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Blockchain Financial Services Healthcare

Q&A with Ahmed Yassin of Avrio Invest

I recently sat down with Ahmed Yassin, founder of Saudi Arabian blockchain investment firm Avrio Invest. Blockchain in the Kingdom of Saudi Arabia is a relatively new phenomenon, but something which Assin believes will help the Gulf state modernize rapidly in the face of a changing global economy. Initially set up as a real estate investment fund, Avrio Invest together with Espeo Software now has ambitious plans to bring the significant cost-cutting aspects to the healthcare and government sectors.

Thanks for taking the time to talk to me today. What sparked your interest in blockchain initially and especially in real estate tokenization?

[There was a] real estate market collapse in Saudi Arabia in 2017 and then that’s when I came up with the idea of tokenizing real estate through the blockchain because of the benefit from creating a real estate fund through the blockchain. First of all, it opens the doors to foreign investment, which means investors don’t have to open a company in Saudi Arabia to own real estate and to develop real estate. We will obviously take that burden as Avrio Invest.

The difference between a blockchain fund versus a banking real estate fund is that there’s a minimum buy-in when you enter a real estate fund through a bank that could be $100,000 and it could be a $1 million to launch. With blockchain it can be as much or as little — it can be $100. So this opens the door to everyone. You know in Saudi Arabia you have to understand it’s a population of 31 million — not everybody can afford real estate. Real estate was really limited to middle and higher-income earners.

This solution opens the door to pretty much every type of income. And that’s how it came. So initially Avrio Invest was purely a blockchain real estate investment firm, but as time went on we started realizing no, it doesn’t necessarily have to just be real estate. It could be the medical sector and supply chain. It could be the governmental sector in regards to governmental services. And now it’s growing into something bigger than what we originally anticipated.

What are some of the key opportunities for the real estate market in Saudi Arabia? I know you mentioned that cryptocurrency allows more people to enter this market what other opportunities are there?

When we first started this, we needed to make sure that any of this was legal. In Saudi Arabia, we have what’s called shariah compliance. You have common law and religious law. I needed to find out if I tokenize real estate would this be legal. We couldn’t find a lawyer who understood blockchain for almost three months with help from Espeo — we had to get legal advice from the UAE. We found out that because the Avrio token would be backed by a real estate asset, it falls under shariah. Bitcoin is illegal because it’s not backed by anything. Avrio coin is legal because it’s backed by a tangible asset that can be liquidated at any time. This was one of our breakthroughs.

Saudi Arabia blockchain
Riyadh, Saudi Arabia

In regards to other opportunities, we’re confronting the Ministry of Health right now to turn it into a law where every hospital, every clinic, every insurance company, every pharmacy is on the blockchain so that the companies can keep track of everything the country can keep track of everything. There’s a huge opioid epidemic and there’s a huge epidemic in loss of records. Basically, hospitals are not communicating with each other. So there’s a long list of issues.

In Saudi Arabia, medical care is by law. If you’re an employee, you need to have it. You have insurance companies that are losing money. We strongly believe that the blockchain will solve the issue that Saudi Arabia has and this also falls in Vision 2030, which is to reorganize the medical sector. There’s a lot of money being lost by the government, by the hospitals, by the industry itself as a whole and we believe that this is a solution to the point where we’ve already started talks with the government in regards to this.

And there is interest in this but one of the biggest issues that we’re facing is that nobody knows what blockchain is. When you go to Dubai or Bahrain and you talk to people and you open the subject of blockchain at least two out of ten people will understand exactly what blockchain is most people will refer to bitcoin. In Saudi Arabia, zero. Nobody knows what it is. So we see that our biggest obstacle right now the worst thing is educating the market. We’re invested in marketing just to educate. If you look at our promotion videos, they’re purely educational, not on the product development level.

There’s bigger awareness for blockchain. When I registered the company in 2017, I didn’t think I was going to invest so much time and money in the project as I have. I thought it was just an idea and i didn’t know if it was going to materialize. It wasn’t until mid-2018 we realized, no this is something that has the potential to change the market. Because it really falls into Vision 2030, which is the most important thing right now. If companies are not in compliance with Vision 2030, they won’t succeed. Every aspect of Avrio fits into the vision of His Royal Highness Crown Prince Mohammad bin Salman.

