In a session at the Philippines Blockchain Week, the Managing Director of Block Dojo Philippines, Kristoffer Briones, told the audience that people don’t really care about blockchain compared to the importance we place on it.
“We talk a lot about blockchain in this conference but it’s not really about blockchain,” he said. “People don’t really care.”
He hinted that people want to see products they can use daily, similar to how ChatGPT gained global attention quickly.
He added, “nobody cares about AI, they just care that it works.”
Therefore, instead of focusing on the technology, founders and builders should give more attention to what works.
Failure of Web3 startups
In discussing the secrets to creating a successful business in web3 and outside the industry, the MD said that the high rate of startup failure globally shows that entrepreneurship is not for the faint of heart, comparing it to a risky surgery where the odds of success are not in your favor.
Another reason behind the failure of startups is that they run out of funds to continue pursuing their projects. He added a third saying that startups die because “there’s just no market need” for what founders are creating. “Who determines if a business idea is good – you or the market?” he asked the audience.
In entrepreneurship, the market is the authority in deciding the worth of an idea. Being a successful entrepreneur involves making people care about your idea, particularly when it addresses a significant problem they have.
How Bojo has thrived in the Web3 space
The speaker went further to narrate how Block Dojo has thrived in the Web3 space despite all odds. Block Dojo, based in the UK, is dedicated to helping idea-stage entrepreneurs grow their businesses, with a particular focus on blockchain technology.
They aim to flip the statistics and help startups succeed by providing them with essential support and guidance.
He emphasized that Block Dojo promotes practical learning experiences. It encourages entrepreneurs to validate their ideas by talking to potential customers, conducting research, and refining their solutions based on real-world feedback.
Community support and mentoring are another crucial aspect of its program. The MD noted that having a supportive community can make it easier for entrepreneurs to overcome the challenges of entrepreneurship.
He encouraged collaboration and networking among entrepreneurs to create a sense of unity and shared goals.
Networking, technology, and funding
Access to international networks and partners is also a key component of Block Dojo’s approach. It provides entrepreneurs with access to a diverse range of mentors and organizations that can help validate their ideas and accelerate their growth.
Briones also revealed the importance of using the right technology. For blockchain-based startups, Block Dojo recommends Bitcoin SV (BSV) for its efficiency and low transaction fees, making it a practical choice for B2B solutions.
Finally, access to funding and investors is critical to overcoming the “valley of death” that many startups face. Block Dojo offers entrepreneurs opportunities to connect with investors through events, investor dinners, and demo days.
According to Kristoffer, Block Dojo is dedicated to empowering entrepreneurs to turn their ideas into successful businesses.