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Eyal Avramovich is a highly regarded entrepreneur and innovator, known for his pioneering work across multiple industries including consumer electronics, urban mobility, renewable energy, and cryptocurrency. With a degree in electronics engineering, Avramovich has built a remarkable career, earning patents for groundbreaking products such as the world’s thinnest bathroom scales and a portable charger that became bestsellers on platforms like Amazon and QVC. His passion for innovation, paired with a desire to solve real-world problems, has driven him to found several successful ventures, including the cryptocurrency mining company MineBest and the development of the Leia Gabriel Luxury Urban Vehicle (LUV).
Based in Dubai, Avramovich has also been a driving force behind the creation of Bitcoin Vault (BTCV) and Electric Cash (ELCASH), both of which aim to bring increased security and efficiency to the cryptocurrency space. His ventures not only focus on cutting-edge technology but also emphasize sustainability, as demonstrated by his renewable energy project Skyforce, which aims to revolutionize energy production. Avramovich’s approach to business combines creativity with practicality, always striving to solve complex problems in a sustainable way. His leadership has fostered innovation across several industries, and his work continues to push the boundaries of what's possible.
We sat down with Eyal Avramovich to gain insights into his approach to fostering creativity and innovation within his companies and his vision for the future.
How do you foster a culture of creativity and innovation in your workplace?
I prioritize creating an environment where brainstorming sessions are open and inclusive. By celebrating new ideas—whether successful or not—I encourage a mindset that values innovation as part of the process. It’s not just about coming up with ideas; it’s about maintaining a culture where trying new things, experimenting, and learning from failures is just as important as achieving success. This environment makes my team feel comfortable taking risks, which is crucial for creativity to flourish.
In addition to fostering openness, I ensure that the team has access to the resources they need to explore their ideas. This could mean investing in new tools, providing access to knowledge, or simply allowing time to think outside the box without the pressure of daily tasks. I believe that the combination of freedom, resources, and support creates an atmosphere where innovative ideas can emerge and thrive.
Can you share a time when thinking outside the box led to a major breakthrough in your career?
A pivotal moment came when I identified an opportunity to form a strategic partnership that bridged a critical supply-and-demand gap. This collaboration not only solved an immediate challenge but also established a long-term, mutually beneficial relationship. At the time, it seemed unconventional to collaborate with that particular partner, but it became clear that combining our strengths would create an opportunity that neither of us could have achieved alone. That partnership is still strong today and has significantly impacted our business growth.
In another instance, thinking outside the box helped us make critical decisions about scaling our operations at MineBest. We realized that efficiency and scalability were key to success in the cryptocurrency mining industry, and by thinking creatively about our energy utilization and infrastructure, we could position ourselves as an industry leader.
What role does creativity play in your decision-making process?
Creativity is essential for uncovering unique solutions and addressing challenges innovatively. It allows me to approach decisions from multiple perspectives, often leading to unexpected but effective outcomes. I try to look at each problem as an opportunity for innovation rather than a hurdle that needs to be overcome. By applying creative thinking, I am often able to find solutions that are not only more efficient but also more impactful in the long term.
For example, with the development of the Leia Gabriel Luxury Urban Vehicle (LUV), creativity was crucial in designing a vehicle that could meet the needs of urban environments while still maintaining luxury and performance. The result was a compact, efficient, and stylish electric vehicle that defied conventional design expectations, proving that creativity can drive both practicality and luxury.
How do you encourage your team to innovate and experiment with new ideas?
I encourage my team by providing both the freedom to experiment and the resources needed for exploration. I want them to feel empowered to take risks without fear of failure, knowing that even mistakes can lead to valuable learning experiences. Innovation is about trial and error, and I make sure that my team understands that failing is part of the process. It’s important that they feel supported no matter the outcome.
Additionally, I facilitate open communication within the team, allowing for constant feedback and idea sharing. Regular brainstorming sessions, cross-team collaborations, and attending industry events together help stimulate creativity and open up new avenues for experimentation.
What is the most creative solution you’ve implemented to solve a business challenge?
BTCV’s 3-key security solution revolutionized how business payments were managed. This approach combined technical innovation with a deep understanding of user needs to enhance security and efficiency. When we realized that existing security protocols in the cryptocurrency space were too rigid, we developed a system that allowed for greater flexibility and user control without compromising security. This was a game-changer for many businesses and has had a lasting impact on the way payments are processed in the cryptocurrency world.
This innovation wasn’t just a technical achievement; it addressed a significant pain point within the industry and has helped make transactions safer and more reliable. By thinking creatively about the user experience and security challenges, we were able to bring an entirely new solution to the market.
How do you stay inspired to think creatively in a competitive industry?
Staying curious is my driving force. By exploring innovations across different industries, I gain fresh insights and adapt them to my field, keeping ideas dynamic and relevant. I don’t believe in staying in my comfort zone or only looking at solutions within my immediate industry. Instead, I look for inspiration in other fields, from technology to renewable energy, and try to bring cross-industry solutions into my work.
Networking with other innovators and entrepreneurs also keeps me inspired. Having conversations with others who face different challenges opens my eyes to new ways of thinking and different approaches to solving problems. It’s a constant process of learning and adaptation.
What methods do you use to generate fresh ideas and keep them flowing?
Brainstorming sessions with diverse teams, attending industry events, and seeking input from varied perspectives help keep the creative energy alive and foster continuous innovation. I also encourage my teams to stay informed about global trends, both technological and societal, and bring these insights back into our discussions. Staying connected to a global network of thought leaders and experts is essential for keeping fresh ideas flowing.
In addition, I encourage my team members to think beyond the obvious and explore unconventional solutions. Sometimes, the most innovative ideas come from stepping outside the normal boundaries of the industry and thinking about how we can approach challenges from a completely new angle.
How do you balance creativity with practicality in your projects?
I evaluate ideas by their feasibility and potential impact. This balance ensures that creative solutions are also actionable and align with broader business goals. Creativity is important, but it needs to be matched with practicality to ensure that the ideas we implement can be executed efficiently and effectively.
For example, with the SkyForce renewable energy project, we combined creative thinking around energy production with practical considerations of how to make it sustainable and scalable. By focusing on both the technical and environmental aspects, we were able to create a solution that not only pushes the boundaries of innovation but is also a viable, long-term solution for businesses and industries.
What’s an innovative project or idea you’re currently working on?
SkyForce represents a game-changing renewable energy system designed to revolutionize Bitcoin mining and extend its benefits to other sectors. This project exemplifies the fusion of creativity and practicality. SkyForce uses patent-pending spinning sails to generate 24/7 energy with minimal environmental impact, making it an ideal solution for industries looking to reduce their carbon footprint while increasing operational efficiency.
SkyForce not only addresses a key challenge in the mining industry—sustainability—but also has broader implications for other sectors seeking clean and renewable energy solutions. It’s an exciting project, and I’m passionate about seeing its potential unfold.
How do you measure the success of your creative initiatives?
Success is gauged through key performance indicators, such as efficiency gains, financial returns, and stakeholder feedback that reflects the real-world impact of the initiatives. It’s not just about having a great idea; it’s about seeing it come to life in a way that creates tangible, measurable benefits for the company and its customers.
By monitoring these KPIs, we can continuously improve and refine our strategies, ensuring that innovation is not just about creativity, but also about delivering practical and effective results.
We would like to thank Eyal Avramovich for taking the time to share his insights into creativity, innovation, and his approach to business. His thoughts on fostering a culture of experimentation and problem-solving offer valuable lessons for entrepreneurs and business leaders alike. We look forward to seeing how his continued contributions shape the future of technology, sustainability, and cryptocurrency.
