More than 25 Billion dollars are lost to scammers every year. Just imagine if the technology we are trying to build validates everything on the internet, how much money can be used at the growth and development of our planet! We will end up saving billions of dollars’ worth of net worth.
As a part of our series about cutting edge technological breakthroughs, I had the pleasure of interviewing Mr. Sidharth Sogani, Founder and CEO of CREBACO Global Inc.
Sidharth is the founder and CEO of CREBACO Global Inc., a research and intelligence firm focused only on blockchain technology and cryptocurrencies. CREBACO aims to remove the scams from this unregulated industry by setting up standards and benchmarks for the projects in the industry. They also share their database with VCs and Governments making sure that they don’t promote or invest in scam projects.
CREBACO is one of the world’s first few to do this and uses a completely unbiased approach for Credit Rating and Research.
Thank you so much for doing this with us! Can you tell us a story about what brought you to this specific career path?
I’m majors in finance and international business and I always liked technology. I’m a natural gadget freak! When I came to know about Bitcoin, it pulled me like a magnet as it had technology and finance both in it. I started exploring it and started a small portfolio management company in 2016. During that time, I invested in a scam project, and I realized that this industry is so unregulated. There should be a standard. I along with some likeminded people decided to set up Credit Rating for Exchanges Blockchains and Coin Offerings (CREBACO) which aims at making this industry a better place by helping governments, regulators, VCs, Individual investors and many others to make the right decision and educating them about the technology and how to deal with scams.
Can you share the most interesting story that happened to you since you began your career?
We have a database of over 2000+ Blockchain and crypto projects, and circulate the reports in a limited manner to the main communities and VC circles. What we never realized is that this could help many other verticals. Recently a girl texted from Indonesia saying that she rejected a job offer after looking at our research report. That company was a shady project and offered her a good package, but getting involved with a scam project can ruin someone’s career, and hence we realized that even job aspirants use our reports which were one of the most interesting things we just discovered. We initiated a special division for this to help validate companies and get it to the job aspirants.
Can you tell us about the “Bleeding edge” technological breakthroughs that you are working on? How do you think that will help people.
CREBACO is working towards the regulation and validation of cryptocurrency projects which leverage the blockchain technology.
We are developing mechanisms which will make the transactions road maps and other information related to a project, to be put on decentralised blockchain so that the data can become validated and immutable.
Today there are thousands of projects and service providers and for a user; trust is a main issue. With this, they can verify the authenticity of the same by going to our blockchain services and verify what they have to offer. It is the second layer over the internet! It is the internet of trust.
How do you think this might change the world?
This solves the risks of wrong investments in scam projects, and helps eliminate online scammers. More than 25 Billion dollars are lost to scammers every year. Just imagine if the technology we are trying to build validates everything on the internet, how much money can be used at the growth and development of our planet! We will end up saving billions of dollars’ worth of net worth.
Keeping “Black Mirror” in mind can you see any potential drawbacks about this technology that people should think more deeply about?
Everything has pros and cons. Internet today has more benefits than the damage it could make, and so people use it. There is risk even when you’re sleeping in the comfort of your own home. Blockchain has certain risks of increased hardware, electrical consumption, automation which would instigate unemployment. But, the future is better than we think its going to be. A simplified lifestyle and new job roles will emerge so I don’t think we should worry, rather let it evolve, it will find solutions and several ways.
Was there a “tipping point” that led you to this breakthrough? Can you tell us that story?
When I invested in a scam project, it was a wake-up call. I realized that because there is no one to validate what we are doing on the internet, or our mobile phones, a lot of scammers come out with several ideas. Same happened in the ICO industry in 2017–18. There was no knowledge, no education, no projects! Just stupid whitepapers and a dumb website, raising millions of dollars. This was the tipping point; this is where we created CREBACO.
What do you need to lead this technology to widespread adoption?
We need better developers in AI and DS who can crunch the numbers to get the best results. We also lack blockchain developers and FinTech Professionals. We aim at training students to become a blockchain and fintech experts.
What have you been doing to publicize this idea? Have you been using any innovative marketing strategies?
Initially, in phase one, we focused on building the product better, now as our product is ready. We are preparing ourselves for a series A soon to raise and expand further on the marketing side as well. Currently we are just getting organic promotions and roadshow participations. CREBACO has participated in over 35 events in the last one year to take the idea to the people.
None of us are able to achieve success without some help along the way. Is there a particular person who you are grateful towards who helped get you to where you are? Can you share a story about that?
Everyone in our lives plays an important role in our growth. They may come and go but leave you with experience, it could be a bitter one, doesn’t matter. All the experiences we get added to the value of our knowledge. But, in spite of having a great experience, if we don’t have the motivation, we may not be able to achieve success. In my life, my family, mainly my father has been the biggest motivator. I’m also grateful to my team, without them CREBACO is nothing!
How have you used your success to bring goodness to the world?
I have been trying to educate many through social media and conferences. Recently we tied up with London College of Higher Education and Blockchain Bureau of UK to introduce educational programs in the field of blockchain and cryptocurrencies helping the students understand how this should be treated and regulated. We need FinTech entrepreneurs in future, without the expertise of Finance and Tech, things will be difficult to execute.
What are your “5 Things I Wish Someone Told Me Before I Started” and why. (Please share a story or example for each.)
1. Structuring the project. We wasted 2–3 months in getting our project structured. It could have been avoided if we had planned it before. Our tech and research time had to go through some tough time in order to get things right.
2. Understanding the strengths of employees. We initially had a horrible HR, we figured out that the employees are the strength of our organization, and they must be carefully selected and delegated their tasks based on their qualification.
3. Marketing strategy, we started marketing a bit too early. You should start the marketing campaigns only after you’re ready. Starting it before your MVP and Processes are ready may make you waste the money spent on marketing at that point of time.
4. Avoiding freelancers. Today most projects depend on Freelancers because of high hourly costs. What I discovered is that freelancers only waste your time, ideas and money at times. Most of the tech companies hire freelancers and they don’t allocate enough time to your project and thus your project struggles at times. We should build an in-house team for tech and business development. We wasted some money in the start because of this.
5. Speed. Any start up should not lose momentum. We started and because of management and issues with free lancers, we had lost the momentum for a month or two. Now when I look back, I realize that if we had a more ardent approach, we could have saved that much time.
You are a person of great influence. If you could inspire a movement that would bring the most amount of good to the most amount of people, what would that be? You never know what your idea can trigger. 🙂
I believe each student today should learn a little bit of coding for sure. Tech is the future, and if you want any product or service to develop in the future, you must know how to code. At least the basics of it, otherwise it will all sound gibberish to you when you are actually in the field to execute.
Can you please give us your favorite “Life Lesson Quote”? Can you share how that was relevant to you in your life?
No guts, no glory! I started in this industry when many were reluctant because it was unregulated. Bitcoin was even considered money for the criminals. But it wasn’t so, we must learn to innovate, and innovation can never emerge if you don’t try things out of your comfort zone. The Wright Brothers were not afraid, they did not have a pilot’s license you know!
Some very well known VCs read this column. If you had 60 seconds to make a pitch to a VC, what would you say? He or she might just see this if we tag them 🙂
We are raising for our ‘Series A’! We are an industry-focused research and intelligence firm and have a database of 2000+ Blockchain and crypto projects and share that data with investors, consumers, governments etc to help analyze the projects and industry. Our data helps to reduce scams in the industry and make it a better space. There is no regulatory body to help make the crypto industry better, and we solve that problem by working with government and regulators.
How can our readers follow you on social media?
Thank you so much for joining us. This was very inspirational.