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Guide to Web3 company building: start here
5 strategies for finding product-market fit in web3 by Jason Rosenthal “Product-market fit” is that seemingly magical moment when a startup finds a mass of customers that truly understands the business value of its product. Sounds simple; and hearing founders tell their stories makes those journeys to finding product-market-fit look easy. But in reality, finding product-market fit is hard — even with all the tools, processes, and best practices for finding product-market fit at our disposal today (from deep instrumentation of conversion funnels to sophisticated multivariate testing).
But web3 fundamentally transforms the nature of this competition and collaboration — which means we need to rethink the way firms establish their market position, achieve network effects, and capture value. One of the best-known ways to think about such strategy is the Five Forces framework (introduced by Harvard Business School’s Michael Porter in 1979): It helps map the competitive landscape of an industry, thus showing where a company’s defensible advantages lie. Now entering its 4th cohort, our CSX program — the premier accelerator for early-stage companies building in or with crypto — just wrapped its most recent Demo Day, in London.
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