On August 25th 2018, the OkayKrypto media team was invited to the Blockchain Invasion Live Event to interview the leaders of 8 blockchain companies.
Here are the insights from our interview with the CEO, Jay Cheng and the CRO, Joseph Lau of Gemstra.
OkayKrypto: Tell us about your company…
Jay and Joseph: We are building a blockchain infrastructure that does two things. It democratises the social selling model and then, it liberates it for the broader global retail economy. We have a global retail economy that’s worth $24 Trillion dollars. It’s growing, but less and less people are benefiting from it. All of that value and all of the profits are going to the likes of Facebook, Amazon and Taobao. We want to redistribute that value back to households through the model of social selling. So, we built a marketplace platform that’s already doing well and is successful. What we decided to do was to create a blockchain infrastructure such that anybody can participate in this economy so that we can unlock it for any brand and any retailer.
OkayKrypto: What got you into the blockchain space and how long have you been in this industry?
Jay and Joseph: It happened right around late March in 2018. We actually got into the blockchain space back in December of 2017 and soon right after, we started getting into the space a little bit more. We started researching more about ICOs, finding out what it is that they’re doing with blockchain. So we started thinking, how can we apply that to our industry and to our business? And then, once we realised how blockchain can really flip the industry upside down and just completely change it, that’s when we were hooked. That’s when we started building our project.
OkayKrypto: What’s your company’s unique selling point or differentiator?
Jay and Joseph: The first and the main unique value point would be having a live business and we are driving public adoption through that live business. We actually have stakeholders who would be open and love to use a new form of currency that benefits them. I think when you look at our competitors, you can break them up into two groups. From a consumer industry’s perspective, we are in the social selling space. Most industries are consolidating whereas social selling is growing and we’re a primary disruptor, if not one of the only disruptors in that space.
OkayKrypto: What are the major benefits users can obtain and what’s the end result you hope to achieve?
Jay and Joseph: We are building a new economy for social selling. This is an industry that was going to a trillion dollars without us. And then with us, what we’re doing is we’re creating an infrastructure so that anybody in retail from that $24 Trillion retail economy can participate in the model without really disrupting their normal flow of business. So once you unlock $24 Trillion of the retail economy and you start to cross that over into social selling, it becomes an unpredictably large market and we want to capture 50% of that.
OkayKrypto: Who is your main target market and which market sector do you serve?
Jay and Joseph: There are three actors in our business model. We have sellers. So this is any average consumer who loves products and loves to talk about and share products. This could even be anybody who is an influencer or considers themselves somebody with friends that they like to talk to.
On the supply chain side, we have retailers and we have retail brands. Any of these retailers and retail brands can easily integrate with our software developer’s kit. They can use our software and deploy a social selling model. So we welcome everyone.
OkayKrypto: We know right now that you’re in the midst of raising funds for your ICO. What kinds of investors are you looking for?
Jay and Joseph: We are mostly looking for crypto investors and crypto funds. We would like to see some family offices start to participate in the crypto economy as well. There are a lot of crypto funds out there that have been deploying capital towards a lot of infrastructure ideas that haven’t really turned into anything. And I think that’s probably one of the things that’s encumbering the crypto market right now. So one of our thesis is, is that if we actually have projects and businesses that get invested in which drive public adoption, then you welcome new money into the pool of crypto inventory.
OkayKrypto: If investors are interested to invest in your ICO, how can they reach you?