Blockchain startups face a unique set of challenges that make their journey to success a particularly arduous one. In an era marked by rapid technological advancement and digital innovation, these ventures have the potential to change the world. However, the intricacies of blockchain technology, coupled with a volatile market landscape, regulatory uncertainties, and fierce competition, create a formidable obstacle course for aspiring entrepreneurs.
The path to establishing a viable blockchain startup demands not only technical expertise but also resilience, adaptability, and a deep understanding of the complex interplay between technology, economics, and regulation.
These challenges were unpacked in more detail at the Block Dojo panel at the recent London Blockchain Conference. The panel included several successful founders who successfully navigated the Block Dojo to get their perspectives on the program’s value for startups looking to take the next step up the ladder.
The panellists included:
- Hannah Nicholson (Founder of MoveGenius);
- Charles Symons (Founder of Buzzmint);
- Tim Malik (Founder of CombatIQ);
- Arsim Shillova (Founder of Libraro);
- Alex Ball (Dojo Co-Founder and Programme Director).
What is the Block Dojo?
The Block Dojo is an intense 12-week incubator course for companies building on the public blockchain, specifically the BSV blockchain. Powered by nChain, the Dojo aims to seek out the best early-stage tech start-ups, guide them through start-up obstacles, and provide access to investment funding rounds.
According to a report by CB Insights, there are a multitude of factors that contribute to start-up failures. However, Ball highlighted the top three reasons: insufficient funds or inability to secure further investment, lack of a genuine market need, and losing out to more comprehensible competitor offerings.
Ball noted that the report serves as a vivid depiction of the formidable obstacles encountered when launching a startup. It also underscores the raison d’être behind the creation of Block Dojo: collaborating with exceptional founders to assist them in cultivating prosperous enterprises, ultimately transforming small companies into industry giants.
Ball emphasised the continued success of the Dojo since its launch, with the group estimating that it provides services of more than £175,000 to each startup. A total of 533 mentors offered guidance to founders, while over 1,500 investors have attended Dojo showcases. Dojo participants raised over £5.9 million in the past year alone.
Successful startups
Perhaps the best argument for the Block Dojo’s continued success, with Ball inviting the four founders on stage to showcase their companies.
- Buzzmint is a BSV tech platform that enables brands to simply and quickly ideate, create and deploy utility-led NFT/Token projects. This includes minting certificates to help institutions, manufacturers, and one overseas government to enable people/products/things to prove who/what they are without the need for intermediaries, said Symons.
- MoveGenius is a digital onboarding tool which automates seller onboarding for estate agents and sellers. Nicholson noted that it currently takes six months and costs up to £4,000 to complete a property transaction end-to-end, with one of three transactions ultimately failing to close. MoveGenius aims to address this by using blockchain technology to speed up this process to just six weeks, cut failed transactions in half, and cut costs by £1,000 per transaction.
- Combat IQ utilises revolutionary new technology in artificial intelligence with unique subject matter expertise to take combat sports into a new era. It does this by using 3D computer models to generate real-time data for enhancing sports broadcasts, increasing fan engagement with sports promoters, and expanding sports betting operators’ ability to offer in-play/micro-betting markets.
- Libraro is a web3 platform using blockchain and reader-based decentralised autonomous organisations (DAOs) to transform how books are discovered. Shillova said that using the BSV blockchain for content distribution allows authors the ability to protect their intellectual property. Libraro also uses gamification to encourage reader participation, offering tokens to reward readers for their time and contribution.
