How to Launch a Blockchain Tech Startup?

Let’s talk blockchain today.

Recently, I’ve been noticing a lot of noise and hype around blockchain-related topics. People ask questions about blockchain development here on Linkedin, too, so I decided to prepare this brief intro to blockchain software development to help you with significant business decisions.

They say blockchain is the future of financial operations. I’d better operate with facts: in 2021, worldwide spending on Blockchain solutions reached $6.6B and the time to start a blockchain business has never been better??

Basically, building a Blockchain product will be much like building any lean startup. The algorithm Build-Measure-Repeat is always relevant. However, there’s something more to know about.

?? Here, you can find 5 basic steps to take to launch your blockchain product.

1. Add colors to your idea

So, you’re about to build a striking blockchain product. Do you have a clear vision of what exactly you’d like to build? Or do you follow market trends and want to join the list of blockchain founders?

In both cases, it’s crucial to make your idea vivid. Find the unsatisfied need and think about how a blockchain-based app can address it. Heel pain and always start with why – why exactly do you want to build a product?

Answering the question will help you add missing details to your vision and prioritize critical functionality.

2. Choose a vendor you can trust

This is your primary decision.

This is even more important than generating a viable idea.

You need to choose a reliable blockchain development partner.

If your idea is weak, your partner will help you to improve it or pivot successfully, and you’ll manage to reach the desired goals. But no matter how good your idea is, it will never thrive if it’s implemented by a weak, unprofessional, or problematic vendor.

Pay attention to the professionalism and communication skills of the company’s representatives. Ask for testimonials and case studies. Make sure the team has proven blockchain expertise and understands your requirements and expectations.

3. Meet your team

Once the choice is made, get acquainted with software engineers. These people will work directly with your idea and will directly impact your business.

It’s significant to meet everyone, talk to everyone, and make sure you can trust them and work with them.

4. Measure the progress

How can you ensure you’re moving in the right direction?

Shortlist the success metrics – factors that prove that your product has a chance to survive (and succeed ??)

Consider conversion rates, number of downloads, user satisfaction, or any other metric that may help you move forward??.

As the team adds each new feature, try to predict how it impacts the entire product, and then make sure the real data confirms your forecasts.

5. Make sure users need it

Once the initial version of your product is live, go to real users and ask for their opinions.

??Do they need this product?

??Do they find it convenient?

??Are there any features they would like to add? Is there a piece of functionality they don’t need?

??Do they find the design attractive? Is the UX seamless enough?

Based on your team’s opinion, metrics, and users’ feedback, answer two vital questions:?

1. Does this product really need to be a blockchain-based solution??
2. How can you improve it?

After that, keep going! Build a product roadmap, update your app, keep measuring the progress and collect customers’ feedback.

Blockchain is here to stay, and your blockchain-based product may be the one to revolutionize a certain industry.

Are you up to change the industry with a new blockchain product? Or are you doing it right now? Please share your thoughts and experience.