Each token costs $1. For every bid placed on an auction, a token is deducted from the bidder's account. As in all auctions, there is no guarantee that any single bid will be the winning bid. “All users get five free tokens when they sign up, and we give users additional free tokens if they respond to offers or engagements,” says Elliott. Users are able to purchase additional tokens at prices of up to $1 per token. This month, a return flight to Berlin (valued at $1800) was auctioned for $2.32; while a return flight to Bali went for $8.46. “These sort of prices happen frequently, we rarely see flight auctions ending above $50,” says Elliott, who is finishing his commerce degree in Sydney while working in the business. The Australian entrepreneur duo started off with www.onecentflights.com in August 2012 because of their shared passion for travel. “Australians really find travel exciting, and this matched perfectly with our auction concept,” says Elliott.

The site's success with online bargain hunters spurred them on to launch a spinoff, www.onecentwines.com in April this year. “We wanted to extend the business into other areas, and thought that the wine industry would be another exciting business to be involved in,” he says. Matt, the company's co-founder and chairman, says technology was the key when setting up One Cent. “We have always made the effort to ensure our website and systems are cutting edge. “We were the first movers in our industry, and part of our competitive advantage is that we've built an incredible technology platform that can accommodate our growth. All of our systems are custom built for us, owned by us, and we also secured patents associated with our system.” The cousins formed the team, raised seed capital, secured supplier partners and developed the technology in six months.

“Matt and I always had this passion for business, and together we developed the idea for One Cent,” says Elliott. “Matt's university background in economics and past start-up experience were the foundation for the company, while my track record with my previous auction business helped develop our concept.” Elliott says they want to provide a fun experience where people can bid on auctions starting from one cent. “The most important part of our conversation with new users is educating them on how our auctions work,” he says. “When people see international flights ending at less than $50 all the time, they can be sceptical. A key part of our success is the hard work we put into explaining our model, because when people get it, they are more willing to become a customer.” Melbourne-based Matt explains their business model: “One Cent is a pay-to-bid auction business, so we cover the cost of selling dream holidays and premium wines by charging a small fee every time a user places a bid on an auction. These participation fees allow us to sell products every day at prices which must be seen to be believed.”

As part of their business plan, they continue to build their user base through marketing and promotion; focus on enhancing user experience and product selection so customers remain connected; and grow their supplier base to maximise product availability. One of the major challenges they have faced is managing growth. “We expected to launch slowly and have a little time to iron things out, however as soon as we launched we were signing users up every few seconds. This presented significant challenges,” says Matt. With both flights and wine, Matt says, their focus is to give “customers what they dream about. We don't give customers what they are going to buy at home, we give customers something that they really, really want.” At present they have just under 200,000 Australian users. “We are currently only in Australia. By the end of the year we will be available in New Zealand,” says Matt. They see a “huge opportunity” to grow One Cent in Asia and are hoping to have operations there sometime next year.

“At this point we're more focused on user growth. However if we hit the two million user mark we are targeting, we are hoping this will equate to a run rate of $10 million of revenue per year,” says Matt. The cousins Donazzan are out to conquer the online auction world – one cent at a time. TOP WINE AUCTIONS Penfolds Grange 2008 Vintage (Bin 95) – ended at $3.31

Case of G.H. Mumm Champagne – ended at $0.11

Moet & Chandon Champagne (3 pack) – ended at $0.14

Case of Chalice Bridge Shiraz - ended at $0.13

Perrier-Jouet Belle Epoque 2004 Vintage Champagne - ended at $0.76

Jacob's Creek St. Hugo Carbernet Sauvignon 2009 - ended at $0.02

1.5L Magnum of Moet – ended at $0.42

Veuve Clicquot (3 pack) – ended at $ 0.52

Case of Premium South Australian Red - Jacob's Creek, Grant Burge or Wynns – ended at $0.02

Penfolds Bin 407 Carbernet Sauvignon – (3 pack) – ended at $1.75 TOP FLIGHT AUCTIONS

Canberra/Adel/Syd/Mel/Bris - Domestic return flight - your choice - $0.53

Domestic return choice x 1- Syd/Mel/Bris/Adel/Darwin - $0.60

Bangkok, Thailand return x 1 - From Syd/Mel/Bris/Adel/Perth - $0.90

Berlin return x 1 - $2.32

Ho Chi Minh, Vietnam return flight - Fly from Syd/Mel/Bris/Adel/Perth - $3.15

Singapore return x 1 - Fly from Syd/Mel/Bris/Adel/Perth - $4.52

Seoul Korea return x 1 - Choose Syd/Mel/Bris/Adel/Perth - $5.16

London return x 1 - Fly from Syd/Mel/Bris/Adel/Perth - $5.49

New York return x 1 - Fly from Syd/Mel/Bris/Adel/Perth - $6.25

Japan return x 1 - Choose from Tokyo, Kyoto or Osaka - $7.09