Yup, we’ve all heard the news. It’s been a rough
Mar 18, 2021 at 13:42.
Blockchain is a shared, immutable ledger that facilitates the process of recording transactions and tracking assets in a business network. All together it has created a white canvas for entrepreneurs and corporations who recognize in this technology the solution to real world problems.
D’vorah Graeser, Founder of KISSPlatform and a panel composed by distinguished investors discussed “What Makes a Blockchain Startup Successful” at the 4th #ebcTALKS.
Maximilian Lautenschläger, Co-Founder of Iconic Holding, reveals the importance of UX. Blockchain startups should invest in UX as much as in the actual technology, paying attention to the real need of the client. As Maximilian manteins, there is no point in noticing the technology implemented. People don’t care about your blockchain app, they care about having solutions to their everyday problems. He solidly believes in the importance of knowing if your company needs blockchain otherwise it can cause serious damage to your business.
“People don’t care about your blockchain app, they care about having solutions to their everyday problems.” Maximilian Lautenschläger
Being a startup you have to acknowledge the importance of timing and knowing which market you are going to fit your product in. Antoine Dresch, Co-Founder of tech investment fund Korelya Capital (which led an $80 million funding round for Bitfury and invested in the crypto hardware wallet manufacturer Ledger), admits even though he was right to invest in the success of bitcoin, people weren’t ready for software yet. In other words, you have to make sure your target is ready to acquire your product.
“You need to make sure your target is ready to acquire your product.” Anthony Dresch
On the other hand Amit Sharma, Founder & Mentor Partner at XL Ventures claims it is not enough finding your market fit, you have to build an entire ecosystem around your product, providing your startup with a community and values.
“Finding market fit is not enough, you have to build an entire ecosystem around your product.” Amit Sharma
The panel moved on to argue about the obstacles blockchain startups face. “We don’t have a universal law, I assume as the matter gets more attention each jurisdiction will do something about it”, explained Nisa Amoils, Managing Partner at A100x Ventures. Another issue is mass adoption, the social impact we envision will only happen when blockchain tech is widely adopted.
At the end of the session, Maxmillian declared the main objective is having a great idea, followed by an excellent user experience and a great marketing campaign. Design an execution strategy, find good partnerships and the revenue will come along.
Learning that blockchain startups depend not only on a customer-centric value proposition but also on an entire ecosystem, the European Blockchain Convention helps corporates, investors and startups with a network of world leading experts in blockchain while accelerating the discussion, evaluation and positioning of innovative blockchain products in Europe. We are glad to have you part of EBC and excited about accelerating our ecosystem development together with you!