How to Create Your Own Startup in Web 3
Top tips from the Co-Founder of Fold, Thesis and Scholarly
For all the entrepreneurs out there, we invited Corbin Pon, Co-Founder of Fold, Thesis, and Scholarly to enlighten us with his knowledge on how to create Startups in Web3.
You can checkout the recording of the event on our YouTube channel.
When to use a blockchain in your startup?
Use blockchain in a antagonistic space or solve a problem that currently is antagonistic in the sense that it is a zero-sum game and there is not a lot of trust between stakeholders.
Use of Interdisciplinary or non-tech skills in Blockchain
Blockchain solves problems related to policies, security, ownership and has found it’s use case in many industries like healthcare, economics, finance, tech, and more.
Find a tech co-founder if you are not well versed with tech. Try to find someone in college, if not, attend many local meet-ups
Should you worried about your idea getting stolen?
No, not unless you are in bio-tech, or it’s a very niche solution to a problem.
Programming Languages you should know
Python, Solidity and Go
Accelerators or Resources
Use accelerators if you know exactly what you need and the accelerator is providing that. But accelerators like Y Combinator do provide advantage in funding.
Most Valuable Skill
Telling the story. Communicating things clearly and concisely.
What is the hardest problem you have faced?
You are always failing until you are not while running a startup so always expect failure. Comfortable with doing the hard work and stick to it. Hardest problem is to find if your product works like it’s supposed to and users would pay for it
Problem with Token Launch
Hard to make early decisions since you get a lot of noise from token performance and the community.
Problems when moving from web2 to web3
It is important to realise that your Token is your product as much as your product is your product.
We can’t ignore regulation since most money is regulated
Are we in a bubble
We might be but there is nothing to worry about. We are beyond the narrative that crypto is used for money laundering, terrorits etc.
What would you have done differently if you could start again
Be more dogmatic about things and more realistic. In the early days of Fold, they were more focus on the self-sovereignty side of blockchain than letting users use debit cards.
Marketting in web3
You need to know exactly the problem people are trying to solve and deliver to it. Everything else would come naturally.
Should you focus on educating customers about your product
If your product is not particularly educational focus than it might not be worth the time and effort to educate users, at least, as a startup.