The blockchain industry is still in its nascent stage and has room for many new entrants. The open-source nature of the technology is challenging a system that largely favors industry giants. Many blockchain startups are working on bringing mainstream adoption to the crypto industry.
A startup called MANNA Robotics in San Francisco, for example, has created a “blockchain-based drone and a token called MANNA for local deliveries.
Bitcoin ATMs are being seen around the world and people can use a Bitcoin ATM to purchase Bitcoin with cash or a credit card. Recently, a crypto exchange startup acquired software that will allow traditional ATMs to sell cryptocurrency.
Explore open-source resources
If you’re planning to launch a Blockchain startup, it’s important for you to understand the environment. Many businesses in the space invest a considerable amount of resources and effort and end up throwing in the towel.
It’s important to capitalize on the open-source nature of blockchain technology to ensure that what you intend to build is attainable within the scope of your available project funds.
Examine your funding options carefully
Ways to raise funds in the Blockchain industry are constantly being explored. In 2019 There has been a new wave of IEOs (Initial Exchange Offering).
It makes sense to take advantage of this new wave to raise funds for your startup, rather than planning an ICO. However, you will need to capitalize on this opportunity as quickly as possible before interest dies down.
Using IEOs offers many advantages. The exchange provides professional due diligence and guarantees project quality as its own reputation is at stake.
You can enjoy a community of crypto enthusiasts who already understand blockchain projects. Exchange wallets offer your contributors more confidence and participants worry less about sending funds to the wrong address or personal wallets being hacked.
Avoid unnecessary overheads
As a startup, you should reduce overheads as much as possible as they can be a serious drain. Spending on a spacious, luxurious office is unnecessary. Many startups feel they need to do this to announce their arrival but it increases overheads and prevents other revenue-producing objectives from being reached.
Decentralization continues to be welcomed in many quarters and startups should embrace this. Several researchers have demonstrated that remote workers and freelance workers can be more efficient than those in a traditional work setting.
Generate revenue from the outset
Even in your alpha stage, you should be generating revenue. You don’t have to have a perfect product to start with. You could begin by levying minor fees to platform users. As revenue starts trickling in, it keeps your project moving forward at a reasonable pace.
At the same time, loyal users will contribute ideas and suggestions to improve your product. You will need to make a compromise between accumulating massive revenue and attracting new users. Your startup is more likely to succeed if you have more users – large initial revenue doesn’t guarantee continued success.
Adopt a multiple token business ecosystem
Crypto adoption is not widespread yet, although this is closer than ever before. If you want users to use your token on your platform as the only way to access resources, it could be a poor business choice. This may push them away and affect your ability to generate revenue.
By using a Multiple Token Business Ecosystem (MTBE), you are looking at a blend of both Fiat and cryptocurrency. A blend of Fiat and highly liquid cryptocurrencies, such as Bitcoin and Ethereum as well as your platform’s native currency, means your startup will be open to the whole world to access.