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What are community-driven businesses?
Communities have always been around, but ever since workers moved to urban cities, the advent of the Internet enabled online communities to emerge to compensate for the lack of more intimate face-time in local neighborhoods. With improved internet speeds, mobile access, and now Covid-19, this next decade is starting to see the value "communities" play in business in general. With information more accessible than ever, products can no longer "hide" behind flashy marketing or deceitful practices. Communities built around brands are the new business moat, and can make or break reputations depending on the situation. Lolita Taub, Co-Founder of The Community Fund, shares succinctly what community-driven companies are:
"Community-driven companies are ones where: (1) customers identify as members; (2) members are able to create value for other members; (3) members start the marketing and sales flywheel. A community-driven company can have the community be its product or have a community built around its product. They can also come from any sector and can be both B2B (e.g., MongoDB, Salesforce) or Consumer (e.g., Peloton, Glossier)."
This echoes our sentiments and definitions, and is why we launched in 2018, as we saw more and more interest in "communities" align with the rise in privacy concerns, mass distrust online, and the loneliness epidemic. As human beings crave more intimacy online, we believe strong community-driven businesses will fill this gap. We also believe that helping such communities adopt emerging tools and technologies, which address the above, will also see huge returns over the next 10 years.
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“We have known the team at Faiā professionally for some time and always welcome their enthusiasm, professionalism and industry know-how. Faiā digs deep to better understand the issues and opportunities for their clients. We have no doubt they will be a great success across Asia.”
Co-Founder, East2 Global