Introduce yourself and tell us about Reinno?
My name is Viktor Viktorov and I am a managing partner of REINNO. REINNO is a financial technology company offering real estate tokenization and lending services. We are solving the illiquidity problem of traditional real estate by deploying blockchain technology and smart contracts.
REINNO’s lending offering allows using tokenized real estate as loan collateral and provides paperless, hustle-free and quick access to cash. Our easy-to-use platform lets users deposit tokens and receive funds instantly.
The company’s ultimate goal is to offer the full spectrum of lending and investment products on the real estate market and provide a seamless transition for the consumer to blockchain-powered services.
What is unique about your business Reinno?
REINNO is working in a unique industry that combines something as conservative as real estate with breakthrough technology. It allows investors to trade or borrow against fractions of properties, bringing them unmatched flexibility. The concept of asset tokenization is relatively new; there is still a lot of work to be done in the space. Being among the pioneers might be challenging, but we get an opportunity to innovate and be creative.
What do you wish you knew before starting?
Growing fast is not always the best option. Every company owner wants to see their business expand, find investors quickly, have bigger sales and more employees. However, rushing too much can cause more harm than good. You might overlook important details, engage with the wrong people and create inefficiencies. The slow and steady growth, on the other hand, helps you in the long term. Of course, being the first to offer a product is important but it is more sensible to take your time and get a proper understanding of the market you are operating in.
How do you market your business?
Our marketing strategy combines different techniques and approaches. However, one concept that stays true throughout all of our communication channels is education. It is very important for REINNO to raise awareness about tokenization and technologies behind it. We want to share the knowledge with our audience, investors, property owners and the general public so that they can expand their understanding of finance, real estate, and blockchain.
What did you learn from your biggest failure?
It is normal for people to be scared of failure. They try to avoid it at all costs. However, it is also absolutely normal to fail. Over time I learned that what you perceive as the worst thing at the moment might actually be the best thing that ever happened to you. It is important to see failure not as being defeated but as a change and adapt to new conditions. After all, when one door closes, another one opens.
If you could give advice to an entrepreneur what would it be?
Be ready to adapt. It is always good to start with a clear plan, but you also have to be able to think quickly. When you are just starting, it is important to understand that no matter how amazing your initial idea is, this might not be exactly what you do in the end.
What Unique Selling Point (USPs) do you offer that your competition doesn’t?
Our services include two complementary products – real estate tokenization and lending backed by tokenized real estate. This way we are able to deliver liquidity that many tokenization companies can only promise. At the moment even if an asset is tokenized, its value can be trapped by the lock-in period; plus the secondary market is not fully established yet. The lending functionality that REINNO offers allows using tokens backed by real estate as loan collateral and getting instant access to funds with no hustle or paperwork.
The clients have leverage over their investments since the lock-in period won’t prevent them from accessing the value of the real estate. They get a chance to obtain funds in just a few clicks, choose the size of the loan collateral (the number of tokens) and repayment conditions. We believe that using real estate tokens as loan collateral is the key to providing immediate liquidity.
What sacrifices have you had to make?
Every successful entrepreneur had to sacrifice sleep and vacation time, this is not a secret. However, I think the hardest things to give up are alternative business ideas. At times I saw multiple attractive opportunities and had to decide – which one is worth my time and effort the most. These decisions are hard to make, you have to follow your passion while keeping a realistic outlook.
What is your favorite book? How has it helped in your business?
There are so many books that have helped me professionally; it is hard to pick one. However, a book that is absolutely worth mentioning is The Lean Startup by Eric Ries. It teaches you about the importance of staying determined, persistence and flexible. It also reminds business owners to put customers first, listen to them, their needs and reactions. Most importantly, the book helps to deal with the uncertainty that surrounds startups.
What is your future goal for the company?
REINNO would like to enable investors and homeowners to unlock the full potential of real estate. We want to make investing in CRE and using it as loan collateral easier, faster and more accessible. We also strive to educate the public about tokenization and popularize this concept in order to increase the overall efficiency of the fin-tech ecosystem.
What have been your most satisfying moments in business?
The most satisfying moment is undoubtedly seeing your customers enjoy the products you are putting out. It takes a lot of work to go from a hypothetical idea to an actual result. Once all the pitching, hiring, developing and marketing are done, you can finally see the feedback of real users – and this is priceless.
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