From an idea to $1,000,000 in less than a month!
Serbian IT industry is becoming more and more recognized in the world. A proof of that is a Serbian start-up that has, for the first time, acquired such a large investment in less than a month! After only a couple of meetings with investors, this team came up with a million dollar idea! We are talking about a newly founded Review.Network and their project that is based on blockchain, the funds have arrived from an investment company called Sherman.capital from Hong Kong.
Founders and idea generators who make up the main team of this start-up are Vuk Popović (President), Filip Karačić (CEO), Petar Slović (COO) and Ivan Ćirić (CTO). Petar and Ivan, presented the project to the foreign investors for the first time, claim that they felt jitters and had a hard time until they finally presented their idea to the foreign investors.
Million dollar idea
Review.Netowork came up with a platform that solves consumer’s problem to evaluate whether an online product review or service is fake or true. To emphasize the importance of this platform in our modern world of retail, there is a statistic stating that 88% of people believe online reviews and think that they are as accurate as a suggestion received from a friend. This means that online reviews play an important role in consumer’s decision making, e.g. whether the consumer will buy something or not. A problem we are facing today is that the vast majority of reviews and product ratings we find online are fake or paid for.
When they were asked about how they came up with this idea, they said that this was a problem they too had to face on a daily basis.
- Every time we wanted to buy something, whether it was a guitar or a coffee maker, or we simply wanted to pick a restaurant or a café to visit, we had a problem of finding quality and accurate online customers’ ratings. We also realized that the system of communication between the consumer and company is insufficiently developed. In order to improve this and help the whole community, we came up with the idea of Review.Network platform that would solve these issues – state the founders of Review.Network.
How will Review.Network platform solve the problem of consumers and companies?
This platform will award users for writing and validating reviews with REW tokens. The person who writes a review has to lay down a specific number of REW tokens. After that, the person is rated by other users. If the review gets approved, it’s then placed on blockchain and everyone who took part receive a proportional reward in REW tokens.
As the founders say, the biggest part of investment funds will go to platform development and marketing and a part will be allocated to numerous operational fees, including a law regulation which is an important point.
First version of this platform is expected to arrive as early as the end of 2018, and it will be available to everyone. Development of the whole platform has been estimated to last around two years, after which we should get all the functionalities.
They will present their project for the first time at ITkonekt conference in Novi Sad, where there will be a lecture on April 21. Click on the link for more information.