Innovation and the new Blockchain. Points new Blockchain companies need to consider.
Every serious company in the modern day business world cares about innovation. It’s a buzz word which helps them become leaner, greener and hopefully more profitable. Innovation is exciting – It makes people sit up and take notice. When somebody tells us about a cool new technology, we normally want to hear more. When companies hear from a new supplier who can supply quality… and in a more innovative and technologically advanced manner, they’ve at least got a foot in the door. For those of us who wish to provide that ‘innovative value add’, it’s an exciting time to be in business!
One of the most radical innovations of our time is blockchain. This technology is truly innovational and has the potential to change the world… in a massive way.
The problem with blockchain is that we are still very much in the early days. There are misconceptions and misunderstandings. I’ve heard people compare blockchain to the internet of 1997 – yes, its really that big. However, there are important aspects about blockchain to learn, understand and remember.
This misunderstanding of blockchain can lead to a torrid time for your business. Yes, there’s a mountain of material and information online, but be careful to fully understand the true meaning and impact of blockchain… otherwise your business may falter.
There are a number of factors which need to be taken seriously. The first is the current cryptocurrency market and the impact on fundraising. When the market is green, money flows and fundraising is not as difficult. As long as you have a great product, a knowledgeable and skilful team and can show an excellent use case, you will encounter less problems than the contrary. However, despite this, when the crypto market is down and investors are losing money, crypto is a very lonely space…. Just have a look at ‘Crypto Twitter’ during the bear markets.
The shape and state of the market should always be considered during your progression.
Marketing and fully understanding the new space
The blockchain space moves at lightening speed. The building process is much the same as a contemporary Technology business, but you need to be nimble… Things happen fast. Preparation is key… Your team will need to think fast, deliver on time, pivot and be flexible. All of this needs to be underpinned by a skilful marketing team. Some companies are ‘all about the tech’, but there’s no point in having a great product, team and potential if nobody knows about it… Its like having a Floyd Mayweather fight on PPV without anyone knowing its taking place… It needs marketed right? Hence the circus.
Your marketing team should be professional, state facts, use trusted marketing partners for media, highlight key successes, highlight key team members, list your great news and videos and always be aware…. The audience WANTS to hear about your product. Get your marketing and PR wrong… it’ll set you back. Always ensure you show your passion and sincerity via your announcements… your supporters and potential supporters want to know what’s going on!
As the market matures, we are more capable to see through scams. There are tell-tale signs and the audience out there can be very unforgiving. Bad news or ‘scam suspicions’ travels fast in this space.
There’s more brains outside your head than inside – use advisors and professionals who can really add value to your product.
Its always wise to make use of experienced advisors and mentors in any type of business. The same is definitely true for Blockchain. Get out there and network… Tell people about what you are doing. Its surprising who you meet or what introductions you can unearth. Experience and advice by seasoned professionals who understand blockchain and have connections throughout the technology industry is priceless.
Remember, your team needs to be flexible and dynamic. Working hard is the easy part. The ability to fill in the gaps across the range of responsibilities is extremely important.