We are constantly amazed at some of the promising Blockchain projects we see on daily basis and it undoubtedly strengthens our belief in the technology to disrupt, to upset the status quo and provide alternative, innovative approaches in solving key issues across various industries
In the rush from Blockchain startups to take advantage of the opportunity that it presents, many of them have focused on the ‘beauty’ of their technology solutions with less thought on the end user experience, user growth and adoption and crucially, an effective business model that will sustain the startup
With varying degrees of capabilities of start-up teams, many rushed into development without a clear approach and structure with regards to their business model, user experience and customer acquisition strategies
As a result, a fair number of Blockchain start-ups are now struggling to gain traction, generate value and interest in their coin
Although we are in dealing with an emerging technology, the rush to market should not be overshadowed by the fundamentals of developing a solid technology start-up
A Product Led Focus
The fundamentals of a solid start-up including research, identifying pain points, a lean approach, user experience and the design of an effective go to market strategy, results in a well thought out product which addresses their users’ needs
Too often these approaches have gone out of the window, replaced by Blockchain start-ups’ obsession with just building ‘great tech’
The development of this emerging technology does not mean we don’t take a product led approach to building successful businesses.
As more and more sophisticated investors enter the crypto market, they are looking at more than just the value of the token in their investment decision making.
Traditional investment decision metrics and approaches i.e. traction numbers, revenue model are just as important and for Blockchain start-ups to be seen as serious investment candidates, they need to consider the above fundamentals
Benefits
Deciding to adopt a product led approach, allows for the team to build for the medium to long term in a method that will allow for the development of products which customers want to use and derive value from.
It becomes less about the technology but a focus on building Blockchain solutions which make it easy for users to adopt the technology
As we begin 2019, Blockchain startups should look to begin to realize benefits, to both business and users which Blockchain promises to deliver
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