ADN Tips: 5 Things Cryptocurrency Startups Must Have
Blockchain enables visionaries to pursue their start-up ideas. In this ADN Tips blog, we share 5 things your start-up needs to thrive.
Pursuing your dream project within the cryptocurrency and blockchain industry is probably one of the most rewarding endeavors you could possibly have. Blockchain has yet to reach its full potential, yet we have already seen it accomplish things we did not even imagine possible before.
On the other hand, there’s always the fear — and the threat — of failure. In fact, over 90% of startups fail primarily because of internal factors. To be frank, we at ADN don’t want the same thing to happen to your initial coin offering (ICO).
Nowadays, merely having a good idea for a project will not be enough. You will have to consider many other factors. In this blog, we provide suggestions to help your project take off and accomplish what you have set in mind.
1.A Market Need
We know this is a splash of cold water, but the popular mantra “if you build it, they will come” is a business myth and is nothing more than a movie line. If you want your crypto project to thrive, you must first identify a real market need for it.
Again, your crypto project must first be able to identify a market need for it to succeed.
Let that sink in for a while.
For example, if you plan on building a blockchain-based app that checks the origin of a pack of edamame, you have to make sure that there will be enough consumers in the area. If you even had to google what edamame is, then that pretty much explains why you shouldn’t build it in the first place.
Anyone can have a brilliant implementation of blockchain technology, but unless you have a queue of customers that expresses the actual need to use your platform, your crypto project will have a bleak possibility of succeeding.
Some suggest that we can create a market need if there currently is none. While this may occur in some instances, this can become a very risky suggestion overall. If you don’t want to become part of the startups that belong to the 90% that fail, you need to check if there is indeed a tangible market need for your idea before you proceed with it.
2.Have Enough Resources
As in every business, capital is an indispensable resource that many startups lack. Regardless of the platform, be it a traditional business or a blockchain venture, founders come up with different ways to fund their projects.
In fact, there are companies dedicated to giving funding to promising startups, with promised returns once the startup goes running and caters to its intended consumers.
Aside from financial resources, startups also need core team members who know the project well and can execute their tasks properly and effectively for the startup to actually deliver results.
That being said, your team should be skilled enough to develop your project. On top of this, you must be able to work below your means: if your startup doesn’t require you to have a physical office for the time being, then you should be fine with working remotely from your respective homes.
At ADN, we are developing a platform that can allow your blockchain-based startup to receive funding. We make it our vision for the company to improve the overall ICO practice so that crowdfunding will be made possible with the participation of crypto investors.
3.Have the Right Team
It is not enough that you have enough people who will work on your team; even more important is that you have a team that is suitable for the job. Simply put, your team needs to synergize your strengths to be able to accomplish your job efficiently.
Along with your team of developers who will be wracking their brains just to fix the back-end of your app, you need to have a marketing team that will make your platform popular. Remember the first must-have that we mentioned?
Blockchain has grown to become one of the industries that have the largest potential for growth. Even now, many well-known companies are out-hiring each other just to get the best blockchain developers to their side.
That is all the more reason for you to market your project effectively. Even if you create the best crypto project there is, but if it does not get advertised properly, then all your efforts and resources could become useless.
Given that there’s a possibility for you to compete with others that have more tools and resources at their disposal, good advertising can be your best friend.
Finally, you need to get your investors to participate better in your platform. We have noticed that many startups post the faces and names of their popular investors on their website as mere decorations or website fillers. But that should not be the case.
You have to consider that your investors may know someone who owns another company which could become a valuable partner. If that is the case, the investor would be more than willing to assist you in that partnership to help your startup grow and ultimately earn him profits.
4.Hit the Right Timing
Along with the other factors, this is one of the things that your startup needs to consider before it pushes through with the operations. Sometimes, you have a good crypto idea, a team that can accomplish the job very well, a foreseeable market need, and ample resources to sustain your operations. But some startups fail because they are either too early or too late.
Of course, there’s no such thing as perfect timing. Only a time-traveler would be able to tell so. But for all of us who do not own a time machine, we have to rely on instincts, insights, and courage to push through with our crypto startup.
Startups in the crypto industry may fare better in this aspect because of ICOs. Given the fact that ICOs are literally tokenized crowdfunding, your investors can somehow help you see the need for your blockchain-based startup based on the number of those who are willing to stake their money on it.
ICO has become a more mature practice than it was a few years back, and so are the crypto investors.
If you have a brilliant start-up idea but you feel like the world, along with the present technology, isn’t ready for it, then maybe you can proceed with another project which could become its precursor. Then you can use it to lay the groundwork for your initial startup idea.
5.Have the Courage to Pivot When Necessary
Finally, if things do not go well with your first try, then you have to make all the adjustments you need, including pivoting. This specifically means that your entire company will shift its direction and service to make sure that your business will succeed.
We have seen pivoting done by various companies, and they have reaped huge results. But before you abandon your current project entirely, make sure that pivoting will prove to be the best solution to your startup woes.
Pivoting should be done with utmost care and calculation; you can’t expect to switch to another service then revert to your old one if things don’t turn out well after your pivot. It should not be the first solution either; maybe you only need to cut costs or revamp your roadmap.
In the crypto industry, having an ICO would help you gauge your startup’s potential by receiving both funding and comments. You can create your social media channels and engage with crypto enthusiasts to learn more insights about the market.
At ADN, we will be having a curating body that will evaluate ICO projects and see its viability and chance at success. Should an ICO project fail to receive the number of votes needed for it to proceed, we will evaluate it and provide suggestions so that you may improve and satisfy your investors.
To be frank, we understand how each startup feels. Even though we have a wonderful team led by CEO Ron Lim and Co-CEO Jon Ban, and we are poised at becoming a platform that will usher in an unprecedented ICO security platform, we believe that we should not be too hasty in our endeavors.
Currently, we are partnering with Deep Dive Technology, a reputable blockchain and cybersecurity firm to help us develop our mainnet along with our ICO Wallet. We are also taking the right pace for us to execute our mission well, which is to improve the overall ICO security setting.
As we proceed with our goals, we aim to grow more, both quantitatively and qualitatively. We hope to provide a secure ICO platform for your crypto startup to succeed and further improve the blockchain industry through your project.
Found this article helpful? Click on the “👏” button on the left side of the screen. Put those hands together as many times as you like. Meanwhile, follow our official social media sites to get the latest updates from us.
Facebook | Twitter | Instagram | Linkedin | Telegram | Reddit
