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Jack Bloomfield — Australia's Leading Millionaire Young Entrepreneur

46 minutes

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How this 19-year-old entrepreneur is tackling the billion-dollar problem in e-commerce today

Imagine being 19 and tackling a billion-dollar problem the e-commerce sector faces today — refund fraud. From the age of 12, Jack Bloomfield was already driven by a love of entrepreneurship. Turning a simple gift card business to million-dollar e-commerce stores to now on a mission to eliminate refund fraud forever through Disputify, Jack has a unique perspective on life and business, as one of Australia's youngest entrepreneurs.

He joins us this week on the latest episode of The Make It Happen Show to discuss the problem that is refund fraud and how it affected the e-commerce stores he ran during high school, as well as many others around the world. Leading the charge in cyber theft prevention in Australia this year, Disputify is already backed by some major players in the industry. So how did he do it? What did it take to break into business so young while gaining massive momentum already? Find out Jack's strategies to success, suitable to anyone, no matter what age you are, to help you make it happen today too.

 

Questions asked in this episode:

  • 3:14 - You are on a mission to rid the world of refund fraud. What is refund fraud and how are you making that happen?
  • 6:01 - Is it just people who try refund fraud once and realise it's really easy to do? Or how do people get into this nefarious lifestyle?
  • 7:33 - As an SME, what are the red flags for refund fraud?
  • 10:34 - Disputify sits pre-purchase but after all the normal fraud checks. What would the merchant do if a customer is flagged?
  • 12:06 - How did you get into this space?
  • 17:24 - In 7 years, you've gone from some early-stage businesses to e-commerce businesses in high school, what else were you selling in your other businesses?
  • 20:13 - How did you go about getting the interest of investors for Disputify? And what was the capital-raising process like for you as a young entrepreneur?
  • 29:31 - Do you have much to do with other young entrepreneurs? Is there a community around your age?
  • 34:22 - What have been some of the things that have helped you along the most, be it mentors, resources, or support?
  • 37:24 - What's on the horizon for Disputify?
  • 38:55 - Make It Happen In A Minute
Jack_BloomField_MIH-Podcast_Promo-16x9_TP

"It's all well and good to glorify the 18 or 19 year old of it all but the biggest thing out of it is to know there's no better time to start than now."

— Jack Bloomfield

What you will learn in this episode:

  • Why your refunds shouldn't just be a standard line item (how people expect 11% of all goods will be returned)
  • Why Disputify doesn't automatically deny transactions when a customer gets flagged
  • Jack's journey to building his first e-commerce store at 12 years old
  • Why looking at your bottom line is so important
  • Importance of market research before launching a business or product
  • The importance of getting in front of the right people when finding investors
  • Figuring out how to best utilise investor's money as a startup
  • The pressure that comes with capital raising after you get the investment
  • The questions that a lot of startups should be asking
  • And more!

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