Solve.Care CEO Pradeep Goel’s Answers to the 18 Best Live Session Questions
Hear it all for yourself! Watch the full live session from March 13, 2020.
On March 13th, CEO Pradeep Goel shared Solve.Care’s achievements in January and February during a live update session with the community. Pradeep held a Q&A at the end of the event, and we’ve collected the answers to 18 of the questions asked.
Read the transcript below to learn the specifics of how we’re fulfilling our mission to make simplified healthcare accessible to everyone.
1. What’s the latest status on the equity round?
There is a slowdown in the process right now with the coronavirus and we anticipate a 60–90 day delay before people are really back to work, but we will resume the process when we can. We have come to the conclusion that the most beneficial investors would be investor-users; someone who wants to put in the investment but also wants to utilize the platform. Most of the interest has come from insurance companies and pharma so far.
2. How many clients are in the signing pipeline?
The exact numbers can’t be shared to keep our competitive edge, but what we can say is that Jason and Dr. Hanekom have clear revenue targets. The objective here is to look at clients by quarter and to see when revenue will be recognized. Asia has a very large potential of client partnerships, reseller relationships and some smaller strategic relationships. Dr Hanekom also has massive opportunities in the US, Mexico and Canada.
3. Is there an update on ACN and what its customers think about Solve.Care?
ACN is currently working very closely with Boehringer Ingelheim to launch their Diabetes Care Network and we’re waiting on the agreement between the two of them. We anticipate they will soon have an agreement on their network parameters, adoption, outreach and communication campaign.
4. Is there a focus on Europe at the moment and if so, what part?
We do not currently have a strong focus on Europe [at this time]. We have made the decision to focus temporarily on Asia Pacific and the US.
5. How is current market liquidity going to be addressed?
Treasury funds cannot be accessed without sufficient liquidity, price discovery is impeded, and client orders will slip. We see the opening of the B2C networks, telemedicine and our in-wallet option to purchase SOLVE as the main objectives for increasing consumer usage and getting the Care.Wallet and SOLVE tokens into as many hands as possible. Our push in the US, Canada, Mexico and Asia will increase the B2C clients and their usage. We do have a clear plan for supporting more trading platforms, but we also want to integrate them for buying and selling SOLVE tokens through the Care.Wallet.
6. Are you going to be attending any global conferences in the next few months?
We were planning to go to several but not at this time for precautionary reasons. Many of the conferences we were planning to go to are already getting rescheduled for later in the year, and we will get back to attending them when they are back on schedule. In the meantime, we will continue to execute tasks on our production.
7. How has the staking process gone so far? Good results thus far? And any plans to expand its purpose?
The process has gone well. We’re focusing on major objectives like getting the different levels of the community involved like physicians, integrators, developers and not just token holders looking for utility, but also those that wish to help us build our network. Over 2 million SOLVE tokens were staked and working on the Solve.Care Platform. This year we will be expanding the staking program as we grow; so will our needs, and we could certainly use the community’s help, so we encourage the assistance.
8. What are the biggest operational hurdles right now? How are these being tackled?
It all boils down to building a great management team. And all companies have issues appropriate to their size. Some hurdles and operational issues may be challenging, but it’s nothing beyond the experience of the executive team.
9. Are the clients that are buying tokens (noted in the SOLVE Token Reserve) at full operational capacity?
No, I think the majority of the operational capacity scaling-wise is in front of us. There is no way you can think DCAN or PRP as being fully operational, as much as they can be. Of course, the clients may not buy every day or every week, they may buy periodically. But at the end of the day, they have to pay us tokens for the utility of our platform, and we see significant growth ahead of us. You can think of it as the base of the wave, not the peak of the wave. There is more ahead of us in terms of a number of tokens that our clients need to pay us.
10. How are networks expected to set up when they start? Will they create wallets for all individuals in the network right away, or will wallets be set up on an on-going basis as needed by the client?
The Answer is YES to both. For example, in the provider rewards program for physicians, all the nodes were pre-created and data was already loaded. Wallets were preactivated and physicians needed to only download the Care.Wallet, use their invitation code connecting them to the correct backend and everything would sync to the blockchain. The Diabetes Care Network has a combination of 4,000 preloaded wallets and 1,000 on demand wallets. After those are utilized the rest of the wallets are custom created by the care network administrator.
