Who do I partner with for Blockchain Development
So you’ve started a blockchain development company. You’ve decided upon a niche, or you’ve seen good growth in a particular niche and you want to bring your concept/product/service to market.
Now you face a number of hurdles;
- If you don’t code you need a coder or a team of coders and is that sweat equity or is that paid salary and equity or straight salaried work?
- You may not have funding, so you figure an ICO is a way forward or SEIS, EIS, crowdfunding, seed funding … how many options and what works for you?
- You need a team of advisors
- You need a team
- You need to sell your idea
- You need to develop your idea, the (MVP) Minimum Viable Product
- You need to market your idea
- Should you partner or can you collaborate
- What’s the business strategy?
The list goes on and is endless in reality, so where do you start?
Planning for success
All businesses need to plan for success but even more so in an environment where the landscape changes week to week, not month to month or year to year and on a global scale.
In the case of blockchain development, you have regulatory involvement, legal domicile, new faster blockchains being programmed all of which all add extra complexity to an already complex decision-making process.
So where do you start?
Here is my advice, and I always advocate to start with the business end in mind. Not only does this set you up well for post product development, but it also places you in an ideal situation to present the company for major investment:
- Define what and who your business is
- Fully understand who your best customer is
- Understand what your business means to your customer
- Develop basic and intermediate analysis skills
- Set data-driven growth strategies
- Implement Marketing Automation Strategies
- Succeed on Social Media
- Complete tasks to improve your skills and awareness of digital success
- Define your competitors
- A/B testing content, strategy and website pages
- Setting up marketing funnels
- Join blockchain development groups on platforms like meetup
- Massively invest in Linkedin prospecting
- Find out what industry events you should be selling at and which ones get really great feedback. Be prepared to go abroad and factor that into your business development budget
As a consultant, I am always focused on the business development side of the project as much as the product development side of the project. To succeed the two must go hand in hand.
Quite often “ideas people” believe their problem-solving solution will make them millions, quite often, this is also not the case! Solutions built looking for problems are prime candidates to fail immediately – or at least not long after they kick off. You can waste a small fortune on developing something that quite frankly, nobody is interested in buying.
I say this because I feel that there are more and more people throwing blockchain forward as a solution to everything, just because it has momentum due to its infancy and general lack of understanding and comprehension by the wider public.
The greatest growth hackers in the world understand that iteration in design, user-friendliness and access capacity, can often make or break a technology startup. Too hard to use and you’ll lose custom, irrelevant you crash and burn.
Success requires constant testing to achieve big results with small inputs and you must combine both your business development and product development into a single strategy.
- Define your product
- Write your project development progression map
- Map your milestones
- Establish what skills you need at which point in the journey
- Network to get referrals to the best talent (Techies, Design, Marketing, Sales)
- Join blockchain development groups on platforms like meetup
- Learn to talk (public speaking), get out to these meetup groups and spread the word
- Growth hack the hell out of your marketing plans which need to be combined with your platform development
Product development gives you the business we all understand this, the concept is not new. It gives you your saleable asset and your source of income (other than early investment). So it’s extremely important you do not approach the idea with an “I will build it and they will come” mindset.
Having built businesses which have both succeeded and failed, you can be assured this is a message of experience and not a hypothesis. I have lived the highs and lows.
Over the years I have grown from an Investment Banker who managed and implemented automation technology projects and worked with p&l, accounting, client services and trading through to web design, marketing automation, sales and business development as a business owner. I am seriously invested in my all-around skill set and capabilities. I pride myself on being an all-rounder and overachiever. It enables me to set the bar high when it comes to recruitment.
Often, you won’t have these years of experience or skills so you will be focused on the one aspect of your business that you excel in, whatever that may be. Therefore it’s wise to contact a consultant at an early stage, even if it’s just to plan your strategy. Good consultants will give you takeaways you can adopt and implement quite easily.
Who do I partner with for Blockchain development
So let’s talk about it. Who should you partner with?
One of these ICO marketing agencies that sprung up a year or two ago with little or no experience of anything other than content marketing skills. Charging you massively over the odds for work that has previously been delivered by agencies at far more cost-effective pricing?
How about a blockchain consultant, well that’s me, but should you work with just any consultant and what should you look for in terms of validity?
Here are some things I’d say to look for:
- History – who have the consultant/team worked with?
- Quality – What is the background of each team member, what will they bring to the table?
- Success – What companies are still trading or in the midst of fundraising, what have they raised?
- Awards – Good work often gets rewarded, are any of those present?
- Understanding – does your blockchain consultant actually understand it or are they 12 months in? Do they have experience in wider fintech circles?
- Network – who is in their network, are they linked to industry influencers and experts?
- Examples – Are there examples of work/marketing materials they have produced?
- Knowledge – What do they understand about the wider blockchain environment, legal, financials, business development strategy?
- Pushy – are they pushy in the sales process? is there a cooling off period? do they offer to work on a piece of work to prove worth?
- Interest – Do they seem really excited about your project? have they spoken to people they believe can help in your ecosystem? have they championed your idea? Have they interviewed you and your team to qualify your ambitions, liquidity and likelihood of success and failure?
There are more things you should consider and this article wouldn’t end if I kept producing them, but hopefully, it is giving you an understanding of how you should prepare to succeed. To whom you should identify when it comes to partnership or consultancy, and if you don’t have someone you can fire some questions at, I’m happy to offer insight.
Personally, I’ve been in the Fintech space for 8 years, starting by offering marketing sales and web services. I collaborate heavily and speak at conferences on an international level. I’ve spoken about the future of crypto in retail to the heads of brands like Tmall, Adidas, John Lewis and many more as well as the rise of personal commerce through blockchain. I also work with startups right through to scale businesses, so my expertise is documented.
Get your name or brand out there
I run a podcast called Rock the Block and always like to interview blockchain entrepreneurs so reach out and talk to me, you can locate me here I’m keen to find out what you are doing! Let’s spread the word together.