How do you see blockchains changing Saudi Arabia in the next ten years? You’re removing a lot of the middlemen, right?

I believe it will be a huge contributor to both foreign investment and governmental services in regards to the medical, the educational sectors. I believe it will have a huge impact. In regards to the speed, that’s a delicate question. Although Avrio Invest is moving very quickly, you don’t know how the market will respond to it. At the end of the day, you’re speaking Chinese. You’re literally changing the way people do things.

In real estate, you’re going to receive a lot of tension because you’re removing a lot of the middlemen. removing the banks pretty much. Unless the bank gets on board. The problem is that this is a perfect solution for any bank. Yet they’re very slow. If you look at it in the United States or in Europe, banks are moving very slowly for some reason, which I find mind-boggling. Bankers tend to be very pessimistic on the technology and that’s because it risks putting them in an awkward position. The beauty of blockchain is that we validate, everything is transparent. So our biggest obstacle is with the bank. However, we’re very optimistic because one of the banks that we’re in talks with is co-owned by the government.

And we have a huge relationship with them because one of the companies I’m consulting for has the biggest real estate fund which is through a major local bank. But this is still early stages. We see the banks adapting to it really quickly. Our biggest obstacle. I would say for the real estate sector is basically the government approving the coin — the Avrio token.

You also mentioned discussions with the Saudi Ministry of Health, what sort of solutions do you hope to offer?

In regard to the Ministry of Health, it’s still at a very early-stage discussion. I’ll give you one example. When I was living in Canada or in the UK. Let’s say you go to a doctor and he will give you a paper slip. Then you go to to the pharmacy, the pharmacist would take that slip and give you the medicine. In Saudi Arabia, the pharmacies don’t take the prescription slip. So what the person does is he’ll go to several different pharmacies and buy several boxes. And then you have an issue.

Blockchain I believe will solve this issue. If the whole healthcare system is on the blockchain. For example, if a doctor decides to prescribe you a medication, he doesn’t give you a piece of paper, he puts it on the blockchain. All the pharmacies in Saudi Arabia would be connected to it. Once the pharmacies have given you your medication, it will be validated that a certain medication has been given to a specific person. You get the idea.

So people hoard medication? Or turn around and sell it?

Yes. In Saudi Arabia, the hospitals are not in contact with each other. You’ll have a patient go to one hospital and get treatment. A week later, he’ll go to another hospital and get medication again. One treatment contradicts the other and unfortunately, you have a death.

Connecting all of the hospitals, insurance companies, all of the pharmacies This is something the government needs to implement. I believe it will solve this issue when the whole healthcare system is on the blockchain.

What challenges does Saudi Arabia face in leveraging blockchain technology?

Saudi Arabia has to catch up. In a sense, we’re trying to outdo the UAE in blockchain implementation. And I think Saudi Arabia will succeed. We have the economy to do it. When we started Avrio Invest, though we realized that we wouldn’t be able to have anybody to code because there’s nobody inside Saudi Arabia to code. One of our biggest issues is that were not able to find any nationals to write blockchain code. Great programmers will make or break your company. That’s why we decided to partner with Espeo.

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Blockchain Finance Financial Services

5 things you should know about the IEO

Is the initial exchange offering, or IEO, the new form of fundraising? Like the initial coin offering before them, they have attracted the blockchain world’s attention. But are they really a sound alternative? In this post, I’ll dive into the technical, fundraising, business, security, and legal aspects of the token offering. Here’s what you need to know about IEOs.

Short for initial exchange offering, the IEO is one of the newest ways for blockchain startups to raise initial funds. But how do they work? Promising to avert some of the worst of the ICO phase, IEOs involve exchanges directly instead of inadvisable methods such as the token airdrop to distribute tokens. First, a startup sells tokens for users to spend as an internal currency or as a voucher to access their platform, and any discounts, services or products. The entire process depends on the demand for the new token, which funds the first stages of startup development.

