Have a Genius Web3 Idea? Don’t Have What It Takes to Build it Alone? Consider a “Blockchain Concierge” Service – Cryptonews

Have a Genius Web3 Idea? Don’t Have What It Takes to Build it Alone? Consider a “Blockchain Concierge” Service – Cryptonews

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Disclaimer: The Industry Talk section features insights by crypto industry players and is not a part of the editorial content of Cryptonews.com.

Photo by Dylan Gillis on Unsplash

Our society has a number of phrases that paint a distinct picture of a sole proprietor.  “Jack of all trades, master of none.”  “It takes a village.”  “No man is an island.”   It’s not necessarily a pretty picture. 

The fact is, a business—even a small one—needs many different skill sets to operate well.  This is further illustrated by the fact that you can get full degrees for these various skills:  marketing, finance, accounting, project management, etc.  And those skills are just for the administrative overhead.  If you are actually building something, especially a digital platform, the skills needed are even greater.  Front end and back end developers, database specialists, cyber security, cloud architecture, UI/UX engineer, web designer, app designer, graphics artist, and more.  If your platform is blockchain based, add in even more developers, along with a tokenomics expert.  

Another interesting fact is, no one who has started a platform took the time to sufficiently master each of these skills before starting their business.  Many have decided they would learn as they go.  This is, in part, why so many businesses fail.  Others have built teams based on their networks, getting team members who are capable (but not likely experts) in the various skill sets needed.  Using one’s network is fine in that you already have relationships and trust built up.  However, it also limits the level of skill you have to choose from.

So what are sole proprietors, and even small teams, supposed to do in order to give their big idea the best chance at success?  Thankfully, there are some options.  Let’s touch on a few of the ones you may already recognize, then dive into an emerging architecture called “concierge” services.  We’ll look at what they do, how they are similar (but distinct) to a few other business models, and we will look at a provider called AllianceBlock that serves as a comprehensive example.

The Blockchain Platform’s Journey

For many blockchain platforms, the journey to a full launch takes a similar path.  The founder or founders start with an idea, usually a pain point or an opportunity for something new (and presumably wanted by the community).  Founders are often technically inclined, with experience as developers, tenure at TradFi/TradTech companies, or are simply serial entrepreneurs.  The founding team is almost always driven more by relationships than skills, with a team of trusted people each taking a part.  Sometimes they are well qualified, sometimes less so.  If the team can make it through the next phase of their growth—usually developing and refining the idea, hopefully building a proof of concept prototype—they then begin the journey for funding.  For those teams who are initially self-funded, they may be able to develop enough to create an ICO.  With the market of tokens fairly saturated, the team would have to have built up a strong following before this in order to make sales and keep the price where they want it.  

For other teams, the path to ICO is too long, and funding is required sooner.  For these teams, options include self-funding (and asking people they know to invest); for the lucky teams, they might be able to catch the attention of a startup incubator/accelerator, which brings help in the form of experts, as well as an introduction to VC (venture capital) firms.  It is here where some very large fundraising can be made, though the price (in the form of a percentage of the platform) might be steep.  Still, if the funds are raised and the platform is successful, owning part of a thriving platform is much better than owning 100% of a dead one.

Emerging Trend:  The Concierge Service

This is quite the journey, with many things that have to go right.  You have to know the right people, sell your idea to the right people, hope they don’t already have similar investments, hope the market is where it needs to be, and hope that the technical development actually happens.  Entrepreneurs above all others want to be masters of their own fate, but there is frankly a lot of luck involved with this process.  This fact is not lost on entrepreneurs and founding teams, especially in the crypto space.  Based on this pain point, there is a new type of business model emerging.  It’s called a “concierge” service, because it can get you whatever you need.  The services aren’t free, of course, but the beauty is that you can pick and choose what services you need.  Do you have a strong development team but lack the smart contract experience you need?  They can help with that.  Do you need to tie your platform to a bridge?  Yep, they can do that.  Do you need to raise funds?  They can even help with that.  In a sense, this business model is not only like a concierge, it is a “X-as-a-service” a la carte menu.  Use your team’s strengths, and ask the concierge for what you are lacking.  

In a way, this type of model is not new.  The “blockchain-as-a-service” and its many niches have been around for several years.  What makes concierge services unique is that they house all the services you might want to use, and help coordinate their interaction to ensure the process is efficient.  Kind of like a concierge.

Take AllianceBlock, one of the larger dedicated concierge service platforms for blockchain.  They provide their own options for funding, DeFi development, smart contract creation, bridging, data protection, and even DEX services.  While other players offer some of these services, AllianceBlock might be the only platform to offer it all.  In particular, their Fundrs service is especially unique, as it moves the funding process away from VCs, and instead opens up funding to the larger community.   Think about it like a Kickstarter for blockchain, except the concierge is also managing the other business services a platform needs.  For Fundrs, platforms can apply for funding by showing their plans and laying out options for investors.  Those members who are staked into the platform can look at these investment opportunities and take part if they’d like.  To ensure the selected projects are progressing as promised, the milestone funding process ensures that there is a strong accountability aspect to the project, protecting investors and motivating the project team.  This also helps with community awareness, as the many investors become vocal advocates for the project, encouraging others to invest so the project will be successful and their return will be profitable.

Looking Forward

The entrepreneurial spirit will always be a core part of our society.  It’s what drives innovation, and is a great opportunity for those with big ideas, a lot of energy, and who are willing to put in the work.  With concierge services, it is promising to see how development teams are gaining more and more ways to help boost their platform, shore up any weaknesses, build a community of investors, and focus on their core innovation above everything else.

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