[Part 3] Love the blockchain? Stop everything you are doing and come to CryptoValley RIGHT NOW!
Written by Edmilson Rodrigues (CEO at Swapy Network)
This is the end of my 10 days visit to Cryptovalley and I had the opportunity of meeting many of the individuals and organizations who are making this ecosystem to happen.
Because they are the first, this region will become the epicenter of the blockchain community. While most countries are still trying to understand the technology and regulate the sector, Cryptovalley already became the destination for blockchain entrepreneurs and enthusiasts who are creating the next generation of products and services.
It is not by accident that this place is, and will be even more, known as Cryptovalley. They have a perfect balance between three factors:
(a) Low taxes: It is a 8% for any product or service, while in Brazil it is 27.5% on average and in the US is around that. The simplicity of having one single and low tax is great and saves you a lot of time and money in compliance.
(b) Friendly regulation: If you are a blockchain startup you are working in a regulatory environment which is uncertain. Look what happened in China. With a simple decree China´s Central bank banned ICOs and closed all exchanges. In the mean time, the Zug Kanton, just 30 minutes by train south of Zurich, passed a legislation protecting companies and startups doing ICOs (or, as they call here, TGEs — Token Generation Event). And if you get all the documents right, the time estimated for that is 3 weeks and the cost between USD$15k to $40k, mostly in legal fees.
© World class advisors:For blockchain entrepreneur it can be very frustrating to explain your product to someone who does not know a thing about the technology. But if you talk with the main consultants in the region (MME, BlockHauss, Bitcoin Suisse, Cryptovalley Labs / LakeSide partners), all of them have world class people who speak fluent English and are very knowledgeable of the blockchain.
However, the ecosystem is still not 100% mature. Since 2014 I have been to Silicon Valley at least twice per year. So, I can feel that there are many services to entrepreneurs that they still do not have here. For example:
1) Entrepreneurship programs: Programs like Draper University are responsible to bringing talented entrepreneurs from all over the world to know the ecosystem´s opportunities and create the next generation of companies. That is how I got started.
2) Hostels and co-working services: I really tried to, but I could not find services like hostels where I could book a bed or room and get to know other entrepreneurs (like Serendipia Nest in San Francisco). Also, there is no co-working to pay by the hour, neither in Zurich nor in Zug.
3) Big and professional venture capital funds: Most local investors I met are a group of angel investors who contribute as individuals and particularly in the Pre-ICO phase. Big names like Sequoia, DFJ and Greylock capital have offices in different cities around the world, but are still not here.
So, if you are either a small fish or a big one, CryptoValley is still a blue ocean whose potential was not yet explored. Think of the growth of Silicon Valley in the 80s or 90s or China in the 00s. That is what is going to happen here in the next 3 years. In the following 12 months there are 70 crypto funds in formation and additional USD$2.2Billions of capital injected in the industry. Do you want a piece of this pie? Stop everything you are doing and come to Cryptovalley RIGHT NOW!
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