A Massive Head Start
Yes, RedFOX Labs is one of the new kids on the blockchain. But the good news is that the underlying technology is anything but unproven.
You see, unlike the vast majority of crypto-powered fledglings, RedFOX enjoys the luxury of leveraging pre-made blockchain solutions.
Once the team deems a business is worthy of creating, all that’s left is to build user interfaces on top of Komodo’s existing blockchain architecture.
However, before reaching that point, there’s a strict and thorough vetting process. After all, if you’re going to sink time and resources into building a company, you first want to tick lots of boxes.
Businesses must meet the following criteria before RedFOX moves forward with creation:
- Enhance the local economy
- Quickly scalable — projected revenue of $25 million in the first four years
- Be the 3rd or 5th company of its kind to come to market
- Capable of stealing customers from two or more companies owning 80% of market share
- Can acquire trademarks and/or patents for products on services
RedFOX has a focus on logistics and supply in the eCommerce, online travel and media, gaming, as well as ride-hailing industries. In addition, the project always takes a blockchain-centric approach.
“If it doesn’t get enhanced by using blockchain, then we don’t build it.”
~Ben Fairbank, Co-Founder & CEO at
Having ready-built tech is an enormous business advantage. Once the project selects its first creation, I foresee a rapid ramp-up.
One crucial aspect of evaluating a startup company is its leadership structure.
And with a tireless, helpful, and influential marketer — Bitcoin Benny — helping to steer the ship, RedFOX Labs is undoubtedly headed in the right direction.
Coincidentally, Mr. Fairbank has C-level experience with Grab, one of Southeast Asia’s largest ride-hailing companies.
From an operational standpoint, it’s important to note that RedFOX Labs doesn’t intend to run new businesses themselves. After an intense 200-day co-creation process, RedFOX hands the project off to a team of local experts.
RedFOX then gets back in the lab to begin strategizing the next business.
However, returning to home base with the team is a large percentage of their new creation’s equity, as well as seats on the executive board.
Reading between the lines, RedFOX looks to be a solid long-term play. The timescales for product selection and building mean the better part of a year will roll by before we see the first incubated business take flight.
And once the team reaches the point at which their first unicorn-in-training takes flight, expect to see rapid development. There should be some steady growth and perhaps even project overlap within those 200-day blocks of concept through launch.
With the backing of one of the blockchain space’s most reliable and capable projects, hurdles are auto-cleared, and the path to the future appears clear and bright.
Is the overall scope of the project ambitious? Yes. Does the project have a good chance of hitting its targets? It’s too soon to tell, but early indicators say yes again.
No doubt, RedFOX is one of the few projects that get me excited about what 2019 has in store for all of us.