Four Factors To Consider When Building A New Product
Cryptocurrencies have captured the world’s attention thanks to their innovative solutions to old problems. There’s no reason why your product can’t do the same.
If you’ve ever fantasized about creating your own product or been kept awake at night by a great business idea, you’ve probably asked yourself a good deal of the following questions:
* How do I create something that is worth purchasing?
* What should the appearance of my product be?
* Does it meet the actual market’s requirements?
At the core of every invention has always been a problem to solve. The case of cryptocurrencies and blockchain is no different.
Bitcoin, as the first-generation cryptocurrency, showed that blockchain technology can allow for a decentralized network to share value, without depending on trusted counterparties such as banks and financial institutions. The second-generation advanced further by introducing smart contracts to power DeFi, NFT, and other tokenised solutions connected to enhance web 2.0 apps.
While both generations addressed old problems of the financial sector, Cardano has consistently managed to address the modern-day issues of crypto, giving life to the third generation of blockchain solutions. By addressing the gaps of previous generations, Cardano is building a scalable, interoperable, sustainable system. In a world that is increasingly connected yet still unequal, these three core characteristics can lead to better and fairer solutions!
At Adaverse, we are driven by the same values and believe that the core principles of Cardano can help you build an innovative and revolutionary product with an impactful edge
Therefore, if you are ready to start your new project, here are a few recommendations on how to apply the same principles to your product:
When building a product, you might be tempted to start small and see how it grows. While it might seem like a safe option at first, it’s never too early to consider how your product will evolve over time to serve an increasing number of clients. Many businesses fail not as a result of insufficient growth, but as a result of inadequate preparation for growth. Ethereum blockchain battled network congestion problems a few years after its launch.
Planning for the future growth of your product or service ensures that you’re prepared when the time comes, and this is where open blockchain solutions like Cardano can be extremely beneficial. Scaling becomes simplified as a result of the network’s design — in fact, the larger the network grows, the more it offers its users.
Digital is the way of the future, and it is where the majority of entrepreneurs are concentrating their efforts. To ensure your product’s scalability, you must ensure its interoperability across multiple platforms and devices. For example, a large portion of the world’s population relies on smartphones rather than PCs for daily tasks — making sure your website is mobile-optimized is critical. In this case, catering to mobile users enables you to increase your revenue while also reducing user discrimination based on the accessibility.
The scalability and interoperability of the product should not be at the expense of its sustainability, whether environmental, economic, or social. To accomplish this goal, it is critical to consider not only the user’s needs but also the community’s
Ensuring the sustainability of your product entails conducting market research, comprehending your supply chains, and planning for the future — both micro and macro. How will your market look in five years? What will the world look like in the future? Which technologies are currently upending the way we conduct business and may have an impact on you in the future?
Cardano is the ideal platform to build a sustainable business because it is an environmentally sustainable blockchain with a mission to accelerate e-commerce through a large investment vehicle for Africans. Already in the last year, Cardano projects in Africa have seen tens of millions of users enter the ecosystem and this promises to expand more this year.
4. Break The Ground With an Accelerator
You don’t have to walk alone. With the help of prestigious accelerator labs like Adaverse, you are sure to get all the support you need at the early stage of your business. An accelerator program offers funding support and strategic mentorship. If you’re still unsure how to scale, interoperate, and sustain your product, we are here to help.
Apply for the Adaverse Accelerator program today where you get a 1:1 intensive mentorship from industry successful entrepreneurs, alongside funding and tech support. Interested, or just want to know more? Contact us today for more information.
We are a Cardano ecosystem accelerator providing funding and investment support to impact-driven crypto startups with game-changing projects across Africa. We assist startups to establish and grow sustainable businesses on the continent, overcoming historical obstacles, fostering a dynamic and innovative ecosystem to cater to the global market at large
We are open to applications all year round from African-based startups with a crypto-native edge and a proven concept. Apply here
Here is an explainer video on how to apply https://www.youtube.com/watch?v=d2yianNzUh0
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