Key to this model is that startups don’t sell tokens themselves, but rather collaborate with cryptocurrency exchanges who organize and execute the token sale. Exchanges such as Chinese exchange ZB.com are established companies with existing customers, so they can handle the promotion of the sale and secure customer accounts. Normally traders can immediately trade their tokens processing time has finished, but sometimes there are vesting periods for tokens – they are held for a certain time. Considering that IEO is mostly based on tokens with solely a utility/ payment function, rather than security features  (for example, share participation in a company), trading tokens is a method to grant liquidity for the platform, rather than an investment in a traditional and legal sense of the word. 

1. Technical aspects

To explore the technical aspects of IEO, I decided to consult my colleague Marcin Rzetecki, blockchain consultant at Espeo Software and vice-president of the Blockchain Polska Association (in Polish). He is well-known for his vast experience in IT and extensive knowledge of digital currencies.

According to Marcin, IEOs are presently the best way to raise money, especially compared to the ICO and STO. ICOs have lost people’s trust in the last months, as many of ICO-based projects were announced as scams or failures. The IEO is a breath of fresh air in his opinion and has several success stories to prove its credibility, such as BitTorrent, Celer Network and Matic Network, all of which have achieved success on Binance through an IEO. When asked about pioneers in cryptocurrency exchange, Marcin pointed out that, “there is no other exchange that has done its own blockchain, but Binance has achieved it. They have also made their own successful token — Binance coin. It allows you to spend it on the Binance platform.” 

Regarding technical aspects of IEOs, Marcin said, “investors don’t take much interest in a technical approach. For them, the new form of fundraising should be safer than before. I think Binance found the best solution. They have the entire ecosystem to the IEO such as its own blockchain, its own cryptocurrency, and proven publication processes for new projects. Generally, with Binance, things would be the easiest way on the technical background.” 

Theory aside starting an IEO is roughly similar to the ICO. Creating a solid business foundation, therefore, is the biggest challenge to tackle. Sylwia Rogowicz,  Lead project manager and co-founder of Espeo Software, shared what she believes will make IEO projects successful. 

“An excellent business model described in the white paper and well-prepared tokenomics [are essential],” she said. “From a technical perspective, both the token and the sale are prepared according to the business model, so it must be of great quality.”

Meanwhile, Hakan Atabaş, founder of Geliyoo (in Turkish) cites IEOs as a safe method of exchange and recommended it for startups. Of course, cost is something every startup wants to know. One downside to the IEO is the cost. The fees charged by exchange companies can range from $250,000 to $400,000 USD, according to Hakan.

2. Fundraising aspects

After covering the technical aspects of IEOs, let’s focus on fundraising and investment. I also spoke to Ethan Pierse, director of The CryptoAssets Institute, founder of Borderless Ventures to dive deeper into the subject. For him, the difference between IEOs, ICOs, and STOs from the investor and fundraiser point of view is purely about who’s selling the tokens.

“An IEO”, he said, “is just an ICO run directly on the exchange, nothing more. Exchanges run due diligence before accepting the IEO for particular projects.”

While IEOs gives many an opportunity to raise money for interesting projects, it is not 100% secure. It simply offers immediate utility, not future utility, which lets projects gain more visibility. In fact, during the crypto winter, only IEO projects became big fundraising hits. However, Ethan remains cautious. He questions how diligent the due diligence checks are.

“[It’s unclear whether] the exchanges are really doing very thorough due diligence or just taking the money for the IEO,” said Ethan, “including listing on their exchange.” 

Investors want valid projects, rather than pure ideas, which explains Ethan’s doubts. Ethan also points out that many people involved in ICOs and IEOs don’t understand the value of hard capital, because they raise money too easily.

When I asked him whether it is better to choose a big worldwide exchange or a local one, he said it all depended on a project. Local projects benefit greatly from local exchanges, while global projects thrive on the biggest worldwide exchanges such as Binance. 

