Even though the crypto market has continued to be faced with a lot of bearish pressure over the last six odd months, the yet nascent Web3 economy has continued to grow at an extremely rapid pace. The core concept underlying Web3 entails the creation of a new World Wide Web (www) ecosystem that is rooted in the concepts of decentralization, blockchain tech, and token-based economics.
To this point, conservative market estimates suggest that by the end of the decade, this rapidly evolving space will reach a cumulative valuation of $81.5B, growing at a compound annual growth rate (CAGR) of 43.7%. What this suggests is that there is still a lot of room for startups to grow and flourish within this sector. In this article, we will look at some of the key aspects that every person should carefully consider before launching their very own Web3-centric startup.
Ideation
Straight off the bat, it is of utmost importance that any firm looking to make big within the Web3 arena should have a good, clear grasp of the space while offering products that are capable of solving real-world problems. To this point, the project(s) being deployed should have pertinent use cases that are not only easily accessible to the general public but also future ready in their scope of operation, such that as the market evolves and grows, so does the startup.
In essence, the process of ideation is all encompassing and includes each and every stage of the "thought cycle process" from innovation to development, to its eventual actualization. Therefore, from the outside looking in, it is by far the most important step when it comes to launching a Web3 startup.
Public Relations
Everyone knows that solid public relations are needed for brands to solidify their relationship with their audiences. The same train of thought applies within the realm of decentralized technologies as well. In this regard, Web3 PR refers to any public relations scheme that is designed exclusively for Web3.0 companies or firms making use of decentralized tools in an effort to raise public awareness about them.
There is enough market data to suggest that a strong Web3 PR campaign can be key when it comes to differentiating between projects that are able to accrue mainstream traction, funding, and followers when compared to those that fizzle out.
Hiring
While it is ideal that Web3 startup founders and entrepreneurs be well versed in the ways of 'applied blockchain tech', however, in case they lack expertise in this regard, it is important that they source out and hire individuals who know what they are doing and are good at their jobs. In this regard, it is important to have a tech-savvy co-founder/partner as well as talent such as back/frontend developers, HR/PR managers, etc that can allow Web3 startups to grow in a manner that is not only streamlined but also sustainable in the long run.
Community
There is no other way to put it but Web3 startups require the support of a large backing community to thrive and expand. It is essential that firms engage with their target audience across a host of different social media platforms such as Twitter, Telegram, Discord, Instagram etc. Not only that, in recent times, more and more companies have also started to use channels such as Medium, LinkedIn, etc to help with their growth efforts.
Marketing
Investing in digital marketing is a must for Web3 companies because it is one of the most tried and tested ways of ensuring sustainable, long-term growth. Using different marketing techniques, companies cannot only lay the groundwork in regards to cementing their credibility but also help their brand grow and achieve a solid product-market fit.
Web3 startups can connect with their potential clients using a wide array of marketing strategies such as global content distribution, AMA's, thought leadership seminars, media uploads, etc.
