This is an Interview with Min Chen, CEO and founder of REDOXIGEN, a technology consultancy firm based in Panama. The interview explains their journey, who they are and their inspired vision of the future. Min also talks about their revolutionary new game, Interfase, which will be released very soon in conjunction with the Seedstars Regional Championships next week.
How would you define REDOXIGEN and where did the idea come from?
I have been an entrepreneur for over 10 years now working in my firm as an innovation and technology consultant for large companies and government institutions. After helping companies from difference sizes and challenges, I have seen patterns that led me to think that tech start-ups can also be created with an engineering approach. If we think of every start-up as a product of the same product line, then each of the components used in each start-up can be reused. Hence we can have a portfolio of solutions and we can create synergy between them.
I would define REDOXIGEN as a machine that builds machines. We are basically an innovation factory where we create many high tech solutions to help small businesses do business both online and offline.
How do you feel the process of turning REDOXIGEN into a real company has been, and what have been your biggest challenges?
We have had lots of challenges but, because we are enjoying what we are doing, I feel like they are very manageable. Every day is a happy challenge. One challenge is that I am so used to working with large companies but now we are working with thousands of small companies and this requires a different strategy, right down to how we dress!
Ever since I started I have always wanted to work with small companies but the consulting industry is so labour intensive it is very difficult for small companies to hire us. Now I have found a solution with REDOXIGEN because we are building high tech solutions which are scalable and affordable so I am really excited about that.
What do you attribute to your success so far?
There are several things. One of the main reasons we decided to do this was because my cofounder and I are both serial entrepreneurs with strong technical backgrounds. This has helped us immensely because we can turn an idea to a technology. We also have the business side which has been key because we know the market very well from our start-ups. We understand the struggles of small business and this insight into their problems helps us a lot.
Where did the name REDOXIGEN come from?
Our name derives from the chemical reaction “Redox” that generates and sustains life, “I” stands for innovation and “Gen”, for generation. REDOXIGEN symbolizes the process of oxygenating an idea until it reaches a profitable business model. REDOXIGEN promotes both dynamic and social entrepreneurship.
What is Interfase and what makes it stand out from the rest of the market?
Interfase is an augmented game based on a science fiction story where the player has to save the economy by saving every store. It is not only a game, it is also a marketing platform and a data collection tool where players have fun while interacting with businesses. Players visit stores to earn points and win prizes. There are no other marketing tools that do this at the moment. While players play, they will connect tangible companies to the game and therefore providing data about these businesses and their own behaviour as consumers. This will help us create a huge database which can map where, what, with whom and how these companies operate. At the moment there is a huge lack of information about small businesses in emerging markets, this is a problem which Interfase will solve. Alongside side the game we are also releasing a film to tell the story of the game. This film will launch on the 23rd November and it will be another value proposition for our clients because there is the opportunity for product placement.
REDOXIGEN is based in Panama, why did you chose Panama and what is it like running your business from there?
Panama is our test lab because we can launch solutions nation-wide and improve them before scaling globally. Also, Panama is in a great physical and logistical location which helps us launch to other countries. For example, there is high speed internet connection, direct flights to all the Americas, Panamanian citizens do not require visas in most countries, and we use the dollar which helps with financial stability. We were born global and every project we do has to have global capacity. Latin America is our prime market because there is a lot of opportunity there.
What would you say are the core values of REDOXIGEN and what is your key motivation towards success?
We want to be well known as the allies of SME in the digital economy. Internally we see ourselves as a new kind of business that can appeal to anyone, in this respect we want to be a very open company which thrives off its diversity. We want to be the kind of company that reflects that business is not just about profit, it is about doing good things and doing them well.
What is your message for young entrepreneurs who are thinking about setting up their own company?
Choose to do something that you love because there are so many challenges that will make you want to quit. You will face many failures along the way, but every failure should be perceived as a step closer to success. Anything that is worth it in life takes effort and time so you just have to keep trying, learning and doing, hopefully, doing something that you love.
Free tickets to the Seedstars LATAM regional summit available here. The dates are NOVEMBER 28 @ 9:00 AM – DECEMBER 2 @ 8:00 PM