Subscribe to Entrepreneur for $5
Subscribe

This Company Wants to Pay You for Your Steps. Here's How it Works.

The co-founder and CEO of Sweatcoin explains how the company's move-to-earn vision is helping people be healthier while also getting brands in front of 100 million users.

By
Opinions expressed by Entrepreneur contributors are their own.
Anton Derlyatka is the co-founder and CEO of Sweatcoin. He sat down with Jessica Abo to discuss how the company's move-to-earn vision is helping people be more active and getting brands in front of 100 million users at the same time.

Jessica Abo: Anton, why was it so important for you to create this company around walking?

Anton Derlyatka:
Being active is not as easy as it seems to sound. Granted, about 30 percent of us react well to the traditional healthy lifestyle. We go out for a walk, we go out for a run, and we go to the gym on a regular basis, but the reality is about 70 percent of the world population struggles. There are serial failures -- people who start the process, install a new app, sign up to a gym, and they give up. And they do it again and again and again. So it's very hard to sustain that physical activity. We created a product to tackle this differently. We are trying to rewire our brains because mother nature did not create us to be active.

We're trying to use a behavioral technique called instant gratification to reward your immediate activity, because whenever you're trying to be active, you go to the gym, and you sweat, and you suffer, and there's no result that you can touch, it's not tangible because the benefit is removed into a very distant future. So you have to maintain that activity. So what we're trying to do, we're trying to tackle the problem through a behavioral technique, as I mentioned, called instant gratification, whereby we grab the value from the future, bring it to the present, and give it straight back to the user so that your achievement is tangible.

The way the app works in very simple terms is you walk, we make sure that your steps are real and you're putting your phone on a dog or top of a washing machine. We issue you a virtual currency called sweatcoins, which you can then use to pay for product services, and experiences from more than 600 partners that we have. You can donate to charity, and very soon, you'll be able to convert your sweatcoins into crypto.

How did you get so many global partners to participate in your move-to-earn vision?

Derlyatka:
So this is how it works. It's either physical activity that brands are interested in, or they are interested in our users. Firstly, we make people more active, and that's very attractive to some, insurers and healthcare providers. For example, we work with the NHS, which is the National Healthcare System in the UK.

Secondly, brands like to be able to connect with our users. We've got 100 million registered users around the world, and that's a very attractive thing for lots of brands. So they make the products available to our users so users can pay sweatcoins in exchange for products and then they'll be able to connect with our users and monetize at some point in time later.

I know that the next phase of this is to take everything to Web3. Can you tell us a little bit more about that?

Derlyatka:
Right now you can exchange your steps into products, services, experiences, and donations, but we always knew we'd be crypto one day. Crypto opens up an incredible new range of possibilities. So if you hold crypto, you can engage with new things, exciting things, such as NFT. You can have access to D5 functionality. Essentially you have a liquid asset. So essentially introducing a new token that you can exchange your steps into will open up that incredible universe of possibilities.

Can you share how your company got to 100 million users and the advice that you have for entrepreneurs out there who are trying to grow their communities as well?

Derlyatka:
I think what's important is to have an idea that you really, really believe in that can touch a billion people. Because some ideas can be a great business, but whether it's going to be available or interesting or attractive to a billion people, that's another question. Doesn't mean that that's a bad business. You start with co-founders, but then you build a bigger team, and the team needs to be as excited as if not more excited than you are. So I think that building that team, building a culture that is focused on the mission, on the achievement is a pretty cool thing because you end up just enjoying it more than if you didn't do it. And then of course luck. You cannot get away without luck.

Latest

Momofuku CEO Marguerite Zabar Mariscal on Rising To The Top

Interview with Momofuku CEO Marguerite Zabar Mariscal about playing the long game, finding strategic partnerships, new restaurant technology, and not being obsessed with perfection.

Are You a Social Media Addict? Here's 5 Unexpected Ways to Quit

Is social media the problem behind your lack of focus? Ben Angel discusses the effects of social media on the brain and our ability to focus.

Meet the Entrepreneur and Mom Teaching Kids About Volunteering Through Family Projects

The founder of Alltrusits shares how she's helping families talk about topics such as homelessness, bees, clean water, hunger, foster animals and climate action.

Chef Robert Irvine on Making a Difference in Hospitality — and the World

Interview with World-Famous Chef and Philanthropist Robert Irvine of The Robert Irvine Brand Family about supporting others, embracing a military culture in business, and the essence of leadership.

How to Unlock Your Company's Value in the 'Circular Economy'

Michael Smith of Regeneration.VC shares how the circular economy works and why it's good for business and our planet.

BBQ Icon Rodney Scott on Blazing Your Own Path in the Restaurant Business

Interview with famed pitmaster and food entrepreneur Rodney Scott of Rodney Scott's BBQ about every day being a good day, the truth behind "overnight" celebrity, and how cooking with soul is vital to sustained success.

3 Easy Ways To Be More Motivated

Want to tackle your to-do list in just two weeks? In this video, Ben Angel tells you how.

The Founder of Mindvalley Wants to Transform and Reinvent Education. Here's Why.

The founder of Mindvalley shares why he started his platform and discusses his new book, "The 6 Phase Meditation Method."

This Teacher-Turned-Entrepreneur Started Tutoring Kids in Parks and Churches. Today, She Runs an Education Company with Nearly One Million Followers

The CEO and founder of Big City Readers talk about why she's on a mission to make reading fun for kids and their parents. Plus, what to do if you're afraid to take a leap in your career.

Melissa Villanueva of Brewpoint Coffee on Creating Avenues for Café Owners of Color

Interview with Brewpoint Coffee CEO and Founder Melissa Villanueva about balancing community and larger ambitions, creating opportunities for people of color, and equity and inclusion in business.

4 Easy Ways to Make More Money By Training Your Brain

Mental rehearsal is a powerful psychological technique that's used by athletes, billionaires, and entrepreneurs to achieve their goals.

5 Tips to Help You Go from Camera-Shy to Camera-Ready

Media trainer Jessica Abo reveals her go-to production tips so you can feel more confident for your next on-air appearance, pitch, or presentation.

Shone Tran of Chicken Meets Rice on Stepping into Food Entrepreneurship

Interview with Chicken Meets Rice co-founder Shone Tran about pulling inspiration from tragedy, taking small steps, and thriving in business with your best friend.

Try This 15-Minute Million Dollar Morning Routine To Energize Your Day

Here are six steps you can take to amplify your energy and grow your income.

This Is Why Being a Podcast Guest Can Transform Your Personal Brand

The Founder and CEO of Scout's Agency shares why a "podcast tour" is the new PR strategy for thought-leaders.

Discover Entrepreneur Series

Whether you need advice on how to get your business off the ground or you’re just looking for inspiration, our video series have something for everyone. Browse our library below to find a series that speaks to you and your interests.