Blockchain companies are by their very nature disruptive influences to the status quo.
While there were many who cheered the crash after the initial boom in the market, this is a technology that has proven to be far more durable and adaptive than those doomsayers would originally believe.
Yet the failure rate for companies in this market remains high, seeing many developers and investors through time and cash into the project only to see it fall over within the first 12 months.
So what is the special sauce that these select groups of successful brands have over their competition?
Matching The Needs of The Market
Those who have examined the case studies of successful blockchain companies come away with one very important underlying theme – these operators have identified a need in the market and responded in kind. Just because the industry would experience a boom and there would be many participants making money off the technology, that quick fix mentality would soon see those some people lose their investment as the initial bandwagon effect could not maintain momentum. Others who have focused their program on catering to higher security needs or optimising logistical operations for example have continued to sustain their success, responding to a need in the market and providing a key value-exchange for another participant.
Establishing Trustworthy Team Environment Dynamic
There are two distinct elements that are in play with the team environment of thriving blockchain companies. The first will be seen with the inside team who essentially operate as the brand. From the developers and programmers to the sales representatives who partner with investors, this core set of professionals will help to balance the technical proficiencies with the financial targets that have to be hit. Complimenting these operators should be a series of trustworthy outside members, working with consultancy firms and developers who work on short-term contracts. This will lower the immediate risks and ensure that the central objectives are kept front of mind.
Don’t Be Held Hostage To Single Concepts
Blockchain companies thrive when they can adapt their framework and improve the technology on the margins. There will be some principles that will remain true from the first embryotic phase to the final development, but it is those enterprises who are able to find new and innovative ways of enhancing their technology who can make gains the quickest. Blockchain companies who know that reaching proof of concept will be a challenge are best placed to alter their framework, learn from other examples and make smart executive decisions that are made with the long-term interests of the organisation in mind.
What was true for blockchain companies in 2018 has not always been the case for 2019, creating clear challenges and opportunities for what the industry holds in 2020. Given that there are blockchains that are thriving in the market without the involvement of cryptos – a fact that would have been unthinkable not so long ago, participants need to keep abreast of upcoming trends that will be taking hold. From public governments and private financial institutions making proactive acquisitions to the inclusion of working apps to the evolving role of artificial intelligence, individuals and teams who stay up to date will be ahead of the game.
Not Allowing Setbacks to Curtail The Project
There is not one single successful example where blockchain companies seamlessly progress step by step without incurring some form of setback. Whether it is an investor who pulls out, a programmer who has a strong difference of opinion, an incubation period that experiences major challenges or other obstacles that could not have been foreseen. Attitudes and perceptions in this industry have been very fluid over the past few years, creating an environment where only the most diligent and perceptive of enterprises have thrived.