Investor interest in the initial exchange offering may come from the feeling that they are somehow more legitimate. One huge plus generally is in marketing support. “Exchanges do provide visibility,” Ethan offered. “They’re creating content and visibility for your project and shifting it toward exchanges and your project. It also saves money for the project because part of the ICO fundraising would normally go toward listing the token on an exchange.” 

All in all,  if you aim to raise funds for an existing blockchain project and the token has immediate utility at issuance, an IEO is an option to consider for your business. 

3. Legal aspects

Of course, the elephant in the room for all blockchain projects is the complex, often unclear web of laws and questions of jurisdiction. To learn more about the legal aspects of IEOs, I talked to Pavel Vasilevski, who provides legal advice for the financial industry and has a vast experience in a blockchain stock exchange.

Pavel stressed that the jurisdiction of the platform chosen to conduct IEO on is very important, as “its reputation and regulation will have many repercussions on the performance of the offering.” He said that “from the IEO perspective, any legal entity located in Switzerland or abroad can conduct an IEO with a crypto exchange located in the same or another jurisdiction.” stockup.ch  is the recommended blockchain stock exchange of his choice, as he regards it as a trustworthy and ambitious project. According  to Pavel “the biggest challenge is to find a proper crypto exchange, which is able to conduct the IEO for a startup and willing to do everything compliant to the actual legislation.”

 4. Business Aspects

To learn more about IEO’s business potential I asked Ralf P. Gerteis, an entrepreneur, executive, and blockchain evangelist to share his thoughts on IEOs. According to Ralf, IEOs work out great for “comparably mature blockchain-based ventures, which have built up a lively community, a certain presence on social media and PR, a team that shows all necessary experience, skills and which brings a good level of reputation.” 

He thinks that IEOs make sense for products based on the strong utility of the token, especially if the company wants to develop a healthy ecosystem soon after listing. However, he predicts that the STO’s significance will increase after regulators hammer out all the legal issues. His recipe for initial exchange offering success? A careful plan, an available budget, and business maturity in all relevant aspects. 

5. Security aspects

Security comes first, so when On Yavin, CEO of Cointelligence, agreed to share his insight on IEO security, I was delighted. On says that in an ideal IEO project, everyone benefits from the arrangement: from a project team, which doesn’t have to spend too much time on marketing, through investors, who can participate in IEO projects, to exchange companies, which get their cut of proceeds. 

Nevertheless, conditions aren’t always ideal, and too often exchange companies have too much power in selecting projects and focus mainly on profits. Consequently, they ignore many great projects. On also warns against scammers, stating that “the scams can come from two fronts with an IEO: the project itself, or the hosting exchange.

Projects can be scammed by unscrupulous exchanges that don’t deliver what they promised.” He also mentioned that although exchanges should be doing due diligence, many of them don’t. What is one of the things to look out for when working with IEO? According to On, security. In his view, people “should look into what sort of insurance the exchange has for the funds it’s holding,” as exchanges are often on hackers’ radar. 

Conclusion

As with every new solution, it’s important to exercise caution. Beware of scammers, and always check whether the tool is the best match for your needs. The initial exchange offering is relatively easy to navigate and guarantees great visibility, so it could work if your project has good liquidity. A careful plan, an available budget, and business maturity in all relevant aspects should be enough to ensure your success in IEO projects, but each case is different. Minimize the risks to maximize the potential of IEO and you will discover a whole new world of business possibilities. 

After reaching out to several cryptocurrency exchanges, the cost to list an initial coin offering varies project to project. They tend to calculate based on trading volumes. For the technical review and development process, it’s also important to pick a solid partner. For more information on building and launching an IEO, drop us a line and we’ll guide you through the process. 

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Healthcare Technology

Ways smart tech can help the UAE medical tourism sector

Ways smart tech can help the UAE medical tourism sector

Think medical tourism hotspots and Central America and Southeast Asia come to mind. Costa Rica, Thailand, Malaysia, and Singapore regularly rank among the top destinations for people seeking healthcare abroad. These countries have successfully marketed themselves as medical tourism destinations for decades and have built up a global reputation. This success has attracted competitors. Middle Eastern countries such as Jordan, Egypt, and the United Arab Emirates are tapping into the $60 billion-a-year medical tourism industry.

