20 rules for launching a successful web3 startup, part 2
Oct 2, 2023
Welcome back to the second of our two-part miniseries on qualitative data for web3 startups.
If you missed part 1, you can read it here.
To recap: To support a holistic approach to success in web3, we asked 20 founders who've managed to succeed in the industry what advice they had for newcomers to the industry, whether that means first-time founders or seasons web2/traditional entrepreneurs.
(And, of course, we asked this on Twitter/X, where the crypto industry lives.)
Below, we've consolidated the final 10 of the 20 most poignant lessons from these entrepreneurs, in the hopes that they'll contribute to your success.
p.s. - if you understand the power of data to drive successful decision-making, get a free trial of unrivaled data on 26 blockchains & protocols here.
The industry is becoming diverse
"The crypto industry matured. Non-technical careers are plenty, projects crave for BD, finance, and marketing talents."
- dYdX foundation CEO @charlesdhaussy
Trust yourself & make your own rules
"There is no playbook. Start-up is hard. If you know you’re built for it; take a deep breath and keep being you."
- LunarCrush Co-Founder @joevezz
If you have anything on your side, make it time.
"I believe succeeding in start-ups on Web3 is no different than in any other industry. My main piece of advice is. Timing."
- Instadapp Co-Founder @smykjain
"Remain skeptical & try to retro engineer complex things to level up."
- Node Guardians Co-Founder @samnode_
Success starts with one line of code
"Every great software company began with a single line of code. Don't be afraid to just start - you'll get more out of it than watching a hundred tutorials on YouTube."
- Portals Co-Founder @cryptonomik
Find a dozen die-hard fans first
"First make a product or service that’s absolutely essential for a dozen people. Worry about how to make a product for thousands or millions of people after that, not before."
- Ryze Labs Founding Partner @mattyryze
Be decisive, then pivot
"Big believer in just getting started, making a decision and doing something as opposed to spending too much time thinking - just take action and dive in!"
- Flowverse Co-Founder @flowjames_
Don't let volatility distract you
"Working in Web3 can be very volatile with many external factors impacting your success, so keep a level head and always choose to focus on what is within your control."
- Kado Co-Founder @KadoVince
Find your product's value in first principles
"Following first principles when building your projects in Web3 is crucial. By constantly questioning who your project is built for and why it is needed, you can ensure that you are addressing real user needs and creating valuable products."
- IoTeX Co-Founder @qevan
You will have to adapt
"Just when you think you have it all figured out, be prepared to adapt. The only constant in Web3 is continuous motion."
- Flipside CEO & Co-Founder @DaveBalter
What would you add?
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