Tune in to the latest episode of the State of Identity podcast, where host Cameron D'Ambrosi welcomes Diego Asenjo, CEO & Co-Founder of Mesh for a discussion on business identity verification technologies and their expanded application across regulated and non-regulated industries.
Link to Audio PODCAST - Full Transcript Below
Episode Title: Navigating Business Identity Challenges with Diego Asenjo, CEO of Mesh
Hosted by: Cameron D'Ambrosie
Welcome to State of Identity! I'm your host, Cameron D'Ambrosie. Joining me this week is Diego Asenjo, CEO and co-founder of Mesh. Welcome, Diego!
Diego: Thank you so much for having me, Cameron.
Cameron: It's my pleasure. There's so much to discuss, particularly business identity, which is a hot topic right now. Our audience is eager to hear your perspective on the challenges businesses face with identity and how you developed your thesis for Mesh. Let's start with a bit about your background and the origins of Mesh.
Diego: You'll notice I have an accent because I'm originally from Argentina, now a U.S. citizen. Growing up in a middle-class family that relied on a small family business, I saw firsthand the struggles of proving business worthiness in a digitizing world. This included either excessive bureaucratic hurdles or outright denial of opportunities due to insufficient business history, often described as a 'thin file'. My experiences in Argentina, where data infrastructures are lacking, initially made me feel helpless.
Fast forward, after moving to the U.S., completing my MBA at Stanford, and joining Amazon where I launched three businesses including Business Prime, I saw similar identity verification challenges, even within one of the world's most sophisticated companies. Amazon relied on numerous teams and a stack of vendors, yet often failed to verify business legitimacy, which was eye-opening and paralleled the inefficiencies I observed growing up.
Cameron: That's fascinating. How does Mesh leverage your platform to address these vulnerabilities in business identity verification?
Diego: One key aspect was our Business and Entity Verification Report, which broadens the understanding of business identity beyond the traditional Know Your Business (KYB) context. We address various needs such as verifying the legitimacy for accessing regulated products, assessing credit eligibility, and ensuring businesses haven't engaged in fraud or sold illegal items.
At Mesh, we initially focused on simplifying the verification of business licenses across various jurisdictions. We developed a unified API to streamline this process, achieving high accuracy and reducing the friction typically involved in manual verification processes. Our approach not only enhances the speed and reliability of these verifications but also significantly improves user experience, facilitating better conversion rates and engagement.
Cameron: With the concept of reusable identity tokens, how do you tackle the initial challenges of establishing a network of trusting parties?
Diego: The cold start problem in network effects is substantial. At Mesh, we've built a team of experts from Amazon and seasoned veterans in identity verification to create standalone value from day one. This means delivering immediate benefits to businesses that join our platform, independent of network effects, focusing on frictionless experiences and robust data management strategies that prevent drop-offs and optimize conversions.
Cameron: That's a powerful approach. Could you delve into the economic model of Mesh, especially who bears the cost of verifications?
Diego: Absolutely. Our philosophy is that small businesses, particularly those underserved or marginalized by traditional systems, should not bear the cost of verification. They should have the right to establish their trustworthiness without a fee. Thus, the economic burden falls on the companies that request verifications, who benefit from the ability to trust and engage with these small businesses securely.
Cameron: For anyone interested in learning more about Mesh or adopting the platform, where should they go?
Diego: They should visit meshverify.com, where we provide more detailed information on how our solutions can be tailored to specific needs, especially for e-commerce platforms and marketplaces looking to enhance their onboarding processes.
Cameron: Thank you, Diego, for sharing your insights and detailing how Mesh is innovating in the business identity space. It's been a pleasure.
Diego: Thank you, Cameron, for the opportunity to discuss these critical issues. It's been great speaking with you.