Expert advice to help Web3 companies survive precarious economic times
No industry, and no business, is a fan of economic uncertainty, and many financial experts consider the current global market to be precarious. While every business has to look at ways to shore up operations and cut costs in a down economy, the effort can be particularly challenging for Web3 companies, which are relatively young, may have fewer ready resources than their more established Web2 counterparts, and operate within an industry many outsiders don’t understand and don’t grasp the value of.
Should the macro-economy take the turn some are predicting, only those companies — no matter their industry — that have taken steps to prepare for the storm will weather it well (or at all). Below, 14 members of Cointelegraph Innovation Circle share their advice to help Web3 companies take proactive steps to ready themselves and their communities for what could be a difficult road ahead.
In an uncertain market, Web3 companies must have a defined purpose. Curious participants looking to expand their financial, social or cultural horizons through a novel service must first be convinced of its utility. Discussions of value aside, true innovation reshapes how users spend equally precious commodities: time and energy. To remain competitive, executing well is only half the battle. – Oleksandr Lutskevych, CEX.IO
Engineer value within your product, platform or protocol and solve a real, high-value problem. Customers pay for painkiller products — those that solve immediate problems — not for vitamins — “nice to have” products. Web3 companies must gravitate toward considering the magnitude of a given problem and the value they can add, not just be “me too” players living on hype. – Nitin Kumar, zblocks
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