How many of us are constantly scrolling through our phones and wasting our time and concentration? This harmless yet harmful activity costs us our work, studies, and much more.
Like many of us, 21-year-old, Dubai-based Craig Fernandes also wondered how to minimise this doom-scrolling habit.
Craig researched long and hard about screen time apps and found that these apps monitor screen time and nudge to take steps against it. He realised if a reward mechanism is implemented, it might help users pursue less screen time and increase their productivity.
Armed with this idea, Craig conceptualised and laid the foundation of Lock&Stock Technologies along with the guidance of his father, Ian Fernandes, in the year 2017.
Lock&Stock is a mobile-based application centered around the educational sector directed to help students limit their use of mobile phones during their classes. The firm aims to increase the overall digital well-being of students by using positive reinforcement on them – rewarding them with points when they stay away from their phones for a certain period of time.
It was a mundane day when the idea of Lock&Stock was born. CEO and Co-founder Craig Fernandes says, “When I was a student at the University of Iowa, my dad messaged me one day while I was in class. It was a rather boring lecture in the spirit of full disclosure, 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 noticed that this was an actual problem. Lock&Stock was born that day.”
Using Lock&Stock, students earn one key for every minute they resist or stay away from their phones. The application has over 1,811 university partners worldwide and distributed over AED 3 million in scholarships.
Lock&Stock offers lucrative rewards to students, such as online shopping, and has, thus, partnered with over 1000 brands, including but not limited to Adidas and Tim Hortons.
As of today, the app has an active user base of more than 10,000 people across 82 countries across the globe. Due to the creative rewards, users of the Lock&Stock app have saved over 2081 years’ worth of time, and 49 minutes of average time has been saved per lock session.
Though the company is headquartered in Dubai, Lock&Stock is available to users around the world to download and use. The Founders believe that screen addiction is a worldwide problem and needs awareness and solutions. India is on the horizon for their next market to expand to.
Lock&Stock Technologies raised a bridge funding in a round of $500,000 in 2022 and registered a revenue of $1.1 million as well. Lock&Stock Technologies has a small, dedicated team of 50 people who built the company from a rented apartment.
Lock&Stock aims to expand its base and improve the app to suit a wider range of audience. The app plans to integrate brand marketing within the app to add a revenue stream. The app also plans to choose Series A or pre-series A rounds in the year 2023.
Click here to visit their website.