You’ve been there. You’re on Craigslist or eBay and find the perfect item to purchase. Caveat: it’s being listed by an unknown, lightly rated seller. And you need to meet them in-person. If you’ve felt a bit uneasy about the purchase, you’re not alone.
In fact, “Trust” is the #1 reason why more P2P (or Peer-to-Peer) transactions don’t happen. Estimates put the P2P economy at $300+ billion revenue opportunity by 2025. In order to get there, there needs to be an easy way to establish trust faster so two people can focus on the actual transaction and post-transaction enjoyment.
Enter IQID. It is an iOS/Android application that enables “trusted” sharing of real identities and interests thus creating entirely new P2P business models.
But how can a mobile application tackle trust?
First, it verifies your identity using your government ID and social circles. Then IQID creates a shareable digital business card. Take a look at one here.IQIQ: Your Digital Business Card
They also support payments between the two parties so they can focus on the transaction terms.Mobile App
In order to facilitate more user matchmaking, IQID now matches people with common interests. This process uses user selected #keywords within a user’s defined geofenced area (300 feet to upwards of 3 miles).IQIQ Profile Matching
By segmenting the #keywords in context, “buyers”, “sellers” and “interested” they can match “buyers” with “sellers” and “interested” people with “interested” people on any #keyword.
In a world of scarce, expiring resources and everyone’s quest for serendipitous meetings of similar interests, IQID is an easy to use platform bridging informed, empowered and now connected, people together.
How did Eric come up with the idea?
A big last minute concert goer, Eric would buy tickets from scalpers. But unfortunately, tickets were often counterfeited by resellers. Eric had a rule: if he bought a concert ticket on the street, he asked to take a photo of the seller, his ID, and the ticket. If they refused, he wouldn’t purchase from that individual. He never got ripped off and was able to enjoy not only going to concerts but learning the story behind each person that sells the last minute ticket too.
What is the biggest challenge they face?
“It is a little hard to understand what we do from a product standpoint, since there is really nothing else like it. People understand business cards, they understand trust and payments. But they have a hard time understanding how it all works together. But once I demo [the solution], they all want an IQID digital business card because it makes their life easier. On the business side, I thought Digital Wallet partners would be really interested in working with us to put in their payment systems into IQID. Google Wallet, Apple Pay, MasterPass, Visa Checkout really don’t have much utility beyond making a payment. But we are still looking for a banking partners. We also thought it would be easier to raise money, that alone is a full time position. So we are still bootstrapping. I am hoping our big break will happen at the Money 2020 show in October where we will present on the Startup Pitch stage.” Money20/20 selects the most interesting startups from the FinTech ecosystem to present at the industry’s most exclusive pitch contest, StartupPitch180.
Where do you see your company in the future?
“The future of IQID is going to be in the autonomous local matchmaking between people based on their Digital Business Card profile. We are working on machine learning algorithms that will suggest people to meet based on interests. For example, two people are attending a trade show on women’s outwear, love sailing and one buys fabric and the other sells fabric, would you like to meet when you are 300 feet from each other?”
How has Ideator helped IQID?
We began using Ideator initially for the Entrepreneur.com contest. And then we got some great feedback on the overall IQID concept. Now our team is looking for more VC feedback as well as partners like Fortune 1000 companies that want a company wide digital business card and banks that want to put in their payment systems. Here are the links to test out the apps: iOS and Android.
Lastly, Eric would like to leave all readers with a final thought.
“Got an idea? Go for your dreams. Economically, we are rapidly moving from pull searching and discovering world to a pushed, results world, based on your needs and real time data.
What that means, is change is happening faster than most companies are comfortable with. So if you have an idea that you are passionate about, look around to see if anyone else is doing it successfully and then add your touch. Contact me anytime, I enjoy helping others. firstname.lastname@example.org.”