The hero’s story from Greek mythology reigns supreme in the popular consciousness.
We celebrate those who rise up to succeed against the odds: be it Luke Skywalker, Diego Maradona or the self-made entrepreneur.
Alan Vey, chairman of Aventus, says fellow founders should not be disheartened if competitors or people in their network underestimate or challenge them.
“People doubting you can actually play to your advantage in certain circumstances,” he tells TechBlast. “It allows you to learn much more as people don’t perceive you as competition or as a threat until it’s too late.
“Soak up all the knowledge of everyone around you and then prove them wrong.”
Education
Vey followed an undergraduate degree in Computing and AI – which sowed the seeds of his intrigue in blockchain – with a Master’s in Artificial Intelligence at Imperial College London. His Master’s thesis was focused on Ethereum and specifically its potential application to film rights distribution with BAFTA and the UK’s Film Network.
“Those university years were very formative for me,” he reflects. “My professors were excellent at changing my thinking of ‘how to get a good grade’ to actually understanding the industry. Ultimately that was really important for my creation of Aventus and then running and growing it.”
Vey founded Aventus in 2016 as an open-source, decentralised Ethereum-based blockchain protocol designed to alleviate fraud and touting in the event ticketing industry. After raising more than $20 million in an Initial Coin Offering in 2017, it secured deals with LiveNation and other major players – but then COVID-19 hit and live events halted to a complete stop.
“Rather than giving up, I realised that our tech could be applied to a number of other sectors, and we branched out,” he says of the pivot.
Now billed as an enterprise-grade proof-of-stake blockchain, it now operates in NFTs, loyalty, gaming and supply chain as well as ticketing. Its AvN network onboarded over 30m transactions with 2m active wallets for business clients in its first year of operation, with 2022 double that of 2021.
‘We saved people’s livelihoods – just by doing the right thing’
Sports
He says that playing sports was crucial to his development. “Growing up, my life really revolved around sports – playing golf nationally for Germany and also doing a lot of rowing. I learnt a great deal from sports. It taught me discipline, that you have to work hard to get where you want to be, and how to perform under pressure.”
He advises: “Keep pushing on, even when there is no clear path. It can often feel demotivating when opportunities fall through. However, in reality only a small percentage of opportunities in business convert – but that’s all you need to make a success.
“The harder you work, the more opportunities you will earn – so never underestimate the power of hard graft.
“It may sound obvious, but don’t hesitate to run with your idea if you believe in it. Most of the best ideas were built by those no smarter than you. They just had the guts to take action.
“It’s hard work and it might feel like a lot of people are against you, but it’s a rush when you get it right.”