With ambitious plans to overhaul its healthcare system, the UAE began aggressively positioning as a healthcare destination a decade ago. Ten years on, brand new medical facilities and global specialists attract an increasing stream of medical tourists. AI, blockchain, and IoMT play a large role in this plan, but just how this new tech will expand medical tourism in the UAE is often vague. In this post, I’d like to suggest ways these technologies might take the UAE’s medical tourism sector to new heights.

UAE medical tourism

Motivation to travel for healthcare services varies. Rising costs and increasingly strained domestic health systems spur many to cross borders for better, more cost-effective care. Countries that attract global specialists and equip them with the latest technology can gain a competitive advantage and benefit from the growing trend. The Emirati strategy for the past ten years has been to attract high net worth individuals from neighboring Gulf states as well as countries further afield — especially China and Russia. Khaleej Times reports that 37 percent of medical tourists came from Asia, 31 percent came from other GCC countries, and 15 percent came from Europe. Medical tourists from these regions come to the UAE seeking better specialist care than what’s available in their home countries. Geography also plays a role. Convenient air links are yet another favorable aspect and part of the desert nation’s holistic plan. Dubai’s two airports and Abu Dhabi’s international hub puts the UAE within an eight-hour flight of their target markets.

Investment in new medical facilities is helping to grow the UAE’s standing. Dubai’s Healthcare City is one example of a larger initiative to achieve these ambitious goals. The world’s largest healthcare “free zone” is a magnet for both specialists and patients from across the world. As an internationally-recognized center for healthcare, Dubai Healthcare City is a robust public/private partnership unique in the region. Part of what fuels this medical tourism push is innovative technological solutions that help healthcare companies stand out in an increasingly crowded competitive landscape. A pivot to rely more on private healthcare providers has allowed the market to flourish. An influx of western technology and specialists continues to set the Emirates apart and convince global medical tourists that the UAE is a good destination.

Specialist care

Dubai’s Healthcare Authority, or DHA, reports that more than 300,000 medical tourists traveled to the Emirate in 2016, up nearly 10 percent from the previous year. The industry generated $381 million. The most sought-after procedures are in orthopedics, ophthalmology, fertility treatment, and cosmetic surgery. Each field requires highly skilled professionals and the latest medical equipment. More than simply importing the latest tech, however, the UAE is making it easier for medical professionals to relocate and work in the Emirates. 10-year visas for medical professionals have attracted many from across the world.

Meanwhile, many technological innovations the UAE has employed are software-based. Artificial intelligence and blockchain technology both factor into the government’s goal to help doctors deliver more responsive care. These tools improve the quality of care and allow the UAE to leapfrog legacy systems. A strong commitment to embrace new technologies and bring specialists in who know how to use them, increase Emirati healthcare companies’ global reputation.

Artificial intelligence

Part of the UAE’s larger goals to attract medical tourists is to put the latest technology to good use. This image as a high-tech destination sets the Emirates apart among other medical tourism destinations. One stated goal of the UAE’s healthcare focus is in artificial intelligence. The growing field promises to augment doctor decision making, possibly diagnose disease, and efficiently handle large sets of medical data. Public sector investment and private sector innovation have come together in the UAE to produce high-tech healthcare system. But more than just hype, real strides in the quality of care have launched the Emirates higher in global medical tourism rankings.

Eagerness to adopt emerging technologies sets the UAE ahead of other medical tourism destinations and allows Emirati healthcare to deliver real value to patients. One way AI can aid in the medical tourism sector is to handle lots of unstructured patient data to help doctors make better decisions. Since medical tourists will come from several different countries, bringing medical records with them poses a challenge for existing systems. Leveraging artificial intelligence is already a goal of the Emirati medical tourism sector. This is one of the many ways to put the technology to good use and attract more medical tourists to the UAE.

