Adaverse Webinar on Designing A Product-Market fit; A Recap
Last Saturday, Adaverse hosted a webinar on Zoom to inspire and inform entrepreneurs to create solutions that can scale with the emerging Web3 technologies. The webinar’s theme was focused on designing a product-market fit and customer acquisition. Our esteemed speakers who are blockchain industry experts and businessmen include; Brainstem senior software developer — Dave Partner, Adaverse investment manager — William Phelps, and Adaverse partner in Nigeria — Chimezie Chuta.
Chimezie Chuta, the session’s first speaker, kicked off the discussion by offering his perspective on how to establish customer acquisition, brand communication, creating great ideas for startups, and building the right tool for the identified societal pain. Using the analogy of talking less and listening more, he supported the point that it is important to ask specific questions regarding consumers’ past experiences rather than forming assumptions about the future.
Chuta went on to talk about what users are currently doing in the blockchain sector, mostly in terms of delivering answers to problems that are already in place. Additionally, he noted that consumers are more concerned with the benefits that a good or service will provide for them. They don’t buy what you’re giving, he claimed; rather, they buy your justification for doing so. Consequently, the goal is to acquire and retain consumers.
Check out the presentation slides by Chuta here.
William Phelps, the second speaker, focused on the actual product market by discussing how to design a product before marketing it, which is essentially a conceptual development component. He emphasized the key elements in developing concepts that constitute the cornerstone of a successful business in both web 2.0 and web 3.0.
He underlined the necessity of speaking coherently while addressing a larger audience because it is crucial to be precise and clear about what the product comprises.
William continued by outlining the importance of taking into account the expansion of what you’re building, the roadmap for growth, and why it’s crucial to precisely define your customer.
Check out the presentation slides by William here
Dave Partner, the third and last speaker, talked about how innovation is a crucial component of a company, but regrettably also one where many startups fail. According to him, 80% of startups fail within the first two years. He emphasized the importance of funding as a tool for advancing startups.
Dave shared market insights from the Nigerian market and advised that new entrepreneurs may have better chances at surviving when they create improvement ideas to an already existing solution. He said that when developing a brand-new, utterly innovative product, it is important to watch out for a scenario where the product is working fine but lacks the ability to scale new markets.
In conclusion, developing a scalable solution for the African market demands more than an entrepreneur’s passion and determination to alleviate pain. A clear market study is critical for a founder to identify if the idea is not an isolated solution to a minor problem. Many participants found the webinar to be enlightening, therefore more will be scheduled in the future.
You can access the full webinar recording here
Adaverse is a Cardano-focused joint accelerator initiative — set up with the collaboration of EMURGO Africa, a subsidiary of EMURGO, the official commercial arm of the Cardano protocol, and Everest Ventures Group, a leading blockchain industry accelerator — looking to build the infrastructure of the projected $139.4 billion African blockchain market by 2028. Since its inception in 2021, Adaverse has invested in strategic partnerships with thirteen impactful solutions and seeks to onboard more into the accelerator program.
To apply for the Adaverse accelerator program and funding, click here.
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