If necessity is the mother of invention then opportunity is the mother of profit. Innovation might be dubbed as its father. In 2018, blockchain can definitely be called the big boss. It’s already inspired numbers of entrepreneurs to set up their own blockchain companies. We’re used to working with entrepreneurs, blockchain startups, and innovative companies as a blockchain advisor. However, many still need the answers to basic questions: “How do we make it work well for us?,” “How do I set up a successful blockchain business?” Knowledge is the key to success. So, if you’re considering building a blockchain startup, here’s what you need to know.
Remember to hurry
We all want to feel unique and special — but we are all business-focused people and we want to make money. Many assume that new blockchain startups are fundamentally different from the very beginning than other businesses focusing on innovation and new technology. The ugly truth is, it’s not. The same story, the same moves, the same attitude — the only real difference is in the speed. The speed of chances and speed at which things move. You still need to focus on building a good product, gathering a talented team, and creating kick-ass content with your marketing department to launch a money-making machine. The only difference is that your time is limited. The world around you is moving forward and your blockchain idea has to find its place in it.
It’s a new world full of opportunities but it’s full of new challenges as well. You can’t afford to cut corners. It doesn’t mean it’s harder to set up such a business, but you can’t aim at capitalizing the market-hype or trust any short-term speculation. Too many ICOs and startups haven’t consulted any legitimate blockchain advisor and ended up placing too much trust on short-term hype. You must build your knowledge and test your business idea quickly so that you enter the market prepared. To sum up, launching a blockchain startup is similar to any other startup idea, but the execution is much faster. In fact, we’ve had several clients who approached us with tight deadlines — simply because they knew they were running out of time. In our experience, this is especially true for ICOs.
Know your aim
What we decided to do is work like a good tailor approaching a new customer. Even if the tailor has crafted thousands of suits and he can make one with his eyes closed, it’s still important to see the client as a completely unique person. With Blockchain, we have to bear in mind that sometimes it’s the very first suit the client is ordering. We help entrepreneurs take accurate measurements to know what kind of “material” we will need to sew this suit.
First, the objective is to create a clear aim, estimate the costs as well as the time needed to start and develop your business idea within the Blockchain space. It’s crucial from the market research perspective to know several things from the very beginning. Questions about the speed of growth and your product’s viability are essential. Remember, that generally, asking questions is free, so go here and ask yours.
Build a dream team for your blockchain startup
The second thing you must understand and remember is that your business is a complex organism. And here, this organism is made of people who build your team. In most “business organisms” the money could be compared to… blood. You’ll need to pay attention to the team’s synergy in order to keep your system healthy. In this case, the blood cells carry not only the money necessary to keep your growth going, but also technical knowledge.
The people’s skillset and the right mindset will allow to understand your business idea and the blockchain environment, and this will help you to grow fast. You’ll need to collaborate across specialties, and you’ll need to be able to do it quickly. You may sometimes have to convince people to trust you to take a big, risky jump into the blockchain ocean. At times, you’ll need to act instantly, to take the bull by the horns even if you’re risking failure.
It’s likely no one in the founding group will be doing just one job in your team. A blockchain business organism has to multitask, it’s up to your team to enable its growth and development — and be ready for anything. To sum up, you will need to make sure that your founding team is made of skilled people who are able to collaborate with each other and who aren’t afraid of pushing the limits.
Find extra resources fast
However, this article is also here to remind you that any opening in your team can be filled. Hiring in the blockchain sphere can be a daunting task, especially for technical roles. But you can get the right people on board if you’re ready to share your ideas with people who want to listen and who have – preferably – walked the paths of the blockchain world.
It’s OK if you can’t control everything yourself during the time of growth. Let’s face it, it’s very hard. But since I’ve mentioned that time is often of the essence… then you’ll need to find someone ASAP to boost your team’s technical prowess. Alternatively, a blockchain advisor to help you along the way. What’s more, it’s never too late to start learning or to boost your blockchain knowledge. Polishing up your team’s technical skills or improving the understanding of the business you work in. So, hit the training ground!
Press N for networking
The third piece of advice is to stay updated. The blockchain community is dynamic (similarly to any other innovative-powered business). Those who work within it can be an invaluable resource, a blockchain advisor here, a crypto enthusiast there. So use those resources! blockchain meetups, events, networking, blockchain speakers and workshops – all of it may result in dozens of connections, new knowledge and useful relationships. Mind you, not all conferences are worth paying the high fees for (we know, we’ve done this ourselves). Know what you want the answers to, keep an open mind and don’t underestimate those who don’t seem like a ‘ROI’ connection for your blockchain startup at the beginning.
Talk to the right blockchain advisor
While building a list of upcoming events for your startup it’s crucial to try to prepare yourself for any opportunities and challenges that may occur. Apart from estimates and technical support, it’s also good to have marketing support, not to mention business blockchain advisors. With blockchain, there’s a constant stream of new people who come up with new ideas and unique solutions. But remember, blockchain is still a brand new world, an uncharted territory, that’s why it’s becomes a challenge to separate those with the right knowledge from those only tagging along for the hype.
Find a support structure
It’s advisable to have teachers, advisors and support in the network. We’ve seen both blockchain startup founders as well as seasoned C-level executives struggle with the lack of support. Entrepreneurs who approached us for projects often weren’t sure just how advanced the development process would be, or if their project would work in the way they envisioned it. And we don’t blame them – blockchain is a relatively new phenomenon. Not everyone has to be a technical expert either. So we decided to make consulting available practically from the very beginning. Instead of only helping to estimate the time & costs, we offered — as a blockchain advisor — to take a deeper technical and business look at what clients came to us with. Even if we had to make some brutally honest comments!
Being a pioneer is always challenging. In this regard, it’s not too different from building a “normal” startup. The process itself is still demanding and difficult; it needs support, advice and determination. Just remember that operating and working fast is one of the basic requirements for a blockchain startup. In order to do it, you MUST be able to look ahead. You will boost your business vision by consulting with others, especially a good blockchain advisor. Support resources are crucial for a blockchain startup!