Blockchain technology

Just as AI plays a role in the UAE’s holistic medical tourism plan, blockchain technology does as well. Both technologies can help the UAE medical tourism market expand and bring in more patients. While AI can handle large sets of unstructured medical data, helping to diagnose medical conditions, blockchain technology can help secure this data, making records easier to transfer between hospitals and clinics within the UAE and with facilities abroad. For patients seeking a procedure in the Emirates, a blockchain-based application could facilitate the transfer of electronic health records. Handling EHR is a common challenge across the healthcare sector, however, medical tourists add additional friction to this equation. Siloed records from hundreds of different health systems cost a lot in time and resources to sift through. A blockchain-based application that puts patients in control of their records could allow them to automatically give or revoke access to Emirati doctors.

Additionally, using blockchain technology in pharmaceutical supply chains would enhance the patient experience, drive costs down, and ensure that the medical tourism sector is well-stocked to handle the influx of new arrivals. User-friendly applications that record the transport and receipt of genuine drugs can help build trust in the Emirati healthcare system and further expand the medical tourism industry.

Internet of medical things

Internet of medical things or IoMT is yet another area for technological innovation in the Emirati healthcare sector. The term comprises a range of connected medical devices that improve patient outcomes and aid patient monitoring. The UAE is already a lucrative market for wearables and is only set to grow. Health devices that track vital signs, blood sugar, or activity are popular consumer goods. Ones that incorporate blockchain or AI can be even more powerful and secure. Enhanced patient monitoring, as well as telemedicine possibilities, make IoMT a promising technology for the medical tourism sector.

Since orthopedics is one of the main focuses of the Emirati medical tourism industry, let’s imagine an IoMT device for monitoring a patient after surgery. Making sure a patient is getting enough exercise post-operation is one way IoMT could come in handy. Connecting patients, doctors, and physical therapists could be greatly streamlined with the use of IoMT devices. These technological solutions can pave the way to delivering better, more data-driven care for less.

Conclusion

Medical tourism in the UAE is a booming business. It’s set to get even larger as the number of medical tourists increases. The government’s ambitious goals to improve care and reduce costs is part of a larger plan to keep the Emirates competitive in the face of growing competition. Technological solutions such as AI, blockchain, and the internet of medical things factor into this larger calculation. Ensuring that there are enough medical professionals who know how to use them, however, is also an essential part. The UAE is positioning itself as a state-of-the-art medical tourism destination. Over the last decade, the industry has grown considerably. With the right moves and equipment, this trend will only continue.

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Blockchain Financial Services

Key takeaways from the Crypto Valley Conference 2019

With the ever-changing world, new technologies — and ways to market them — are in constant flux. Many feel lost about how to actually market and steer a blockchain business in the digital era. This year’s Crypto Valley Congerence in Zug, Switzerland was full of enthusiastic people eager to meet others in the crypto sector. I sat down with Ian Simpson, managing partner of Sionik & Head of Communications of Crypto Valley Conference to hear his tips on successful crypto business management, branding, and marketing.

Originally from the US, Simpson moved to Switzerland in 2017 when the crypto market was just beginning to take off. Zurich, the center of the so-called crypto valley attracted investors, and entrepreneurs alike. Ian recalled that in these initial stages startups pushed boundaries and redefined what’s possible. The industry was booming, ideas became the most common currency, and the city was full of excitement for whatever the future brought.

Ian loved it so much that he decided to move to Zurich to experience the emerging industry with his own eyes. According to Ian, the biggest marketing challenges are people’s closed minds. He says that since the business boom in Switzerland happened so suddenly, it was a revolution to adapt to, rather than an evolution to stop. Such a turn of events let the industry progress surprisingly fast. Though many projects never became the next success stories, Switzerland did establish a reputation as a dynamic business hub in the digital era.

As new industries spring up and old business models fade away, navigating business becomes more adventurous than ever. Blockchain has changed the DNA of industries such as medtech and has helped many make strides in digital transformations. Can we learn to thrive in the digital era if technical revolutions seem to happen almost overnight? Are there any safe hubs for business, when marketing currents constantly change? Simpson suggests certain branding strategies frequently work. What is Ian’s take on the modern market, cryptocurrencies, and the business climate in Switzerland?

