3 things startups need to know About entering the Web3 space
Web3 technology, from metaverses to blockchain, is completely reshaping how we do business, opening new opportunities for positive disruption across all industries. Startups and budding entrepreneurs are in an exciting position to become early adopters of this tech and be among the first to grow and innovate to really future-proof their businesses.
As we enter this new era of digital innovation, here are some key factors to keep in mind to find business success in the Web3 space.
1. Embrace decentralisation
Web3 is built on the concept of decentralisation, whereby control and power is distributed among many rather than a single entity. This shift goes beyond technology, it also encompasses new models of governance and better empowers communities to be part of key decisions made in their best interests. Success of your startup or project depends more on meaningful relationships with your audience than ever before. To achieve that you need to be prepared to invest in community engagement, understand the need for total transparency, and be prepared to iterate to meet the changing demands of your community.
2. Things are moving fast – flexibility and agility is paramount
We are still very much in the early stages of a decentralised digital world, making for an exhilarating and challenging time for all businesses, whether you’re part of a native web3 startup or a more traditional Web2 entity testing the Web3 waters. As such, startups entering the space must be prepared to adapt and stay up to date on changing standards, protocols, and trends in order to remain competitive and viable. The key to success here is education – be it through educational courses, sharing collective knowledge at networking events, or engaging in hands-on experience to test and learn new concepts.
3. Aim for mass adoption
Given we’re in Web3 infancy it is also important to keep in mind that, while the global community of Web3 adopters is strong and enthusiastic, the aim is to reach the masses. Web3 businesses are uniquely placed to bridge the gap between Web2 audiences and this new era of tech. To do this, it is important to prioritise communication, education, and simplifying user experiences wherever possible. Mass audiences do not need to know the technical intricacies behind what you’re building, but rather the value that it offers them – be it increased data ownership, improved security or something else.
Join us in the world’s largest Web3 classroom
Web3 presents some exciting opportunities to take your business idea to innovative new levels. If you’re new to the space, come along to Day 3 of Blockchain Week in Brisbane!
You’ll have the chance to immerse yourself in educational workshops, discovery sessions and networking opportunities to help you better understand digital assets, blockchain tech, career opportunities in Web3 and innovative ways to grow your budding business in the space.