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- The Bitcoin, Beer, and Bitstories (BBB) panel held on January 26, 2023, featured experts in the Web3 space who shared their advice on starting a successful Web3 project.
- Cristian Munoz, the founder of Draper Startup House, emphasized the importance of building a strong community for Web3 projects, as it can help attract investors and create a strong foundation for the project.
- Munoz also stressed the need for a solid business model that takes into account the fundamentals of the project and its potential impact, as well as a clear demonstration of commitment and values from the project builders.
Build a community first. Prepare the business model. Show your commitment and values.
These are some of the tips given by Cristian Munoz of Draper Startup House during the Bitcoin, Beer, and Bitstories (BBB) event on January 26, 2023, the first-ever BBB for this year.
The panelists include
- Meg Amat – Head of NFT Curation, PDAX
- Josef Singson – Founder, Stocks City
- Christian Munoz – Founder, Draper Startup House Manila
- Isabella Laurel – Founder, Coinfemme (moderator)
Cristian Munoz of Draper Startup House expressed during the BBB panel that their organization is very community-driven, and that they have invested in 30 startups last year, most of which are people who have attended their events and have built relationships with their organization.
Munoz emphasized that their investments are mostly focused on early-stage startups, and that building relationships is a key factor in their investment decisions.
Qualities of a founder
The Draper founder also shared that his tips are aligned with the experiences he earned last year in establishing Public House Ventures, which are to connect and introduce the business to the target investors:
“It can be difficult to predict the direction of a startup, but we try to focus on the fundamentals of the business model. We look for people who are committed to making a positive impact in the world and who are enthusiastic about leveraging technology to achieve that goal. We also look for certain values that are essential for starting and building a successful organization. As investors, we value freedom, trust, and other important qualities that we see in the founders of a startup.”
Munoz is talking about the good qualities of a builder to be able to attract more investors. According to him, builders who have good qualities are like people who help find a lost girl to whom they are not related.
Although we receive a lot of interesting proposals, we prioritize investing in people who share our values and have a strong commitment to their vision. We look for individuals who are truly dedicated to building a community, and we direct our investments towards those specific pieces. This is how we deploy our capital.” he emphasized.
However, Munoz still clarified that there are still different strategies to start a business and attract investors, adding that builders must be serious about communicating with the investors and not making fun of them, whether they are local or international investors:
“We have open doors and are open to any industry, and although we mostly focus on early stage investments, we have serious investors in our network who can flow a lot more capital. Unlike others in the Philippines who make fun of international and local investors, we don’t differentiate based on their origin. The mistake we often see with others is that they don’t present their services in a professional manner.”
According to Munoz, there are some builders who commit mistakes by not talking the investors, to whom they present their business model, seriously. He also said there were also some builders who drank and partied with these investors until they got drunk and went crazy and too excited, which turned off some investors.
This article is published on BitPinas: [Meetup Recap] Experts Share Tips on Starting Successful Web3 Projects at BBB Panel
Disclaimer: BitPinas articles and its external content are not financial advice. The team serves to deliver independent, unbiased news to provide information for Philippine-crypto and beyond.