20 rules for launching a successful web3 startup, part 1
Sep 26, 2023
As data scientists, we can't stress the importance of quantitative data informing your decision-making. But, perhaps because it's less formulaic, qualitative data doesn't get as much appreciation.
In the interest of a holistic approach to success in web3, we asked 20 founders who've managed to make their mark what it took.
The question: If you could give one piece of advice to everyone starting out in crypto, whether as a first-time entrepreneur or a seasoned operator from traditional markets, what would it be? What makes launching in crypto different?
(And, of course, we asked this over Twitter/X, where the crypto industry lives.)
Below, we've consolidated 10 of the 20 most poignant lessons from these entrepreneurs, in the hopes that they'll contribute to your success. (The next 10 are coming soon - follow us on LinkedIn or X to be alerted.) Enjoy!
p.s. - if you want quantitative data, sign up for a free trial of 26 blockchains and protocols here.
New should feel familiar
"Build a team with the best talent you can find and develop products that strike a balance between being innovative and feeling familiar."
- Evaluate Co-Founder @Christian_Dtmr
Value-added is tried-and-true
"Build something people want."
- Electric Capital Founder @avichal
Stick it out
"As a builder, it'd say it's super important to be gritty."
- Co-Founder of TraderJoe & JoePegs @cryptofishx
"Your main job is to find the right people for each position in the company so you can focus on Twitter full time."
- Squad Labs CEO @SimkinStepan
The best value-add is user-empowerment
"Become a billionaire not by amassing wealth, but by empowering a billion people to achieve financial freedom."
- Swissborg CEO @Cyrus_Fazel
Data comes first
"Make sure the data is right!"
- Spindl Founder @antoniogm
Keep mental models flexible
"Be scrappy; you're going to encounter more adversity building a company in Web3 than most. Persistence, confidence, and vision are crucial, but consistent re-underwriting of your mental model around product vision and how it is helping users is equally important."
- Paragon Co-founder @cardmanjones
Shift in real time
"Always be willing to change your approach. When a space moves and changes this fast, you need to be able, ready, and prepared to shift in real-time."
- Dust Labs CEO @kevindegods
Start with conviction, stay persistent
"Provide real utility; genuinely deliver value and/or help solve a problem for your audience, and have conviction in what you're doing; be persistent with your good idea."
- QuickNode Co-Founder @DIMIDJ
Follow the needs
"We believe that success in Web3 is primarily attributable to having a deep and genuine understanding of Web3 stakeholders' needs and an ability to continuously and regularly evolve as those needs shift over time."
- Flowty.io Co-Founder @mbl267_NFT
Stay posted… part two is coming!
This was the first half of a two-part series gathering insights from battle-tested crypto founders. We'll post the second half next week to our LinkedIn and X accounts, so follow us on your preferred platform to see it when it drops.
And if you're looking for the quantitative complement to this qualitative data, sign up for a free trial of the most comprehensive blockchain data available.