Livepeer CEO: How should we think about the entrepreneurial strategy around Web3?
Original Compilation: Alpha Rabbit
Original Compilation: Alpha Rabbit
Why post this article: The CEO of Livepeer started to start a business in the Web3 field in 2016. This article is his entrepreneurial thinking about his own business and the Web, which has certain reference significance.
It is mentioned in the article: This means that CX, UX (customer, user experience and interface design, etc.) and market research that Web2 is familiar with are still as important as in the Web2 era; still focus on the basics and don't let yourself be distracted by the noise of hype. Note that if key members of your community don't like your project or operation, you're in big trouble.
"What is your Web3 strategy specifically around the business?"
When investors are researching and thinking about whether to invest in blockchain and Web3 projects, they often ask founders this question. However, many founders are easily influenced by the endless fresh buzzwords in this emerging field, which will instead distract them from their core business goals. For example, many founders often have emotions similar to FOMO:
For example, if everyone around is doing this or that, many founders will also think, should we also do it?
This kind of pressure is understandable. As an entrepreneur who started a Web3 infrastructure business in 2016, I would like to remind everyone that Web3 is not just an arbitrary framework, and functions can be added to projects at will. It is also a kind of A new spirit of change that should be the cornerstone of what you yourself are building.
My advice here is simpler, stay focused on the fundamentals and don't let yourself be distracted by the noise of the hype. Note that if key members of your community don't like your project or operation, you're in big trouble. Here, as a founder, I want to provide some insights on how to build a relatively successful project from the perspective of how to tap the huge potential of Web3.
Thinking starting point
"If you don't solve a problem, it's a problem in itself."
A successful Web3 company, project or DAO must have a clear understanding of the specific usage scenarios of the blockchain, so that it can think about how to provide new services in a new way, and how to change the current problem-solving model. Because, unless you really define a clear pain point and add a convincing solution, it is unlikely to convince users to use your product. Once you have identified the problem or need you want to solve, you need to dig a little deeper. What new functions can Web3 bring to this scene? Blockchain technology itself is powerfully disruptive.
For example, in your business scenario, is there any disruptive success in building a global Token layer compared to the current one?
Would it make your product more attractive if it had a shared, open-access data layer compared to closed-source data in proprietary databases?
In your business scenario, does the ability to make users collective owners of the platform and product give your product an edge over the Web 2.0 giants?
Can market participants be guided through incentives within the agreement? If Web3 elements such as NFT, on-chain certificates, crowdfunding, and wallet-based identity are added, can it bring a completely different experience to users?
Note that as an entrepreneur, if the problem you are solving can benefit from these value propositions that belong to Web3 (NFT, on-chain tokens, crowdfunding, and wallet-based identity), you may find something new and interesting.
Next step, shape the product
Ideas are important, of course, and you want to get them out there right away. However, it is important to spend some time on product development. Because if you start building products before announcing the product, it will be smoother to attract investment, users, and attract first-class teams. Of course, how to do product development depends on the target market and scope, the specific type of blockchain solution developed and the development budget. Thinking about the following basic questions will give you a solid start.
How are you going to build a product for Web3? Is there a way to build Web3 features and functionality into new or existing Web2.0 products? (Well-known brands such as Gucci, Ralph Lauren, and the NBA are all trying to use elements of Web3.)
Would it be a better choice to build a product version based entirely on Web3 technology and concepts? And think about the design of the incentive mechanism. Note that in the Web2.0 world, "communication", "persuasion" and "influence" are necessary ways to make customers buy. Whereas Web3 is about action and motivation, it's a completely different way of thinking.
It's important to keep in touch with the project's stakeholders and community when we do have something interesting or useful to announce. In practice, roll out key milestones, new services or features, upgrade protocols, launch campaigns, and more.
Web3 is also very different from Web 2.0 when it comes to choosing how to reward users for using Web3 products. Because Web3 companies don't lure users with like and like buttons, and promise users that as long as they give us (here Web2 companies) control over their data and online identities, users can feel Younger, prettier, more popular or cooler.
in conclusion:
in conclusion:
At the heart of the Web3 ethos are incentives
Incentives should be part of infrastructure planning from the start.
