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Student Entrepreneurs at Queen Mary launch innovative app

Favourful is set for release in February 2015

In July 2014, a group of young and enthusiastic entrepreneurs arrived at Queen Mary’s engineering building to share their inventive ideas, in the hope that they could be made a reality. It was a part of 3DS London, also known as ‘3 day start-up’ – an organisation that educates university students and young people on how to kick-start their own entrepreneurial projects. On day one, the group shared some potential ideas, and then they divided into groups to bring them to fruition.

One group worked on a new app, soon to become known as ‘favourful’. The app allows the user to exchange favours or services, without the need for money and instead, in exchange for tokens. These tokens can be anything from spare cinema tickets, a bottle of drink or some chocolate. It’s a small reward offered in return for doing someone a favour. The app was picked up due to its money saving potential – it works with using ‘gift economy’, the name given to this method of exchange. It was defined by speaker and author Charles Eisenberg: “In a Gift Society, when you have more than you need, you give it someone else who needs it.”

The app is developing at an exceptional speed. After only starting in July of this year, favourful have gone from strength to strength, attracting young entrepreneurs from other universities (including Bristol, Cambridge and Sheffield) to join the team. Qualifying into the second round of the Tech City News competition only spurred them on, and so far they have released a private beta and garnered a wealth of attention from the students and the tech world alike. Matt Mahmoudi, founder of favourful and Politics and Business Management student here at Queen Mary, spoke to us about favourful’s philosophy:

“About a year ago I was on Facebook and happened to notice a status from a friend nearby asking for help getting her bike fixed in exchange for a pint. The status got 20 likes and no comments or replies whatsoever. It’s amazing how people have a tendency to like stuff on Facebook that they would actually be quite happy to carry out if there was more of an incentive or mechanism of accountability. My friend could have gone to the bike shop, but she could soon be using favourful”.

Favourful is set for release in February 2015. Until then, follow Favourful on Twitter: @favourfulapp or find them on Facebook: Facebook.com/favourfulapp

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