In the late 90s, thousands of startup founders of varying technical abilities scrambled to tap into the most revolutionary technology of the time: the internet.
Internet company founders found great success capitalizing on the hype. Venture capitalists were eager to get in on the action, pumping billions of dollars into shaky business ventures that were little more than half-baked websites and untested ideas.
Soon, the party was over. In 2001, frail fundamentals and a focus on vanity metrics were a death sentence for thousands of internet startups.
Of course, the 2001 dot com burst wasn't the end of the internet. It was a necessary fire needed to remove the chaff from the industry. Google, Microsoft, Apple, Amazon, and many more survived and thrive today because they focused on what matters.
"History Doesn't Repeat Itself, but It Often Rhymes."
Today, web3 has emerged as the newest kid on the block, and the buzzword is worth billions. Just like the 90s, founders are flooding the market with new business ideas built on shaky foundations.
Just like the internet, web3 will fundamentally change the world. If you want to build industry-shaping web3 products, avoid the hype. Focus on what matters.
Two questions to change everything
Building a billion-dollar company that stands the test of time is the ultimate dream for startup founders. Too often, though, they ignore conventional wisdom hoping that hype will be a long-term solution; this is a mistake.
Save yourself years of pain by asking two simple questions:
1. Does your product solve a problem someone would be willing to use and pay for?
This might sound basic, but you'd be surprised how many people forget about the people they're hoping to serve.
If you have an idea of what you think is the next trillion-dollar idea go out and talk to who you think is the perfect customer.
By talking to those you hope to serve before you write a single line of code, you'll save an immeasurable amount of time, money, and energy.
2. Is your product easy to use?
As a technology native, your opinion on ease of use cannot be trusted. After we've spent time building a product, we become blind to what are glaring usability issues.
In the 90s, internet products were impossibly difficult to use. Ease of use was an industry-wide problem until a few companies cracked the code. Google wasn't the first search engine but it became wildly successful for its simple design, and benefit-oriented messaging. Their focus on usability made them a Trillion dollar business. Web3 is plagued with the same issues.
If you're interested in making your web3 products easier to use by web2 natives, DropChain can help. The single sign-on allows each of your users to sign into all of their web3 apps with one click. Learn more about DropChain SSO.