Founders of crypto and blockchain companies launch with a vision of bringing an innovative and impactful service to the business or consumer marketplace. And as with entrepreneurs in any industry, they have the goal of growing. With expertise in the technology and its potential, leaders of crypto and blockchain firms may be clear on the “nuts and bolts” aspects of scaling — infrastructure upgrades, interoperability, compliance and so on — but less knowledgeable about the business development side of growing a company.
Crypto and blockchain companies seeking to expand will need to make multiple decisions — but first, they need to know all the questions that have to be answered. Below, 16 members of Cryptox Innovation Circle share some of the factors growing companies will need to examine and offer their tips for confidently moving forward.
Focus on a specific market
When working on scaling your business, it’s important to stay focused. Sometimes business development folks think that the more target audiences a company can reach, the better. However, history has shown that focusing on a specific, niche market always works best and, ultimately, leads to the most success. Focus on one key market at a time and do the best job for their particular needs. Only when you’ve done that should you move on to the next one. – Ayelet Noff, SlicedBrand
Start by building a brand
The best thing you can do is to ensure you focus your marketing and communications efforts on building a brand. That is by far the best way to ensure the path to market is as smooth as can be for your project. If every time one of your sales or business development people encounters a prospect they have to start with the bees and the flowers, you’re doomed to fail. Do your job. Build a brand! – German Ramirez, THE RELEVANCE HOUSE AG
Create a story about your project
Grow your crypto company the same way you would take a journey: Don’t just keep your foot on the gas pedal the whole way. You also need to search for the best routes, make some friends along the way and, most importantly, create a story about your project that resonates with people. Lead your company with both ambition and care and find the balance between fast growth and lifelong success. – Bogomil Stoev, Seasonal Tokens
Expand your community
Build meaningful partnerships and grow a strong community. Expanding your community helps expand your reach, granting you access to experts in the space. Partnering with an established business brings valuable experience and knowledge to the table, as these partners can provide insights into industry best practices and trends. Leveraging their knowledge can assist in accelerating B2B development. – Anthony Georgiades, Pastel Network
Sync growth with marketplace rhythms
Be the blockchain maestro! Balance your technology and business in harmony. Just as a maestro conducts an orchestra, ensure your tech team hits high notes with scaling solutions while your business team plays a melody of building partnerships and meeting customer needs. Sync your growth with the rhythm of the market to compose a masterpiece in the crypto and blockchain symphony! – Erki Koldits, OÜ Popspot
Blend ‘science’ and ‘art’
Scaling a crypto and blockchain company requires a blend of “science” and “art.” The “science” lies in measuring the effectiveness of activities that yield desired outcomes — for instance, prioritizing partnerships and reaching out to compatible industry companies. The “art” entails effectively communicating with partners and cultivating an appealing brand image. – Arvin Khamseh, SOLDOUT NFTs
If you’re collaborating with influencers, choose wisely
If you want to collaborate with influencers, look for those who are able to convert, rather than those with mass audience sizes. Choose influencers who create content that is closely related to what you do, who can act as your ambassadors, and who believe in your work and have a connection to it. They will promote you in a much more effective way. – Tammy Paola, Zerocap
Build with your client base in mind
Choose a lane. It often comes down to focusing either on Web2 enterprises or Web3 natives. Find out what makes your client base tick, build for them and target them in ways they will respond to. Web2 clients may need case studies, hand-holding and a focus on compliance. Web3 natives may prefer to use platforms they heard about on Twitter that have token incentives and forward-thinking user interfaces. – Shiv Madan, Moonwalk
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Embrace tactical partnerships
Embrace tactical partnerships in crypto and blockchain to scale your business. Find aligned organizations and leverage complementary strengths to access new markets, foster innovation and mitigate risks. Collaborate, innovate and propel your company toward accelerated growth to unleash the true potential of your crypto venture. – Vinita Rathi, Systango
Don’t go too fast
Just as with any business, don’t try to grow at too fast a pace, because you may end up neglecting your basic principles, taking shortcuts, forgetting to support your customers or bypassing security precautions. Grow at a pace at which you can maintain proper operating standards and customer satisfaction levels. – Zain Jaffer, Zain Ventures
Network in person whenever possible
Join as many high-quality events as possible. As a Web3 startup, you are much more likely to form lasting connections with potential partners and investors in person as opposed to over email or Telegram. Conferences and summits are an excellent way to expand your network, since they typically bring together builders and venture capitalists from a variety of different blockchain ecosystems. – Wolfgang Rückerl, ENT Technologies AG
Start building up development data now
Build relationships, get data and grow partnerships. Begin storing business development data, such as contact details, conversation topics and buying signals, within a CRM early in the life of your business. If you don’t, once your company has grown, you’ll regret not having an accurate database to draw from. – Sheraz Ahmed, STORM Partners
Build alliances within the ecosystem
One key tip is to focus on forging strategic partnerships. In the rapidly evolving crypto and blockchain ecosystem, alliances can provide access to new markets, technologies and user bases. Leveraging these synergies can help you drive growth, scale operations and establish your brand in this competitive landscape. – Tomer Warschauer Nuni, Kryptomon
Establish sustainable revenue models
To thrive, crypto and blockchain companies must prioritize survival and growth. Longevity is key. Business development drives product success by establishing sustainable revenue models and creating an ecosystem around the offering. Regardless of the industry, adherence to fundamental rules ensures company progress. – Ilias Salvatore, Flooz XYZ
Collaborate with established companies
Establish strategic partnerships. Collaborating with established companies, industry leaders or complementary service providers can offer several benefits, including access to a broader customer base. By forging strategic partnerships, crypto and blockchain companies can leverage their partners’ strengths, enhance their market presence and accelerate growth in a mutually beneficial manner. – Theo Sastre-Garau, NFTevening
Don’t limit your partnership options
Don’t limit yourself when it comes to whom you’ll work with; rather, be strategic about how. Business development partnerships should be more technically strategic, but you can grow your audience by experimenting with a broader group of brands — for example, through events or social partnerships that reach like-minded audiences. – Megan Nyvold, BingX
This article was published through Cryptox Innovation Circle, a vetted organization of senior executives and experts in the blockchain technology industry who are building the future through the power of connections, collaboration and thought leadership. Opinions expressed do not necessarily reflect those of Cryptox.
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