As part of the build-up and preparation for the Champion of Champions final, the EIBF conducted a short interview with the team to understand our innovation and the benefits we can bring to customers.
Describe your innovation in a maximum of 150 words:
pAiback is an AI-powered travel assistant designed to benefit travellers by ensuring they never overpay for a flight, even after booking directly with their preferred airline. Unlike Expedia and Google's price protection services, which come with fees, limits, and no visibility into price changes, pAiback offers full transparency and unlimited savings on a win-win commission basis. Our AI monitors flight prices in real-time and automatically secures refunds or eCredits whenever prices drop without the customer lifting a finger. This is possible due to the recent removal of change fees to drive airline loyalty engagement. Customers can easily track these fare fluctuations on their personalised dashboard from purchase to departure.
This benefits frequent fliers by guaranteeing the lowest price without the hassle of manual price-checking or complicated refund processes. By driving more direct bookings, pAiback also helps airlines avoid third-party commissions while retaining customer loyalty for the respective airlines.
What inspired your idea – how will your innovation make a difference in society?
The idea for pAiback was sparked when our co-founder added a partner to a ticket he had booked months in advance, turning a business trip into a weekend getaway. To his surprise, the new ticket was significantly cheaper than the one he originally paid for, even on an economy fare. This happened again on a later trip, and after noticing the price dropped for a third time, he contacted customer service, who reissued his ticket and gave him a credit for the difference—at no extra charge. Realising how time-consuming it was to constantly monitor prices, pAiback was created to automate this process. Our platform leverages dynamic pricing and the elimination of change fees to track flights, ensuring travellers always pay the fairest price from booking to departure without any effort. pAiback brings transparency to an industry known for its complexity, saving time and money for the customer.
Before developing your business idea/innovation, what one thing do you wish you knew before starting?
Before developing my business idea, I wish I had understood the growth that comes from testing a minimum viable product (MVP) early. As an engineer, I tended to over-optimise and delay release, but I learned that releasing an MVP and gathering feedback is far more valuable. This iterative process not only helps refine the product but also reveals insights and solutions I might not have anticipated. It also puts customer feedback at the core and shows more key performance indicators.
Additionally, building a diverse team with a range of knowledge is essential for tackling challenges from different perspectives. I discovered that reaching out to others can lead to unexpected support, and actively networking and sharing my ideas can open more doors than I initially thought. – Morgan Taylor, Co-Founder
Why do you think it’s important for student/graduate engineers to be taught business skills?
Business education imparts essential and transferable skills that complement those acquired in engineering programs. While technical expertise is vital, my experience has shown that studying business has significantly enhanced my ability to articulate and convey complex ideas clearly and efficiently. Effective communication is crucial in all areas of life, as it enables individuals to work effectively in teams and accurately understand the needs of customers, bosses, or clients. This ability to connect and collaborate is key to progressing in any career path. – Morgan Taylor
What was the single most important thing you learnt from competing in your university business ideas competition?
The most important thing we learned from competing in the EIBC rounds was how to distil the essence and future potential of our business. Engaging with the Business Model Canvas pushed us to think critically about our strategic positioning and dependencies. This deeper reflection has helped us articulate our value proposition more clearly for both customers and airlines. This has allowed us to improve our pitch deck, understand how to present this key information in an engaging way and move forward in a way that solidifies our position in the market.
Why is being in the Champion of Champions Competition important to you?
Being in the Champion of Champions Competition is important to us because we've dedicated a significant amount of time and effort to building this product. It’s incredibly validating to see a reputable competition recognise and believe in our potential. It’s an opportunity to gain valuable feedback and connect with like-minded individuals and experts who can help us further.
What tip would you give to a future student about taking part in the Champion of Champions Competition?
Before starting any piece of writing or pitch related to the business ask yourself three questions:
Who exactly is the customer?
What exactly do you provide for them that they cannot easily do themselves?
Where will you be in 6 months and how will you get there?
I think by answering these questions customer first instead of technology or innovation first -you'll bring your focus to the right thing. It is the outcome - not the process that the consumer is interested in. – Morgan Taylor