Tap into growing blockchain enthusiasm

The revolution in cryptocurrencies has brought interesting organizations to life — ones eager to disrupt existing models. The Crypto Valley Association is one of them. The Swiss non-profit is a multi-stakeholder organization with about 1200 members worldwide, and Ian’s professional base. There Ian handles marketing and event organization. Since the organization’s founding in 2017, people’s interest in cryptocurrencies has cooled after the initial craze, but the numbers of serious, committed business partners have only grown.

On the contrary, Ian said that at the Consensus conference in New York he attended in May 2019 didn’t have as many visitors as the previous year, however, people’s enthusiasm and commitment to blockchain technology seemed to have doubled. “Many see blockchain technology,” he said, “as a basis for the whole economy, and financial instruments.”

Despite the niche fervor, though, one of the factors holding blockchain projects back is a lack of broad knowledge. Without opening a wallet or acquiring a basic understanding of handling crypto assets, investing was too difficult for the average user. Thankfully, since then institutions understood blockchain’s potential and began to build systems to adapt to the new technology. In fact, Ian is optimistic about the future, he recalled people working very hard to bring things forward. Some strides we’re only now starting to see. This year’s Crypto Valley Conference together with Lucerne University of Applied Sciences organized the event bringing the world’s blockchain professionals together in one place.

Switzerland has positioned itself as a friendly place to set up and operate crypto businesses. Nevertheless, Simpson cautions that the Alpine nation can’t start a technological revolution alone. “It takes cooperation and collaboration among people and players all over the world, just like the technology itself,” Ian said. He also added that “Blockchain works because you have a network and because you leverage that network to create a distributed system.” While Switzerland can lead the world towards the digital future, the world has to follow suit.

Consider Switzerland as a base

For years, Switzerland defined itself as a business paradise and continues to attract entrepreneurs from all over the world. Is Switzerland’s future looking bright? Facebook’s recent Libra project — headquartered in Geneva — suggests that the only way for Switzerland is up. Switzerland is booming with potential and shows no signs of slowing. Do countries with flexible business regulations threaten Switzerland‘s strong market position? Not in Ian’s eyes. He says that setting companies in Malta or Gibraltar might be tempting, as these countries have been incredibly flexible in building new laws and frameworks for crypto and blockchain projects, but building a sustainable business should always be a number one goal. This is why in the eyes of investors and future clients, Switzerland is one of the best places for blockchain company headquarters.

While Simpson operates in Switzerland, he thinks there are other clusters of blockchain innovation. Central and Eastern Europe is one such region. He sees a lot of potential in people and their hunger to build and change things. According to Ian, Central and Eastern Europeans and Americans are similar in their disdain for silly regulations and bureacracy. “[There is this] ‘there might be limits, but we’ll find a way around them’ attitude, which is deeply embedded in people’s mentality.”

Believe in your why to find your how

Many business gurus say there is no golden formula for success and one-size-fits-all marketing strategies are nonsense. However, according to Simpson, there is one piece of advice that helps any business thrive. Ian’s recipe for success is simple. “When it comes to communication and marketing,” he said, “with the emerging technologies and innovation, the first thing you have to do is explain what it is and why it is needed. If you can’t do this, you can never sell anything to anybody. You can’t sell something that people don’t understand. The most important thing to establish a value proposition, and establish who is going to benefit from this. A product market fit is the most important thing!”

Make networking a priority

Have you ever skipped an important conference and thought it made no difference? Wrong! Networking helps to build trust and significantly increases your business reach. Ian’s advice is to attend business events and network as much as you can. By attending business events you are raising your own profile. He always tells his clients not to spend money on events that won’t raise their profile and trust level significantly. This year’s Crypto Valley Conference was a great opportunity to meet other visionaries, entrepreneurs, and business reps and build connections with the larger community.

Key takeaways

  1. Be open to feedback to adjust your product to market needs in the early stages
  2. Reach out to people, who have the problem you plan to solve and see if your product is actually a solution
  3. Always get to the people in the industry you are trying to disrupt or support (users, beta testers, etc.)
  4. Narrow your focus, and be very specific
  5. Be selective about markets you are going for
  6. Understand what worked and keep doing it