11. In the Korea meet-up you mentioned a Korean hospital partnering with Solve.Care, when can we hear news on that?
We spent a lot of time in Korea last year, and we have opened an office there and now are in the process of recruiting a network management team there. So I’m quite certain about Korea having spent my time with doctors in hospitals, consumers and the partners there. We will launch our B2C network in Korea first. We see Korea as a key test market for us, and we are very excited about the support we’re getting from all parts of the blockchain community, the healthcare community — the Widus is there, as well. So with the B2C network that we are envisioning in conjunction with B2B network access from the same wallet, we see Korea as a key launchpad for us. We have obvious access to pharmaceutical companies there, we have access to hospital systems there. As soon as we can recover from the current travel restrictions and it’s safe for us to re-engage, my plan is to be back in Korea and work with the appropriate partners to launch our B2C network in Korea. And starting from there we expand out to the rest of Asia and the rest of Europe. So you should continue to see us making a significantly larger time effort and money investments in Korea because that’s where we’re going to launch our next B2C network.
12. Given the staked tokens are locked for X period, and given the propensity for crypto markets to be relatively volatile, are there any assurances given to persons/enterprises about stake tokens regarding the value of their staked holdings?
No, we will not hedge or protect the staking program from any volatility of the token. The idea is that the overall collective effort of the community lifts the token and drives the overall value of the token.
13. Can we have an updated roadmap for 2020 and add a checklist on every successful task so it will be more transparent?
The only concern is that this information in the hands of competitors could give them the ability to lay claim to our ideas and make them their own. We wouldn’t want to empower competitors unduly and unfairly. So the company’s view is to deliver the monthly and quarterly updates of what we have accomplished, so that any competition would have a longer road to catch up as opposed to anticipating and pivoting their IT to copying us.
14. Which 3 things keeps you awake at night regarding Solve.Care?
Really the only concern that will determine our success is having the right team in place for the role they are taking. Where are the weak points in the organization? And where are we not getting the right alignment of production in the company? As we grow, we worry about falling into the trap of growing too fast and losing sight of our mission, the vision, our philosophy and culture. We need to invest in that. The other two might be growing properly and being the most efficient and effective. In sum: Do we have the right people in the right chairs? How are we managing our growth and how do we make sure that we are staying competitive and leading the market?
15. Taking into account the higher scalability of the platform, how long does it currently take to onboard new clients (from signing to implementing)?
We created a new project called ASI (API’s Services and Interfaces) which reduced onboarding time by 50%. This module purely focuses on how we make the platform more configurable and is the cornerstone for driving the great configurability of our platform. We seek to improve the onboarding time and our goal is to cut this down further by 80–90% in the next 100 days.
16. The leadership team is getting more complete. Would you consider a sales director position in the near future to streamline your go to market and onboard even more clients, given an improved scalability of the platform and using an integration partner?
Absolutely! In the US, Dr. Hanekom has already opened two positions ready to be filled in the next couple weeks. In Asia, Jason has already brought in a new senior executive, Eleanor. We will also be adding more on the sales support side and Vadym will be transitioning into this department as well.
17. Would you provide the option for ICO investors / community to also take part of the equity round, e.g. minimal tickets of €5000 without any voting rights and only taking part in the potential profits? Other startups have done the same. This strengthens the relationship with the community, while from an organizational perspective it is not that cumbersome.
This is a great idea as long as we are cleared by our legal team. We will not do anything that will make the SOLVE token anything other than a utility token. We will not risk Solve Care being seen as any kind of equity or security of any kind because we work hard to stay on the safe side of regulations and finance laws. The request has been submitted to our external legal counsel who are experts in securities matters and they will let us know if we can cleanly do this. If there are any fuzzy or grey areas, then we will not go down this path.
18. The update of the SOLVE Token Reserve (STR) occurs automatically?
It is updated at the end of the month when invoices and payable accounts receivable is reconciled, so it is not updated automatically but monthly. There is an audit process before the STR transaction is allowed because we want to make sure that these tokens that are coming into the STR are exactly in line with the token revenue because STR is a part of our revenue. That’s why all transactions have to be checked and verified before being deposited to the STR, and that’s what we do.
Watch the full live session here!
