend to make inroads into 10 economies by 2017.

In Australia and Indonesia, Rewardz will partner local players and will play the role of
a technology provider while the other party would manage the local operations,
marketing and sales.

Rewardz has formed a strategic partnership with Hong Kong firm Total Loyalty
Limited. The Hong Kong firm would refer their clients in Singapore to Rewardz in
exchange for technology and/or vendor partnership.

The other markets would be India, Malaysia, the Philippines, New Zealand and
Thailand.
“It is more a matter of opportunity that we found the right partners to work with. For
example, we were introduced to the Indonesia partner through NUS Enterprise. We
will definitely go to India, as I come from there and have a lot of networks. Such a
product doesn't exist in India so there is a huge potential there," says Mr Tewari.

Looking into the future, besides expanding into other markets, the founders of
Rewardz are looking to partner with insurance companies. The company's vision is
to build a one-stop HR platform.

"That's the upcoming trend in this market and at the end of the day, the clients are
the same. They are selling insurance such as healthcare, while we are selling HR
software such as Flabuless, which motivates people to keep fit. So there is a synergy
there that insurance companies can differentiate themselves by giving our HR
software at discounted prices so that it helps upscale their products as well. They
can become the reseller of our products. The healthcare providers already have that
corporate network and we are a value-added partner to them. They don't have to
spend two years building this technology," says Mr Tewari.

(Adapted from Business Times Singapore, 26 May 2015, by Vivien Ang)

Please refer to the above Case Study and complete the Business Model
Canvas, one for Emperks and one for Flabuless, on the powerpoint file.