Demystifying Business Development in the Blockchain Industry
Recently, I found myself in the buzzing, energetic crowds of EthCC, Modular Summit, and Nebular Summit in Paris. The space is alive with projects, investors, and enthusiasts, all trying to establish connections, advocate for their projects, or identify the next big innovation. The air is thick with tech talk — ZK proofs, rollups, shielded chains, state fragments, cryptography, and more.
While deeply engaging, it struck me that we are only at the tip of the iceberg when it comes to truly making these fascinating technologies mainstream. Therefore, I decided to write down some of my thoughts and experiences on business development in the blockchain industry — a subject that, in my view, deserves as much attention as the technical aspects.
Product Design & Management
In my years spent building and growing blockchain ecosystems, I’ve found that product design and management are the foundation of any successful project. It’s vital to have the right talent on your team — a UX expert for seamless user experience and a product manager for sound strategic planning. The aim? To architect a product based on tangible data points and user research, essentially addressing the actual needs of the customer.
Customer Acquisition and Education: The Builder’s Perspective
One of the essential aspects of business development in the blockchain industry is attracting the right users, particularly builders or developers. However, it’s not enough to merely attract; it’s about onboarding them efficiently and fostering their growth. From my experience, developers appreciate well-documented APIs, powerful tooling, and, importantly, a supportive environment. Regular platform updates, a lively developer forum, and opportunities like hackathons and incubation initiatives are all part of a healthy builder ecosystem.
Partnerships
During my time in the blockchain industry, I’ve witnessed firsthand how partnerships serve as crucial bridges, connecting diverse communities and resources. Technical partnerships can expand your project’s use cases, whereas business partnerships can amplify your reach and brand visibility in ways you might never achieve alone.
Community Management
A robust and engaged community is to blockchain what fertile soil is to a plant. Establishing guidelines, engaging regularly, rewarding contributions, and continuously seeking feedback have been the cornerstones of community management in my journey.
Fundraising
In my experience, fundraising in the blockchain world is a multifaceted task. It can come through various channels, such as VCs, angel investors, grants, DAOs, or crowdfunding. However, the critical ingredient in each fundraising effort is a compelling, passion-driven project.
Marketing
Lastly, my journey in blockchain business development has shown me that marketing is instrumental in any project’s success. It’s about nurturing a unique brand identity, being present and visible across the right channels, hosting and attending events, and, importantly, keeping the communication lines open with your community.
These are just some of the insights I’ve gathered throughout my journey in the dynamic and ever-evolving world of blockchain. My hope is that by sharing my experiences, I can assist in shedding light on the often-overlooked aspect of business development within our industry. I am confident that by bringing together the technical brilliance and the right business strategies, we can usher the blockchain industry into its well-deserved mainstream success.