Diego Noriega, Managing Partner of Newtopia VC, and Federico García, Co-Founder of Qurable, delve into the journey of a Web3 startup: the importance of identifying market needs and the impact of timely changes. The key points were:
- How to identify opportunities in the market and adapt to changes.
- Secrets to building MVPs and using emerging technologies for a sustainable business.
- How Qurable tackled Web3 challenges and managed teams in uncertain times.
- The key to success: vision, self-reliance, and team confidence.
Qurable is a platform (SaaS) that enables brands to decentralize benefits, rewards, and points to enhance interactions between them and their audiences, increasing engagement and collecting valuable insight into customers’ behavior. Flexible and seamless integration supported by blockchain-based technology.
Watch the complete video to learn more.
- Business Focus: The primary priority when embarking on entrepreneurship should be to build a business that adds value to customers. Technology and platforms can evolve over time, but the focus should be on solving real problems.
- Strong and Transparent Team: Having a committed and transparent team is essential. Trust is built through transparency, showcasing both successes and challenges, and being honest with the team about direction and decisions.
- Adaptability and Pivot: Being willing to pivot and adapt according to market signals is crucial. Willingness to change and adjust the business strategy can lead to more robust and attractive solutions for customers.
- Listening to Customers: Actively listening to customers and understanding their needs is key to building successful products. As you evolve, it’s important to pivot based on user feedback and comments.
- Leveraging Past Experience: Previous experience in entrepreneurship and the corporate world can be valuable when starting anew. Lessons learned and networking can provide significant advantages.
- Scarcity Management: During times of uncertainty and scarcity, efficient resource management and strategic decision-making are important for ensuring business sustainability.
- Building Trust in Technology: When working with emerging technologies like blockchain, generating trust with corporate clients is crucial. Demonstrating real use cases and previous success can help overcome fear and resistance to technology.
- Humble Leadership and Continuous Learning: Maintaining a humble attitude, being open to learning, and embracing new ideas and approaches are important traits of a successful leader.
- Multifaceted Business Model: Exploring and adapting different revenue models can be beneficial. In Qurable’s case, they combined user, transaction, and other revenue streams to achieve financial sustainability.
- Facing the Challenge: Entrepreneurship isn’t easy, but resilience and dedication are essential for overcoming challenges and achieving success. Embracing difficulties can strengthen both the team and the business.
How to Identify Opportunities in the Market and Adapt to Changes?
When embarking on the challenging path of entrepreneurship, it’s essential to avoid the mistake of prioritizing technology over the business itself.
At Qurable, the priority is to leverage the experience they’ve gained in the B2B world: engaging in conversations with companies of all sizes, providing invaluable initial insights that enable effective product adjustments.
It’s crucial to highlight that Qurable has undergone a metamorphosis to become a SaaS solution that empowers companies to model, manage, and transform their loyalty programs, remaining adaptable to the inherent changes.
In this context, a fundamental premise when identifying an opportunity is to attentively listen to your customer and deeply understand their needs. This approach is enhanced through the use of valuable tools like emerging technologies, which open new and exciting possibilities for gaining deeper insights and effectively satisfying those needs.
Regarding Customer Engagement, Fede García advises:
- Prioritize Customer Value: Building a product or service that brings real value to your customers is essential. Focus on addressing their needs and generating tangible outcomes for them.
- Listen and Adapt: Active listening is crucial for understanding your customers’ evolving needs. Adaptability and a willingness to pivot based on their feedback are key to success.
- Transparency and Trust: Establishing strong customer relationships requires transparent communication and trust-building. Showing the genuine purpose of your business and being honest about challenges fosters a stronger bond.
- Understand Different Segments: If your business serves various customer segments, such as small businesses and corporate entities, adapt your approach and language to address the specific needs of each group. «Generating a benefit-sharing and loyalty points model that are tokens in both cases and allowing that to flow within an ecosystem, making it easy for large and small companies to connect.»
- Generate Real Use Cases: Presenting concrete and real use cases of how your product or service has benefited previous customers can help build trust and demonstrate the value you can provide.
- Scarcity Management: Learn to efficiently manage resources, especially in times of uncertainty. Maintain a focus on profitability and building a strong business. «Building a good team and being able to manage scarcity, I think that’s what I would prioritize if I had to start from scratch.»
What are the Secrets to Building MVPs and Using Emerging Technologies for a Sustainable Business?
Qurable’s success is based on the understanding that innovation isn’t an abstract concept but a tangible tool for business growth.
More than just building MVPs, it’s about establishing strong and lasting relationships with various types of customers. Authenticity is within reach, and sustainability emerges as the fundamental key to a long-lasting business.
How did Qurable Face Web3 Challenges and Manage Teams in Uncertain Times?
Effectively managing scarcity is a crucial step in facing the challenges that arise along the way. Knowing how to handle critical situations and overcoming them in these scenarios is vital for your business’s progress.
Typically, you emerge stronger in terms of product and service.
«When you have a really good product, success follows.»
Over time, constant reinvention and revolution lead to customers aligning with the robustness of a business.
Both the internal team and your audience can resist the change of new technologies. Effective communication and education about the benefits can reduce that resistance.
What is the Key to Success at Qurable?
In Fede’s words: «Our vision at Qurable remains the same: to be a bridge for brands and companies to connect with their audience.»
«At Qurable, we establish a bridge between the business world and the commercial world. Our technology enables the integration of the best of both worlds, and this extensive technology remains an innovation that could generate uncertainty due to its constant evolution. However, we counteract this uncertainty through the trial and error methodology, backed by previous success stories. We place significant attention on the user experience, a crucial step that gives us the confidence to successfully implement this type of emerging technology.»
During this conversation, we explored the foundations of Qurable’s success, highlighting the importance of not only focusing on technology but also establishing strong customer relationships at all levels.
The ability to pivot and adapt to market needs was revealed as an essential element in the business journey, supported by a focus on authenticity and sustainability to achieve lasting growth. Additionally, effective management of resistance to change when introducing new technologies was discussed, along with the need to balance innovation with a user-centric approach.
The combination of the trial and error methodology along with previous success stories was presented as an approach to address uncertainty in technological evolution.
Visit Qurable to learn more about their technology and how they are helping companies enhance customer loyalty.