“Build in the bear market” is a common phrase in Web3. However, beyond a capricious sentiment to get us out of uncertain market conditions, what does this phrase mean? Really mean? It is a widely known fact that, in general, the life of a startup is not easy. Being a startup in the Web3 space is no exception to that rule and it comes with additional considerations. Data has shown that nine out of ten startups fail, and when we add to this the additional regulatory, reputational, business model, and technical risks that the Web3 industry brings, it becomes clear that creating a Web3 startup is not it is for others. faint of heart

Through the helping hand of an accelerator program, this is not a journey to be taken alone. Accelerators generally exist to support early-stage startups by providing access to education, mentoring, expert networks, and funding, either directly or indirectly. Their overall goal is to speed up the life cycle of young companies by compressing years of hands-on learning into a few intense months. Research indicates that accelerator participants increase their chances of survival by a whopping 23%. At Outlier Ventures, we’re proud to say that 9/10 of the 187 startups we’ve accelerated over eight years are still alive. As a native accelerator of the Web3 paradigm, our programs are tailored to each startup and cover topics including token design and economics, legal and regulatory considerations, product roadmap, NFTs, and community strategy, among other areas of guidance and training.

Related: What All Entrepreneurs Should Know About Web3

Spoiler alert: accelerator programs are no walk in the park. They require a degree of preparation from the beginning. Accordingly, I share Outlier Ventures’ top tips for founders to get the most out of an accelerator program, particularly one focused on the Web3 marketplace.

You need a founder mindset

First things first, it is imperative that founders entering accelerators truly embody the founder mindset. While this is a characterization that encompasses a wide variety of principles, the top three that are crucial to ensuring success in an accelerator are: mental toughness, trainability, and an execution-focused mindset.

Be adaptable and resilient

Be open to advice. Be open to learn and adapt. From time to time, these learnings can lead to big changes to your business plan that won’t be easy to make but will ultimately lead to a stronger, more resilient business model. The founders who do best in accelerators bring humility but also self-awareness.

Related: Web3 is more than technology, thanks to its inclusion

Accelerators strive to educate and inform startups on how to improve and run their business from a variety of different perspectives. Sometimes this will mean that certain aspects of a business will need to be changed and adjusted, or even abandoned entirely. Suggestions for business change are ultimately made with the long-term survival of the business at its core. In the industry since 2014, Outlier Ventures has seen all market conditions, including two global recessions. From this, it is safe to say that it is the founders who are willing to take constructive criticism and adjust in the short term who will reap the greatest rewards in the long term, the benefits and reach of which extend well beyond the program end date. throttle. .

Focus on execution

When it comes to an execution-focused mindset, we also need to remember that accelerator programs are run for a relatively short period of time and move at an incredibly high pace. This is no more true than in the whirlwind of the ‘crypto time’ of the Web3 space, which, as a 24/7 permissionless innovation, sees the capital markets move 10 times faster than the markets. traditional. As such, Web3 accelerators focus on speed of execution and accelerated time.

However, it is important to not only be focused on executing the objectives quickly, but also efficiently. When making pitches to potential clients or having conversations with advisors, founders must be prepared to move quickly, making sure opportunities don’t fall by the wayside. To solve real problems and make the most of potential networking opportunities, founders must be decisive when it comes to execution and employ the necessary discipline, focus and conviction to achieve the desired results, understanding that as founders Your time is the most important. valuable asset that a company has.

Have clarity on business objectives.

Accelerators provide a wide variety of resources to founders. It is crucial that careful planning and consideration take place from the outset to set precise goals for engagement, ensuring that adequate time and resources are allocated and distributed to enable the execution of such aspirations. For startups, this can be as simple as setting up basic operational tools and processes like OKR to effectively track and coordinate a team’s care and resources.

Related: Venture capitalists are pouring money into Web3. This is why.

have a strong concept

It is important to remember that accelerators are not equivalent to incubators and therefore should not be used to brainstorm or generate ideas. Teams entering accelerators need to have a strong proof of concept and, if possible, some form of early validation of this concept. If founders can get into an accelerator with a pre-existing community, a relevant advisor or team member already in place in the industry, or a letter of interest from a potential client, they will instantly be in a position to capitalize on using these connections. to promote the growth of your start-up. Throttles try to create ‘flyers’ that increase momentum more and more. Teams lacking this are often asked to reapply with traction in areas critical to their success and founders may be accepted after two or three applications.

Grow your network

Take advantage of the network provided by the accelerator cohort. Assume that there are already several better-capitalized teams somewhere in the world working on a similar idea right now because it’s most likely true. With social media, we now operate in a hive mind where no idea is new or unique for long, and the only way to navigate the competition is to outdo them. Making connections and seeking feedback early on to iterate before the competition is essential. This is especially true in Web3, where most startups build on or integrate with the open source technology of others, where there is less of a technology moat, and where the community is at the heart of most products.

be relentless

As a founder, I am convinced that the strongest indicator of success is tireless perseverance to get things done. In the broader macroeconomic environment, let alone the hectic world of cryptocurrencies and Web3, there are so many factors that cannot be controlled. However, if you have a real unmet need or innovation, then a premature start and lack of execution are the only enemies. Successful startups are the ones that stick to their goals and work to improve. Many times I have seen founders momentarily lose faith in Web3 due to market events beyond their control. However, to build a business on an old paradigm like Web2 because it feels easier is to deny an eventuality and give any fleeting success a short lifespan.

In the midst of an economic downturn, accelerators continue to see more applications than ever before, with a notable uptick in founders and executives exiting Web2 and Big Tech who are drawn to the attractive potential of Web3. Some of the largest companies, such as Nike with the acquisition of RTFKT, Starbucks and its NFT loyalty program and, within the Outlier Ventures partner network, such as FARFETCH, are deeply committed to Web3 and its ability to redefine their supply chains. value and business

As we emerge from this bear market, there is great potential for Web3 to be the growth vehicle that takes us out of the current macro trends we are witnessing. The time to build is now, so get out there and don’t miss out on this priceless opportunity!