Blockchain technology is still in its infancy, but the amount of individuals, investors and developers alike which are moving towards the technology is fascinating. This migration towards decentralization is motivating people to form new start-ups on blockchain for better adoption and provision of more utility on the technology.
There are a lot of investors who are willing to invest in this domain because of which start-ups are on a rise in blockchain. People are comparatively inexperienced here and are still learning to carry their startups, while still balancing the network, people’s expectations, UI and UX, and other variables. For such start-ups, the founder and CEO of Goldilock has pieces of advice to offer. In an email interview with BlockPublisher, Jarrod Epps put forward 3 points in which he covered the aspects of flexibility of the business plan while sticking to the roots, delivery quickly and efficiently through a lean model, and celebration of success of the startup and blockchain as a whole. The three points are as follows,
- Stick to your beliefs, but be willing to be flexible with your business plan. Rarely does a founder get his business model right from the beginning, and being able to know when to pivot is crucial.
- Deliver quickly and efficiently, using a lean model – whichever one works for you. Cash is the lifeblood of your business, and getting to proof points showing that your team can deliver products, and that the products/solutions you’re creating have an audience willing to pay for them before you run out of cash will position you to start earning operational income or if needed raise a further round. Seems pretty obvious I know, but these days I see so many founders running out of cash because they spend in unnecessary areas.
- Celebrate successes, both for your company and the blockchain industry as a whole. We are driving the proliferation of transformational technologies and a part of that effort is building a supportive community. As well, a company founder no one’s really going to pay you on the back when you achieve your milestones, so take the time to reflect and congratulate yourself and your team along the way.
These points explain the aspects which are neglected, yet are the most essential for running businesses smoothly and efficiently. The points explained not only focus on the business running end, but also the expectations of general public and fulfilling it. Apart from that, building a community with the blockchain people is also addressed. The explanation and in-depth advice shows how true the individual is towards the blockchain technology and his own project.
For the technology, and overall adoption, he suggested that the things required for now are better security protocols combined with investments from top companies. Talking to BlockPublisher, Jarrod said,
We believe the keys to blockchain adoption are a greater proliferation of trusted security protocols for the actual use of blockchain technology, in combination with greater investment into implementation of the technology from Fortune 500 companies.