Company
Date Published
Author
Chainlink Labs
Word count
2617
Language
English
Hacker News points
None

Summary

Raising funds is a crucial yet challenging process for startups, particularly in the burgeoning Web3 sector, which offers unique decentralized fundraising opportunities not available to traditional Web2 startups. While early-stage bootstrapping methods remain similar across both ecosystems, Web3 startups can leverage grants from both traditional entities and within the Web3 industry, with examples including programs from the European Commission and blockchain-specific initiatives like Ethereum's Ecosystem Support program. Additionally, Web3 founders can benefit from incubators and accelerators, such as the Klaytn incubation program and Outlier Ventures' Base Camp, to gain essential skills and mentorship. Crowdfunding in Web3 takes on a new dimension with platforms like Juicebox, and decentralized autonomous organizations (DAOs) such as Syndicate DAO provide innovative fundraising channels. Nevertheless, Web3 founders must focus on the fundamentals that attract traditional seed investors, such as robust technology, a clear business plan, and strong leadership, while navigating the distinct dynamics of Web3, including the importance of building community and addressing unique deal structures.