Early Stage

Starting the process of building a team and launching a product

The early stage is all about laying the foundation for your startup. This includes coming up with a solid idea, finding co-founders, and getting your initial operations and presence established. By the end of this phase, you should have a clear vision of your product, a basic team, and a presence in the blockchain community.

1. Ideation

   1. Brainstorm product.

      • Identify a problem you are passionate about solving.

      • Analyze the market to understand potential demand and competitors.

      • Define the unique value proposition that sets your product apart.

   2. Pick an ecosystem.

      • Choose a blockchain that aligns with your personal ideals and your project's goals (e.g. Ethereum (including L2s), Solana, Polygon, Cosmos, Polkadot).

      • Evaluate the technical requirements and community support of each ecosystem.

      • Consider ease of development, gas fees, and developer resources when making your decision.

2. Find co-founders

   1. Meetups.

      • Attend blockchain-related events, conferences, or local meetups to connect with potential co-founders.

   2. Community channels.

      • Join online forums, social media groups, and blockchain communities (e.g., Reddit, Discord) to network and find like-minded individuals.

   3. Hackathons.

      • Participate in hackathons to meet skilled developers, designers, or business-oriented individuals who may be a good fit as co-founders.

3. Incorporation

   1. Set up the developer entity (this is not the token-issuing entity).

      • Consult with a legal expert to choose the right structure (e.g., LLC).

      • Register your entity in a jurisdiction that offers favorable regulations for blockchain projects.

      • Set up necessary legal agreements among co-founders, including equity & tokens splits, and roles.

4. Fundraising Preparation

   1. Bootstrapping.

      • Use personal funds to cover initial costs and demonstrate commitment to potential investors.

   2. Apply for grants​ and start building.

      • Look for ecosystem-specific grants that align with your project.

      • Use grant funding to kickstart early development and build a working prototype.

   3. Start whitepaper.

      • Draft a comprehensive whitepaper outlining your project’s vision, technology, use case, and roadmap.

      • Reviewing previous whitepapers is a good way to start.

   4. Start pitchdeck​.

      • Create a pitch deck to present your project to potential investors.

      • Highlight the problem, solution, market opportunity, team, and financial projections.

5. Establish Presence

   1. Set up a basic website to introduce your project and its goals.

      • Include an overview of the project, the team, and how it aims to solve the problem.

   2. Register official accounts on social media platforms (e.g., Twitter, LinkedIn) to start building awareness. Also consider places like Farcaster although perhaps yet to be seen how useful the new venues are.

      • Post regular updates, news, and insights to engage with your audience.

   3. Develop a content and marketing plan to keep your audience engaged.

      • Plan a content calendar that includes blog posts, social media updates, and newsletters.

      • Share insights into your development journey, industry trends, and upcoming events.

   4. Create community channels (e.g., Discord, Telegram) to foster direct communication with your supporters.

      • Set up guidelines to ensure a positive and engaging community environment.

      • Designate team members or moderators to manage the community and answer questions.

6. Start building

   1. It is best to build something before approaching investors.

      • Develop a prototype or proof of concept that showcases the core features of your product.

   2. Consider releasing an alpha version of the product.

      • Release an alpha version to gather early feedback and test product-market fit.

      • Use feedback to identify key areas for improvement and iterate on the product.