It all started in 2006, when Noah and Jeff studied online shopping and decided they could do it better. They imagined a free Web site that would make online shopping faster and easier, and give cash back to shoppers. And thus a class project, and a business, began.
In May 2008, Extrabux.com won the $25,000 first prize in the fourth annual USC Business Plan Competition, the university’s most prestigious award for entrepreneurs. There were 38 other entrants, and Extrabux.com was the only undergraduate team to make the finals. The award also helped them attract additional investment to the business.
Their site now has more than 8,000 members, who get up to 30 percent cash back on their online purchases from more than 750 reputable online retailers, including Apple, Dell, StubHub, BestBuy and Expedia.
“It’s like having a well-connected personal shopper who takes you into your favorite stores, earns a commission from the store on anything you buy, and then turns around and shares the commission with you,” says Nobbs.
In November 2008 Extrabux.com will introduce an enhanced version, which will feature a comparison-shopping engine that can find the lowest online price for millions of products.
“We’re working overtime to get the new site ready for holiday shopping,” says Auerhahn. “It’s exhausting but building our own business is the most exciting thing we’ve ever done.”
The business partners’ immediate goal is to make Extrabux.com the place that online shoppers go to first.
“After that,” says Nobbs, “the possibilities for building the brand are endless.” So look for great things in the future from Auerhahn and Nobbs, because they are already brainstorming their next big idea.
For more information, visit www.extrabux.com.