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Here's everything you need to know today - in under 3 minutes.

Today's big stories

✈️ Qantas' loyalty biz is back on track 

😴 NYU accuses ResMed of stealing their secret IP

👟 Allbirds files for IPO

Oh, and get this...

The tourism industry is expecting to wipe a further $6.9 billion off its bottom line, thanks to closed borders over the upcoming September holidays. That’ll take the industry’s losses from school holidays alone to a whopping $21.3 billion since December last year.

Qantas' Frequent Flyer business is back on its pre-COVID growth trajectory

Background: Qantas' Loyalty biz - aka the home of Frequent Flyer points - was its profit puppy pre-COVID. And we all know how it works - earn points, and redeem them back on flights, flight upgrades or at Qantas' online store. 

What happened: And every second person does it. Literally. There are 13.6 million loyalty members, and over 600 business partners. Which is why it's such a goldmine. Ya could say Qantas' Loyalty division has been like the Kim Kardashian of the Kardashian clan.

What else:  It raked in $376 million in 2019, which was more than the airline's entire international arm, and almost as much as Jetstar. And while COVID took 30% off its bottom line, Qantas has lined up more biz partners and new products which should put it back on track to deliver earnings of around $600million in the 2024 financial year. 

So what's the key learning?

💡Distribution channels are the intermediaries between consumers and a product or service. Facebook is a distribution channel, because it sits between the business and the consumer. And a retailer could be a distribution channel, because it sits between a manufacturer and a buyer.  

💡Previously, it used its airline business to acquire new Qantas Loyalty members. More flyers = more Frequent Flyers. But with 60% of Aussies over 16 already members, it needed a new growth strategy. So it's focusing on building its own distribution channels.

💡Step one: find new partners (aka businesses) to sell points to. And step two: develop more Qantas-branded products (business class PJs, anyone?) and services. This creates a lush, thriving Qantas ecosystem that people never want to leave.

NYU accuses Aussie company ResMed of ripping off its sleep apnea technology

Background: ResMed, short for Respiratory Medicine, is an Aussie-born sleep tech company worth a massive $57.24 billion. It's famous for developing the first continuous positive airway pressure (CPAP) device. Ya know, the machine that looks like the mask Bane wears in The Dark Knight Rises and stops your dad snoring the house down.

What happened: They've got a 30+ year history of treating sleep apnea problems, but one of their best-selling products is the AirSense10. And it brings in a big chunk of ResMed's $4.3 billion revenue. 

What else: The AirSense10 might blow cool air up your nose, but it's landed ResMed in hot water. NYU - aka New York University - reckons ResMed ripped off the science from 7 patents owned by the uni...and used it to form the AirSense10. Now, NYU wants unpaid royalties, interest and costs, but ResMed say they'll defend their innovation. 

So what's the key learning?

💡A patent gives an inventor the legal right to stop other people from making or using their invention. But you can't slap a patent on anything. It needs to be new, useful and innovative.

💡Patents give inventors protection, and can give companies a competitive advantage. Amazon has 2,244 patents in the US, and IBM has 9,130 patents in the US. ResMed has over 8,000. And it means they've developed something that can't be used by other companies. 

💡If the inventor finds out someone else has used their designs or inventions without getting permission first, they can sue whoever stole their ideas.

US-Kiwi shoe company Allbirds has filed for an IPO

Background:  Allbirds is a New Zealand-American (what a combo) footwear and apparel company worth a massive $1.9 billion. It's really famous for its comfy Wool Runner - a sneaker made of NZ Merino Wool. Ashton Kutcher, Ben Affleck, Hillary Duff and even Matthew McConaughey are all big fans.

What happened: But on top of being really comfy, Allbirds prides itself on being as eco-friendly as possible. Its supply chain has been carbon-neutral since 2019, and its sneakers have 30% less carbon footprint than the average pair. ‍

What else: Allbirds has just filed for an IPO, and they've described it as the "first sustainable public equity offering". But they're also currently facing a class-action lawsuit for making misleading sustainability claims. So are they really that sustainable?

So what's the key learning?

💡 The circular supply chain is a model that encourages manufacturers, like Allbirds, to take old materials and convert them back into raw materials - and then re-make them into products for resale. 

💡A circular supply chain is great for the environment, because there ends up being less waste. And, it's good for companies too, because it costs less to recycle materials than it does to buy new ones. 

💡Nike's Reuse-A-Shoe program encourages shoppers to recycle their old shoes at local Nike sellers. Adidas' Parley for the Oceans partnership sees the company make sneakers out of recycled plastics for the oceans. And a circular supply chain could be just what Allbirds needs to walk the walk.