Five Tips For Starting a Web3 Company

There’s no disputing the fact that the digital asset industry has continued to evolve at an extremely rapid pace over the last few years. However, one niche, in particular, that has gained an insane amount of mainstream traction is the Web3 sector. Web3, in its most basic sense, can be thought of as the latest iteration of the world wide web (www) economy, however, the difference lies in the fact that it is steeped in the ethos of blockchain-based decentralization and token-based economics.

From a statistical standpoint, it is worth noting that the Web3 market has and will continue to expand at a rapid rate over the course of this decade. In fact, there are studies which clearly show by 2030, this industry will muster a cumulative valuation of over $80B. Thus, many entrepreneurs are excited with the prospect of launching their very own Web3 startups. However, before they do that, there are some key tips they should bear in mind. So without any further ado, let’s jump straight into the heart of the matter.

Have a fantastic idea to begin with

There’s just no beating around the bush with this one because unless an individual has a rock solid idea of the problem they are trying to solve, their Web3 startup can never be successful. To this point, the firm should be offering products that not only have real life use cases but also easily accessible to the masses.

To elaborate, the ideation process during a startups formative stages should include key domains such as: a clear identification of the problem being tackled; the project’s development lifecycle; actualization potential and lastly a clear roadmap.

Utilize high quality public relations (PR)

There’s a reason why public relations (PR) lies at the heart of any company’s success. This is because in order for brands to grow and engage with their target audiences, a solid PR machinery is needed round the clock. That being said, Web3 PR is a specialized avenue meant primarily for Web3.0 companies or firms that actively make use of decentralized offerings.

Statistical data clearly shows that startups employing professional Web3 PR strategies are not only able to generate a lot of mainstream traction themselves but are also capable of garnering more funding than their erstwhile counterparts.

Hire the right team

When dealing with Web3-centric technologies it is important for startup owners to surround themselves with the right talent — be it CxO’s, developers, media managers, etc. This is because the sector is still quite new and requires individuals who not only know what they are doing (and are good at their jobs) but also capable of evolving as and when the space continues to mature.

Foster a solid community of supporters

One of the best ways for a Web3 startup to gain any sort of mainstream traction is by garnering a diehard community of supporters. To do this, it is of utmost importance that firms start to engage with their potential clients/audience via social media platforms including Twitter, Telegram, etc. Furthermore, companies with a more technically-oriented outlook can make use of Medium, LinkedIn, etc to maximize their community outreach efforts.

Invest in solid marketing campaigns

Web3 startup owners should be very clear when it comes to investing in quality digital marketing initiatives. This is because they are the most battle tested means of making sure that a company is able to incur sustainable, long-term growth. Furthermore, marketing allows startups to establish their market presence but also helps brands foster and develop a solid product-market fit. In this regard, some avenues that Web3 startups can use to connect with their target audiences include ask me anything (AMA’s) campaigns, thought leadership seminars, giveaways, etc.