Richart Ruddie on Building a Billion Dollar Software Business During a Pandemic
What role is technology playing in improving business scores when viewed from above? China has been developing and working on a social credit monitoring system that is something that could be seen in Western Culture as invasive but during a pandemic is seen as a safety measure akin to contact tracing software.
Modern Software is opening up so many doors and possibilities. The most exciting news recently has been the Neuralink from business Magnate (not magnet) Elon Musk which will help solve numerous mental and health issues through a chip installed in peoples brains. Musk said at the public’s unveiling that they expect to have hundreds of thousands installed eventually and for it to be scalable.
A modern technology not as lifesaving as Neuralink but one that entrepreneurs like Richart Ruddie predict that businesses and individuals will stake their future on is the Social Credit Scoring system. Ruddie foresees significant decisions being made over social credit scores one day similar to how you choose to eat at a restaurant if it has a high Yelp score or choose not to stay at a hotel because the reviews are bad. The same will be the case for doing business with somebody in China because their “credit rating” is great vs. passing on those who have bad credit scores.
This technology is becoming widely popular as people want to be able to know who it’s safe to do business with and who is not. In the modern world, creating a billion-dollar business is possible more so now than any other time in history thanks to the connected world that we live in. Staying vigilant and taking advantage of modern technology has helped companies sprout into unicorns at a faster pace than any other time in history.
Seeing a lot of opportunity pre-pandemic Ruddie went over to China and was working with a team over there to register as a Chinese company and to help develop software to track, monitor, and improve scores. This is something similar to his work as a leading public relations and reputation repair expert who has served over 10,000 clients. China is different though he said. The opportunity here is beyond anything in America simply due to the fact that the total addressable market size is greater than the entire USA population.
As even Mark Cuban has said there is a little bit of luck in becoming a billionaire but If he had to start all over again he is positive that he would end up a multi-millionaire but not so sure he would join the 3 comma club once again.
Creating useful technology that is revolutionary has both pros and cons. All you have to do is ask Mark Zuckerberg’s critics about it. There are more cybercrimes in the modern world and COVID-19 has exacerbated that trend with the work from home policies, but technology also provides an opportunity to solve these crimes and connect us at a time that we have all felt so disconnected from each other. Credit monitoring software allows people to identify fraud and solve it before it causes damage to businesses globally and Ruddie has developed another piece of software to help alert users when their information has been breached or stolen and is being sold on the dark net. He’s garnered interest from top telecom names on expanding and due to the inability to work in China directly at the time he’s finding other areas in the cyber world to focus on while he listens to his favorite DJ’s, is surrounded by his impressive art collection, and cranks away on refining the software.
For those unfamiliar with the credit monitoring software this is a further explanation:
What is the Chinese credit monitoring software?
Credit monitoring is a comprehensive way for entrepreneurs to safeguard their businesses from fraud and identity theft. There are criminals devoted to taking advantage of business startups using client information for their gain, limiting the growth.
However, this software is designed to notify business owners of any transactions made through the credit reports and provide favorable action. In case there is someone taking advantage of personal information, then the investor will know.
Vulcanpost.com posts essential information that keeps a record of common cybercrimes in the entrepreneur's world and provides viable solutions. Business owners need such a website to be updated on what's going on in the entrepreneurial world and understand what customers expect.
Role of credit monitoring software to business startups
China has created a new system that tracks people's and businesses' actions to reward them by punishing the wrongdoers and supporting business startups. Business owners now have an opportunity to improve their scoring, while those who score low will suffer such as one would in the Western World for having a bad credit score.
Any investor wants their business to be successful, and this is possible when the clients are confident and know the information is protected. A credit monitoring system in China guarantees transparency and notifications sent in case of any fraud.
Investors now have a peace of mind knowing they are involved in a legal investment. This system protects the business from trade conflicts between business owners, investors, and customers.
To improve your persona score you need to follow the golden rule and follow the law. The Chinese social credit monitoring software does the trick in providing customers with transparency. Loan providers can monitor their client transactions and credit score; therefore, making the right choice who do to do business with and who they shouldn’t be able to trust.
For instance, if someone hasn't been paying their debts, than loan providers can access the score and be warned about the un-credit worthy client. Richart Ruddie’s plan for those using the software will be to help users to improve their credit scores by doing good in society and promoting that good karma. The amount of data compiled is enthralling when you calculate that there are over 1.3 billion people in Mainland China.
Finding a Reliable decision making tool
Many people use credit monitoring software in Singapore to safeguard themselves from identity theft and fraud. This software also comes in handy when people want to increase the credit score. Whenever people borrow money, this software tracks the credit report as well as the scores.
Why Chinese Social Credit Monitoring software
Reliable software is needed and with a proper UX/UI design that has functionality to send notification messages to the account holder's phone if any transaction takes place or score changes. It becomes easy to see the potential here and it wasn’t cooked up in a Stanford incubator.
A successful business idea will end up attracting attention from all corners of the globe, and even if the owner is cautious, other sharp entrepreneurs are going to hack away at the idea. Also concerning is the data treasure chest that these startups will have and for nefarious hackers that may try take advantage of the client's personal information and all the data encased in the credit monitoring software.
Business owners who have adopted Chinese social credit monitoring software and have high scores for honesty are experiencing increased sales. People want to be associated with companies that guarantee protection and follow all legal standards. This software being developed by Ruddie will further help people keep a close guard through regular checks and balances.