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1. Building Trust Online
2. OPPORTUNITY Homesharing Carsharing Services Experiences Massive growth in peer to peer marketplaces (Collaborative Consumption) Ridesharing and many more Lending
3. PROBLEM Lack of Trust Low Conversion Rate People fear strangers and therefore refrain from new marketplaces for Users for Marketplaces “To create a true collaborative consumption industry, finding a way to establish trust between strangers is an absolute requirement” by Shelby Clark, RelayRides CEO Advanced trust systems require money and resources Money Developers are needed to build trust systems like ‘s +
4. Building Trust Online MORE TRUST MORE TRANSACTIONS
5. ATTEMPTS Findings: • A single online identity for trust isn’t a new idea • The obvious approach of a single score doesn’t work for marketplaces Differences Now: • Easy access to information through social network APIs • P2P marketplaces now provide a real use case for trust online In Online Trust
6. PRODUCT
7. PRODUCT Aggregation Verification Connections Share reviews among different marketplaces People two users both know “Hard” data to confirm identity Factors in Building Trust The answer isn’t an algorithmic approach, but a behavioral one. Marketplaces need rich profiles to build a feeling of familiarity. We help turn strangers into a neighbors.
8. API Marketplaces can embed a rich profile on their site with a few lines of code, and we facilitate information exchange (reviews and ratings) between them. We solve the trust problem for marketplaces, and they drive consumer adoption.
9. DISTRIBUTION • Insufficient trust system • Few trustworthy users => We provide Airbnb-level trust system Phase 1: Small Marketplaces Key Actions: Product Development Phase 2: Larger Marketplaces • Network effect increases our value proposition • We provide services marketplaces can’t do themselves such as background checks => Win the P2P market Key Actions: Sales PR Phase 3: General eCommerce • P2P market gives us a monopoly on transaction based identity • Our existing user base allows us to move to more traditional eCommerce systems. Etsy, eBay, and Amazon all gain from trustworthy customers => Power eCommerce Key Actions: Industry Development
10. BUSINESS MODEL • We prioritize growth over revenues since the network effect is so powerful Phase 1: Small Marketplaces Phase 2: Larger Marketplaces • We monetize on premium verifications such as background checks, credit card checks, etc. • We can offer an iTunes like payment system for P2P transactions Market Size: 100 Billion $ Phase 3: General eCommerce • Volume of transaction data allows for more accurate risk analysis, which can be sold • Further applications in banking, insurance, etc. Market Size: 2 Trillion $
11. COMPANY Nam Chu Hoai Product Samir Ahmed Dev acquired by Connor McEwen Biz
12. TIMELINE Today -Product done -Live/soon to be live in: Upcoming months -Refine product - Marketing -Add marketplaces: 10-15 live marketplaces -Seed funding
13. CONTACT info@credport.org http://credport.org +49 (0) 152 59918345