Better Pitching for Crypto and Blockchain Firms
November 02 2018 - 12:56PM
InvestorsHub NewsWire
Bitcoin Global News (BGN)
November 02, 2018 -- ADVFN Crypto NewsWire -- Upon sitting down at
the Malta Blockchain Summit’s ICO pitch today, I realized
something. The uncertain regulatory space is not the only factor
hurting Blockchain firms trying to convince private investors to
buy into their solutions. The biggest issue in the space now is:
some firms are not really proposing true solutions.
Yes, it has come to that.
One particular pitch, which involved an app trying to incentivize
people to work out regularly in connection with the Blockchain and
the Internet of Things faced considerable scrutiny from the panel
of Shark Tank like judges. Central to this scrutiny was the idea
that it just was not clear how people would be incentivized by this
particular platform? In the words of one judge, “your idea is all
well and good, but it will not go beyond people that already count
working out as a big part of their lives.” Another added to this by
saying that the company representative had skipped over any clear
explanation of why their platform would cause more people to work
out.
What was perhaps even more telling was the fact that the speaker
had glossed over exactly why the Blockchain was even needed for
their product. It might surprise you to hear this but, companies
skipping over why they are using the Blockchain has become a sort
of matter of course in this space, especially over the last year.
Failing to do so means failing what is perhaps the foundational
concept of a successful startup.
It has to solve a problem that a certain group of customers need to
be solved. In connection with this, it has to be clear why you
needed to use what you used if you included any technological
frameworks like the Blockchain in your offering. As we all know, if
these sort of tenets are not followed, then judging by Porter’s
theory of Competitive Advantage, no competitive advantage truly
exists. Even judging by more relevant frameworks to today’s
business world like the theory of “Transient Advantage,” the same
may be said to be true. If this does not become a habit in the
Blockchain space, it is safe to say that somewhere close to the
majority of ICOs and even security token offerings will continue to
fail until it does.
No matter what the technology is, there has to be a compelling
reason for using it. Otherwise, there is little hope for the
average person to be able to understand the business if specialized
investors and business insiders cannot.
By: BGN Editorial Staff
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