21 de November de 2018
The student on EAE's Master in Supply Chain Management took part in the Mastercard Innovation Challenge idea generation workshop, which is holding its first edition this year. There were more than 100 national and international registrations in the competition, from students who have displayed the proven talent required to revolutionize the fintech sector through their innovative and extraordinary ideas.
Cristian Ferreyra has been selected as one of the five finalists of this talent program with Bosca, an entrepreneurship project currently in development that helps to optimize the online shopping experience.
How does it feel to be named as one of the 5 finalists of the talent contest?
Brilliant. It was a real surprise for me because the registrations were open since April. However, I only sent my proposal 6 days before the deadline because I found out about the Mastercard Innovation Challenge in the cafeteria of EAE Business School a few days after arriving from Argentina, where I am from.
The Mastercard Innovation Challenge set two different challenges, reinventing the shopping experience or facilitating a cashless world. In this respect, what are the current trends? Where do you think blockchain is headed?
The clear trend is that the days are numbered for banknotes as a means of payment. Digital payments will be the norm in any of its variant forms (Card, App, Mobile, QR, biometric data, voice recognition, etc). They will be enough to carry out the transactions we generate. Blockchain is a decentralized network of which we have really only seen the tip of the iceberg, because its full potential is unknown (even feared). We are talking about technology that, within the framework a consensus of universal use, has the power to enhance the transparency not only in terms of the way we pay, but also with respect to trade in general, social media and even the way we vote.
When you decided to take part in the Mastercard Innovation Challenge, did you already have a developed project or did you start from scratch when you saw the competition conditions (10,000 euros and a mentoring program at Mastercard)?
I made contact based on the challenge guidelines. I sent in a two-page proposal setting out my idea and my CV. My proposal originated from my professional experience in the world of ecommerce logistics. In that respect, I had already identified common points of conflict that arise in various industries and countries. Focusing just on one part of the problem, I devised potential solutions that I had noted down on a pad. In no time at all, they started taking shape into a project, when I found out about the challenge. It was all a great coincidence.
Tell us about your experience on the Mastercard Innovation Challenge.
It was a deluxe event, spread over two days of disruptive ideas being discussed and presented by top-class speakers. The first day, Joseph Stiglitz, the Nobel Prize-winner for Economics, took part. Moreover, the event organization and preparation deserve a special mention. Mastercard put us in touch with a marketing agency that took charge of giving is training beforehand to learn how to sell our idea to the jury and to the general public. We also had classes on giving elevator pitches and time management techniques.
Bosca is a solution that you have created to improve the shopping experience. What does it involve?
At Bosca, we know that the world is changing in gigantic steps at a speed that it is hard to keep up with. Technologies like augmented and virtual reality and holographs now form part of new consumption habits. Bosca is based on the use of Dimensional Data (gathering volumetric data on objects to facilitate decision-making). Users can generate their own 3D avatar to use in their favourite stores. The system lets users try on an extensive range of garments at a single click, as well as giving them a reliable delivery date. In addition, the profiles are interchangeable, so data can be stored in the history, such as the size of your girlfriend's shoes, your sister's dress or your dad's shirt for when you want to buy them a gift.
What is the added value of Bosca?
Our value comes from reducing uncertainty and the number of returned products, as well as improving consumer knowledge and, most importantly, revolutionizing the shopping experience.
Do you intend to develop the project further in this respect?
The project is ongoing. In the days that followed the Mastercard Innovation Challenge, I received offers from accelerators keen to take the project forward. I had a number of calls with potential investors in Spain, USA and India.
What opportunities does the fintech sector offer?
In my opinion, in the world of entrepreneurship, the limits are really blurred. Our solution is designed to be applied in ecommerce and retail. In fact, the omnichannel strategies of fashion companies would get a real boost from it. However, we know that there is the opportunity to adapt the focus of the tool for fintech and that this industry in particular accounts for a significant part of the business potential that the project could benefit from and use for leverage.
How are supply chain and the shopping experience related?
In all possible respects. Every product chosen by the consumer (online and offline) has to be supplied and the supply chain is responsible for buying the raw material, manufacturing the product, shipping, predicting demand, supplying the points of sale, managing stocks, ensuring availability on the shelves or in the e-store and, finally, delivering each product purchased by the consumer. In short, without a product, there is no shopping experience. You have to deliver what you sell".
You are taking the Master in Supply Chain Management at the School. Tell us about your program at EAE.
The Master is equipping me with valuable tools that enable me to understand business from end to end and, as a result, be able to develop solutions firmly focused on the customer and therefore with greater chances of success. In the supply chain department, they teach us to understand and learn to operate naturally in the volatile, uncertain, complex and ambiguous (VUCA) context that we are faced with in the market.
What can you tell me about you classmates on the Master?
It is probably one of the biggest added values of the program. Having classmates from different industries, countries and backgrounds makes the experience so much richer. As far as we foreigners are concerned, the open quality of the people living here in Spain is also really important. Without a doubt, it is a real privilege to form part of this environment.
What skills have you developed over the course of the Master?
Lots of them but, above all, I would emphasize the cross-disciplinary understanding of business, networking and effective communication skills.
What are your plans from now onwards? What are your expectations in the short and medium term?
I have had my own entrepreneurial venture under way for a few months, which I would like to focus on exclusively. Taking part in the Mastercard Innovation Challenge has really boosted my drive to go even further. Therefore, while still taking the Master and preparing my Thesis, I plan to develop my entrepreneurial project Hublogistico on the EAE Entrepreneur program to work on defining the most suitable business model, the revenue flows and the market viability for the proposal.