A few years ago, Alex Gold, attending a gala dinner in his company, noticed that the only thing everyone is talking about is the crazy growth of cryptocurrencies. Mentioned Bitcoins, Ethereum and other, less well-known, but quite interesting currencies. Some of them are called very funny, for example, Putincoins.
In those days, one bitcoin cost 20 thousand dollars, and everyone wanted to participate in this important process. But the company's technical director warned that there would be a sharp decline soon. He believed that the whole point is the potential of the blockchain, namely, platforms for building cryptocurrencies. After all, not a single application with powerful scripts has been created that will really bring benefits. And over time, everyone was convinced of the correctness of his words, because a very large recession followed, and Bitcoin lost about 80 percent of its value.
Startup from Binance Labs
But recently, everything has changed: when demonstrating Binance Labs - the accelerator program for startups with a blockchain - it seemed surprising to Alex that the Binance venture division was trying to raise money not for ideas and theories, but for a finished product.
They even developed options for using the program in real conditions and provided reliable customer support in the early stages. Another important point: unlike other startups, they focused on attracting serious investors who are ready to invest in the project more than just capital. This is what made me think, or maybe it's time to invest in the blockchain, to found our company on this principle.
In his opinion, now is the time to act, because the blockchain opens up more opportunities and offers the creation of new solutions. But for this to really make sense, investors and entrepreneurs need to look for opportunities that can be applied in real conditions and attract customers to this. And these should be exactly those people who are ready to invest in the project not only money. In addition, the colleagues involved should also be interested in the project and in the long-term use of these technologies.
What matters
At the Binance demonstration, almost all the companies that presented their projects already had demand and support. It doesn’t matter if you are subscribing to a new decentralized loyalty platform or a market that promotes growth in supply.
For many entrepreneurs, it became clear that with blockchain solutions, gradually gaining acceptance among everyday consumers, it was appropriate to demonstrate practical application. For example, the Cerebellum network is a decentralized version of the famous CRM Salesforce. Instead of, as usual, providing an official document for public viewing, they created the product and tested it, receiving positive feedback from customers. Thanks to this, the company was able to get investments from different companies in advance.
If you decide to establish or invest in a blockchain company, then the first thing you should think about is what real consumer problem you can solve with this. For example, one entrepreneur plans to launch a platform for living together in a new generation of houses. With it, users will be able to navigate homes around the world. In this case, the blockchain acts as an activator.
Crypto Mania
In the midst of crypto mania, many new ICOs were opened specifically for retail investors. They made it possible to increase the rate of coins not only in hours, in minutes. And it was a great way to acquire capital for further business development.
But in this process, one very important element is missing - investor consultation. Their experience and knowledge is sometimes much more important and more effective than obtaining tranches at different stages of business development. And this also affects blockchain companies.
The importance of investors
At an early stage, investors often offer much more than just capital. They can provide connections with talents, pioneers in this field and even with other people who are ready to invest in your project. Some businessmen use this moment to check and control the companies in which they invest.
Therefore, Alex Gold recommends looking for investors who offer resources, guidance and assistance. Perhaps it will take more time and effort, but in the end it will definitely pay off. After all, this will give you the opportunity to maximize the importance of your company in the future.
Find long-term colleagues
Many figures in this field think very little, and instead of creating a stable, real application, they try to issue a new hot coin and cash it out. Of course, this is an instinctive desire to get everything at once. But the fundamental point of cryptocurrency and blockchain is a long-term revolution and transformation.
The main potential in changing the global economy, trade routes, financial system and supply chain. And for this to work, you don’t have to fly like moths where there is light. It is worth looking for colleagues, partners and investors who are willing to spend their capital, time and patience to achieve the final result.
Right now is the best time to start something
Crypto prices are starting to bounce back, the market is becoming available for new participants and applications. Therefore, this is the time to create companies ready to work on the blockchain. Of course, the technology offers quite unlimited possibilities. But still, if you decide to open a new business, then do not ignore its key points.
In other words, you need to create only those products that consumers need. Among investors, you should choose only those who will become a reliable partner and a good adviser. And to hire employees on the principle that this person does not want to quickly earn a lot of money, but wants future development and long-term cooperation.
This is the only way in reality today to create a new business that will work well and efficiently, make a profit and make its contribution to the new world economy. At least that's what Alex Gold, co-founder of Myia, thinks so. The time to act, it has come, but any steps need to be taken wisely.