Ep 191 - The Hustle Behind Likha

EPISODE INTRODUCTION

Gelo Wong of Likha and BayaniChain joins us in this episode to tell us how they are creating a NFT marketplace for Filipino artists. Gelo will share how he got exposed to business by his parents and how he first tried doing business with sneakers. He will also share how he exposed to NFTs and Web3 early which led him to form his team to create Likha after attending crypto events. Gelo will also share how he juggles his time between school and his startup along with how they got to first raise their angel funding for Likha and BayaniChain.

GUEST LINKS

Follow Gelo Wong on LinkedIn

Find more about BayaniChain on their official website.

EPISODE TOPICS

[4:10] What’s Your Hustle?

[5:28] Hustleshare Time Machine

[8:13] His First Business Venture At 14

[18:40] Bouncing Back From Failures

[24:22] His Background In Crypto

[29:11] Who Gelo Met To Create Bayanichain

[33:07] The Main Idea of Bayanichain

[38:33] The Struggles In Creating A Marketplace

[40:00] Difference Between Bayanichain And Likha

[45:37] Juggling Entrepreneurship And College

[51:40] Maintaining Focus

JARGON USED

  • Cash flow - the total amount of money being transferred into and out of a business, especially as affecting liquidity

  • NFTs - non-fungible token, a financial security consisting of digital data stored in a blockchain, a form of distributed ledger. The ownership of an NFT is recorded in the blockchain, and can be transferred by the owner, allowing NFTs to be sold and traded

  • Crypto - a digital currency designed to work as a medium of exchange through a computer network that is not reliant on any central authority, such as a government or bank, to uphold or maintain it

  • Pyramid scheme - an illegal investment scam based on a hierarchical setup that pays members higher up in the structure with funds from new members

  • DAO - is an organization constructed by rules encoded as a computer program that is often transparent, controlled by the organization's members and not influenced by a central government, in other words they are member-owned communities without centralized leadership

  • Bootstrap - the process of starting a company with only personal savings, including borrowed or invested funds from family or friends, as well as income from initial sales

QUOTES FROM THE EPISODE

  • The lack of education on entrepreneurship is what’s missing today.

  • I felt that the power of NFTs can help my artist friends. Especially for Asian cultures who want their kids to pursue medicine or law.

  • We felt that the traditional art market is only catered to the traditional collectors. So how can we target the masses?

  • We didn’t realize how hard it is to create a marketplace.

  • You have to accept that there would be trade-offs.

  • Ego is the enemy. When ego gets in the way, wala na. You’ll lose momentum.

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