As the world welcomes a new year, entrepreneurs, investors and venture capitalists seem to be more aware, than before, of the inevitability of systematic disruption – particularly when discussing relatively new but promising industries. As global consumption trends continue to undergo major adjustments, a select group of forward-thinking businesspeople are actively and successfully reshaping the new economy.
David Obasiolu, founder of Chow420, is a brilliant and pragmatic trailblazer, who has made a major positive impact, across one of the most promising new industries, by developing, refining and democratizing a uniquely functional automated compliance system, which provides various tools and solutions specifically developed for brands that commercialize specific products that require additional compliance. Previously, brands across America struggled to meet compliance requirements, which differ across states and frequently change as legislation moves toward providing a coherent framework for select industries. Given this reality, it is often very complicated for alternative wellness retailers to stay compliant online.
Chow automates compliance on both the customer and retailer end by combining various laws of cybersecurity such as identity management, access control and tokenization to create smart identities that are used to enforce age-verification to prevent minors from purchasing select products online and enforce customer and retailer compliance with state laws and regulations. Hitherto, Chow has raised over $1 million in its effort to develop the infrastructure needed to operationalize the compliance system framework for select industries, as reported by Tech Times.
Taking into account the undeniable over-saturation within the alternative health and wellness market, Chow’s marketplace provides maximum transparency between retailers and customers by enforcing the public display of all the necessary information about products, lab results and verified reviews from previous customers. Mr. Obasiolu is confident that Chow will set the standard for restricted industries that are legal on the federal level and regulated differently on state levels.
During a recent interview with Tech Bullion, the founder of Chow420 shared a few strategic insights:
1. Your company has obtained widespread media and investor attention due to the disruptive nature of its business model. What would you say has been the biggest challenge you´ve faced while developing and launching Chow420?
The biggest challenge so far has been the misinformation about specific products. A lot of people still think that some alternative wellness products are illegal on the federal level and others assume that they are legal in all states because of the 2018 Farm Bill. With Chow, I believe this gap can be solved over time by educating people on the laws surrounding these products.
2. As an unquestionably accomplished entrepreneur, can you share a piece of advice for those who wish to follow your footsteps?
Be Consistent. I truly believe that consistency is the key to achieving your goals over everything else. When predicated on experience and technical skill, it can make the journey from concept to reality an achievable task.
3. What is Chow420´s key differentiator when compared against the entire market for automated compliance based solutions?
Chow’s key differentiator is that it is an all-in-one solution that solves multiple problems for brands and customers. With the marketplace model, we are able to not only solve the compliance issues for the industry, but also dive into other issues like payment, lab-testing and more.