Lock&Stock lets users build up rewards when they keep their phones on locked mode
A Dubai app which rewards young users with shopping discounts and the chance of university scholarships is aiming to break-even by the end of the year, according to a spokesperson for the company.
Lock&Stock, which was launched in September 2017, is a free mobile application which rewards students for not using their phones while in class.
“We reward students with points for the time they keep their phones locked in class - they can then use these points to redeem offers and discounts from over 300 brands in the UAE,” a spokesperson said.
The app currently has 27,000 registered students from over 415 schools, universities and institutions in the UAE.
This week, the app launched a new offering in which users can use their points earned to avail of scholarships and fee waivers from some of the most renowned universities in the UAE, including institutions such as Heriot Watt Dubai, Manipal Dubai, Canadian University Dubai and RIT Dubai.
Founded by father and son Ian and Craig Fernandes, the app was self-funded but the spokesperson said it aims to expand beyond the UAE and start making a profit by the end of the year.
“The team behind Lock&Stock is working day and night to revolutionize the education space in the UAE and eventually countries around the world… Keeping in mind this year's projections, Lock&Stock aims to break-even by the end of 2019,” the spokesperson said.
"When I was a student at the University of Iowa, my dad messaged me one day while I was in class. In the spirit of full disclosure, it was a rather boring lecture, and so I responded instantly.
"After laughing about my lack of attention span for a while, the two of us began wondering just how many students broke their concentration whenever their phones buzzed with a notification. I looked around the class, and I noticed that this was an actual problem. Lock&Stock was born that day," Craig Fernandes, CEO and co-founder, who was born and brought up in Dubai, said of the inspiration behind the app.