Plan and budget proposals that should take into account all links in your product ecosystem, from content creators to bug submission hunters
Note: The community should be put first, if the people who make up the main backbone of your community - whether it is content creators, NFT artists, software developers, liquidity providers, etc., if they have no sense of your project or participation If you have a good impression, you will be in big trouble.
In Web3, loyalty is often a product of transparency.This means that the inner workings and workings of your protocol must be transparent for everyone to know. There are also specific opportunities for designers, software engineers, and community enthusiasts to contribute to the project's ecosystem together. A successful Web3 company will build and grow together with the community.
Rules for reference
Here are our transparency rules for your reference:
Show concrete work:That is to say, in addition to open source code, developers who apply the Web3 platform also need direct, no-nonsense product information support. Documentation for our project includes clear video guides, tutorials and sample code to ensure that network operators and developers can get started quickly and get started straight away.
Ditch the concept of ownership:There is a note on our project website that clearly states that this is not a"official"website. No one person owns or controls the technology behind it, we are very open and welcome anyone to help improve the project. Note that no matter how powerful you think your product is, the true utility and potential of the product will only be revealed on the basis of other people's application.
Build a community:Everything in Web3 is about community, because it is community that drives growth and builds long-term, healthy brands. We have launched a community funding program, and we have funded more than $410,000 to community members to continue to create value for the ecosystem. Bringing communities together generates energy and great ideas. In your own marathon, you'll definitely need a few of these.
Support developers:Primarily through hackathons, these kinds of practices are an excellent way to accelerate experimentation, build a lasting foundation for a product, and foster community growth, which is at the heart of Web3.
Online or first-person hackathons can:
Show support for the developer community
Make the names of projects and products public
Connect with actual or potential users of the product
promote communication
Create new use cases
And just:Host a booth, apply to be a speaker, sponsor social events, offer bounties (prizes) for the best innovations using your technology
(Note, if hosting a full-blown hackathon is too much to ask, consider smaller community events where the face-to-face setting can provide great opportunities to talk to innovators and learn about new developments in the field ;)
Invest in education:Continuing education can nourish your community, build trust, expand your ecosystem of developers and users, and enhance the skill level of your potential talent pool.
Questions around educating users
There are also issues around user education that need serious consideration:
From a beginner's point of view:When you are in close contact with the blockchain every day, it is easy to think that everyone will know DAO, DApps very well, but be aware that many of your potential customers may be entering the Web3 field for the first time.
Invest time and resources in high-quality educational materials.For example, we use simple text and interesting illustrations to convey complex information in an understandable way. However, to reduce the risk of confusion on key issues, we ensured that all terms were accurately defined.
Choose your channels carefully.The Web2.0 model usually puts quantity over quality, and Web2.0 usually uses a wide-spread platform media delivery model.Summarize
Summarize
The digital assets and data of Web3 belong to users, that is to say, if users feel that they have not got what they need, they can switch platforms freely.This means that the familiar CX, UX (interface design and user experience) and market research of Web2 are still as important as they were in the Web2 era.The value proposition of Web3 makes user experience a particularly important consideration in platform design, because the shared infrastructure means that applications can focus on building great experiences, and platform design is a source of competitive advantage.
Projects that remain consistent with the spirit of Web3 have a greater chance of success. But that doesn't mean Web 2.0 companies can't get involved, or that it doesn't make sense to repurpose Web 2.0 insights for new use cases. It's just that a Web3 product will work better if it builds itself as a Web3 product from the start without compromising on values.
The technology released by the blockchain revolution has a vast space, so that we can easily get carried away and forget our original intention. Whether it's transparency, accountability, ownership of personal data, fairer rewards for work, freedom from monopoly, these values that belong to Web3 are not just words, they are the reason why entrepreneurs exist.
As long as a new industry challenger has a well-conceived Web3 strategy, it is possible to take users and money away from those leaders who have long held the right to speak. However, simply re-planning the Web2.0 way of doing things, or taking it for granted with the Web3 method will not solve the problem.
Original link
