May 29, 2019 19:30 UTC
May 29, 2019 at 19:30 UTC
5 Top Tips For Blockchain Startups
Founding a startup is hardly an easy job, and establishing one in the already crowded blockchain industry even less so. Regardless of that, many innovative entrepreneurs take it up as a challenge and set out on this treacherous path. Considering how arduous the task has the potential to be, we thought we will help you out with 5 top tips for blockchain startups.
1. Ask Yourself If Your Project Really Needs Blockchain
As our interview with Andrea Bonaceto highlighted, the blockchain industry is full of projects that are out to ride the blockchain hype with no real need for the technology to be applied to that use case.
Before you start out, and start up, ask yourself if the use case you envisage really needs the wonders of the blockchain technology.
2. Get a Team
A GitHub research revealed that startups spearheaded by teams and organizations have a 15% higher chance of survival than single-user-generated projects.
This is an insightful statistic, showing us the value in delegating work to able team members who understand your vision and have the capability to translate it into reality.
3. Focus on Funding
It may sound quite adventurous and even oddly romantic to be able to bootstrap your dream project but the truth is that funding matters in every step along the way.
So monetising your project is imperative, and finding a funding model that works for you, API, ICO or otherwise, is a crucial step in the whole process. How do you decide what to go for? This brings us to our next point:
4. Work With A Reliable Blockchain Incubator/Accelerator Programme
There are a wide range of startup accelerator programmes that handhold you through the process of establishing a viable startup if your idea and track record hold merit.
Enlisting with a reliable incubator allows you to gain access to an ecosystem of investors and experts who can effectively help you along the way. Examples of some firms that provide such support include Creative Destruction Lab from Canada, Make in LA from California and Nair Ventures from India.
5. Remain Mindful of Local Jurisdiction and Legislation
While establishing your startup, you must remain mindful of the fact that the blockchain industry and the decentralized character inherent in this technology might have varying ramifications across jurisdictions, administrations and governments.
Wherever you are planning to operate, host your ICOs etc., make sure you know how conducive local legislations will be.
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