Running a tech startup is a daunting task. But running a startup in a Web3 world with layers of technical know-how, a rapidly evolving ecosystem, and ever-changing demands from regulators is no doubt challenging. That’s where accelerators come in.
Simply put, an accelerator is an organization that helps existing startups grow and develop. Their teams often include professionals from diverse backgrounds. In the Web3 context, this often involves someone with a deep understanding of tokennomics, the metaverse, and how to best fit a project idea to his ever-changing Web3 market needs.
Most accelerators also bring networking opportunities, marketing, PR experience, and contacts to help establish the project in the wider ecosystem.
Accelerators exist in every industry, but their presence is especially important in the technology industry, where rapid growth and strong fundamentals can make or break early projects. In short, these hubs of expertise can move projects from vision to execution.
Elnaz Sarraf, founder and CEO of Roybi Robot and Roybiverse, certainly found them useful. In 2019, Roybi Robot, a smart his-toy-hi-robot designed to help toddlers learn multiple languages and his STEM skills, graced the cover of TIME magazine and was named one of the top 100 educational inventions of the year. was featured as one of his in
Accelerators can knock down the door to Web3
Following that success, Sarraf and team had their eyes on the horizon, and Web3 was about to go over the hill. “We always wanted to be one of the first companies to introduce new technology into the space,” she says. “But also the education sector is very traditional. I remember talking to some investors about Web3 and blockchain, and they treated me like I was a completely insane person. was watching.”
Sarraf and his team approached Matterblock coldly. For them, the decision to join a project or not is based heavily on dedication, IQ, and his EQ (the quotient of intelligence and emotion), one of the two co-founders said. says Zia Word. “She’s a true example of what I’m talking about. She founded these companies, slept on factory floors in China, [Roybi Robot] Not only will it be delivered on time, but it will be delivered 6 months in advance. ”
Saraf and her accolades are a bit of an outlier. Many of her Web3 startups require a lot of processes to be reconfigured or thrown out of the window entirely, says Zia. “In a traditional startup, you have something like an MVP (minimum viable product) to test if what you’re building is actually needed.”
Web3 startups work a little differently
The alternative is community building, a modus operandi that characterizes many pre-launch Web3 startups. “It’s difficult with Web3 because we often create new categories and build new technologies.”
Ben Constanty, co-founder and CEO of Web3 accelerator The Blox, also believes we are in another era. “A lot of the ideas at this stage don’t have an existing market,” he says. “It is impossible to tell whether a product will find Product/Market Fit without putting all our hopes on the ability of the founders to deliver in the first place. We try to hire entrepreneurs who can quickly iterate and pivot as needed so that the process can be repeated over and over.”
In multiple conversations with BeInCrypto, the emphasis on founder quality was a recurring theme. Outlier Ventures Chief Operating Officer Nathalie Oestmann says project heads need above all mental fortitude, coaching ability and an execution-focused mindset. “Founders who don’t embody these traits are the ones who end up having the biggest problems getting teeth,” she says.
Outlier Ventures has a 12-week “base camp” program for seed-stage startups. Seed investment refers to the early stages of a company’s development when the company receives the first round of funding for product development, market research, and hiring.
Being a founder of a startup is an incredibly tumultuous journey, with endless need to change plans and make adjustments at every stage of this process,” she continues.
The most successful founders are those who are open to advice, learning and adjustment. “As I always say to novice founders, these learnings can lead to big changes in business plans that aren’t easy, but ultimately lead to stronger and more resilient business models. .”
Startups need a strong team
According to Thomas Rush, partner at Consensys Mesh, which was founded in 2015 by Ethereum co-founder Joseph Rubin, individual power is often more important than ideas. Especially since it’s early in the process. “The team is number one for us,” he says. “We know things are going to change. It could be next week or six months from now. It has helped us build on more business operations expertise and go-to-market expertise, including recruitment.”
A staggering number of Web3 startups have failed, according to multiple sources who told BeInCrypto. You can find a lot of different numbers on the internet, but the consensus is that the majority collapse in the first few years.
That pressure can lead to navel-gazing and a lack of perspective. Teams must understand and adapt to the world around them. “When a team is unable to articulate why a business is successful because it is outside the business itself, it is not a red flag, but it is definitely something we are looking for and want to encourage people to consider. thinking about.”
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