New technologies highly impact our lives. They change how society works and even change our habits. The Internet was the first such example simplifying our lives. We have so much more access to an infinite amount of knowledge, educational tools, resources, which we are constantly trying to find new ways to share with each other. Blockchain is the door that can open global markets and create ease of use for businesses to communicate and collaborate.
If you are interested in the Blockchain and have some creative ideas opening a Blockchain startup may just be for you. If you want to leap into the business but need some reassuring check out this article.
Why open a Blockchain startup?
Blockchain is not only about cryptocurrencies is has many applications in the world today. The technology is being used in many spheres from finance, health to AI, really the possibilities are endless. Blockchain is the backbone of many global companies now and rapidly growing.
Blockchain is a fast growing industry and we have seen it gain more interest over the years. Banks, remittance markets, credit card companies, stock exchanges, governments and tech companies are always looking for new solutions for their businesses and how to implement the Blockchain to optimize the business. The advantage to opening a Blockchain startup is that new businesses have less overhead and can move quicker giving them the edge in the Blockchain world. In addition to this many companies want a contractor for their needs and smaller companies can offer their services and land big clients for their startups.
Networking in the Blockchain space is easy. Actually, in the Blockchain space, most businesses are startups as the tech is still new and this makes it easier to make connections and network. You can build networks with other entrepreneurs and bounce off ideas off each other to become more successful. Even bigger companies are always looking for smaller startups to partner with if they have an innovative novel idea for Blockchain implementation.
As Blockchain is still new tech, there is lots of room for development. Many startups are creating innovative uses for Blockchain and becoming recognized for their creativity. You can enter many niche markets that have use for the Blockchain with your ideas.
Last but not least, it is important to remember that you can use Blockchain to raise capital easily. Many crypto projects are launched solely from crowdfunding. Billions of dollars have gone into Blockchain startups and VC’s are constantly looking for projects to invest in. This type of easy funding can just give you the start you need to develop your Blockchain innovations and services.
Be a success with a Blockchain startup
Everyone wants into the Blockchain world, so how do you get the edge? Here are some tips on how to get on the road to success.
Create an interesting and innovative idea
- Find an experienced founder with great interest in the Blockchain
- Gather experienced Blockchain engineers on your team who have rode the evolution wave with Blockchain
- Make friends with other Blockchain projects
- Create quality business solutions- deliver real value for your solutions
- Do not get put down by critics, let them improve your business and allow for more thoroughness
- Think long term- do not aim to disrupt but actually innovate, get creative!
The most important thing to keep in mind is to be innovative. Create new, fresh ideas on how to use the Blockchain, this will get you a one up in the business. Creativity will allow you to be successful in the business, be keen on the problems in the field and find solutions. This will also keep your life interesting, developing the world for the better will give you more motivation to create the best product.
Not an expert in the tech, not a problem
Although Blockchain may seem complex at first, it is necessary to have a universal startup as the tech applies to any and all industries. Blockchain is great to use in your startup as it brings transparency, efficiency and abolishes fraud claims. Blockchain allows you to have power over your data and for the fluid running of all your projects. The transparency aspect of the Blockchain will also open new doors and collaborations as you can gain more trust in your company. In addition to added security and trust, you can raise funds through an ICO.
If you enter the Blockchain industry, it is important to remember to follow and understand the current trends. This will keep your startup interesting and you can use the ever-changing market in your favor to create a great and unique solution to real-world problems.
Conclusion
You don’t need to be an expert in the technology itself. Regardless of the industry, understanding emerging consumer needs such as privacy or ownership of data will greatly help you predict where and how to position your startup to get funding or find customers.
And of course, always remember to stay creative and create new solutions for problems in the world with Blockchain tech. By doing this, you can enter many niche markets that have use for the Blockchain with your ideas. Of course, it never hurts to keep up connections with another startup so that you can collaborate in the Blockchain world.
If you are interested in the possibilities of raising funds through an ICO with a blockchain startup, download our guidebook on how to do cost-effective marketing for an ICO.
Written by Yuliya Avdyusheva