Web3 Founders: Waiting for your big breakthrough?

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There are no set guidelines to raise funding as a Web3 Founder, and you can go through tonnes of rejections before your big breakthrough. So how can you strengthen your proposition and idea to get your project moving?

Here's 10 check-points to ask yourself before you launch your start-up:

1. What's the core problem the project is aiming to solve?

Start with the macro problem to set the stage. Ultimately, this needs to be concise and home in on a specific customer pain point.

2. How is the project solving the problem?

This can naturally be a long answer. Have the answer nailed down, and be concise. What are you doing first and what do you want to do later?

3. Who is the project being built for?

Is the project consumer-facing? Clarify the users. Is it enterprise facing? Clarify the role or function.

4. How is the product going to be distributed? How will you attract users, and what sustainable advantages do you have that other projects don’t?

Most ideas aren’t unique. You will need an edge to be seen as the diamond in the rough.

5. What is the market size?

Easy enough to answer, yet vital to get right. VC’s want good ROI, it must be scalable.

6. If everything goes according to plan, where do you see the project in 3-5 years?

Be bold, be big, be inspiring and ambitious. You’re on the brink of getting (potentially) millions of funding. Where could that take you?

7. Why is your first move the right one to achieve your vision?

This will show meaning and purpose. Weigh your current move up against other approaches and already existing solutions (again, remember that most ideas aren’t unique). Why is this the best move to make?

8. How are you going to scale to £1m in revenue, then £10m, then £100m?

Or can you scale your audience? 1k users, 10k users, 100k users, etc. You need to show that you have the evolution and growth in mind for the project.

9. Why do you want to launch now?

Great projects can fail due to timing. Are you catching the start of emerging tech? Are you setting up to be regulation compliant?

10. Why are you passionate about this project? Why are you the right person to lead this project?

Not even the most successful projects run in a straight line. What will keep you thriving when times get tough?

The best VC’s will dive deep into your answers and you’ll need to be prepared for this. Be concise and clear with direction. And remember, practice makes perfect!

Author: Ethan Kirkwood

If you’re a founder who's looking for funding, contact Ethan Kirkwood, Recruitment Consultant: ethan.kirkwood@digitalgurus.co.uk.

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