Product-First?
Protocol-First?
Business Development First?
Reflecting on my experiences with some of the projects over the last few bull / bear cycles, a pattern emerged among teams that are sprinting towards go-to-market: the choice between a protocol-first, product-first, or business development-first approach significantly influences their strategy and, ultimately, their success. Each approach comes with its own set of merits and drawbacks.
Each strategy has its merits and drawbacks. Launching with a complete protocol allows for widespread adoption and building by others, while a product-first approach focuses on developing a flagship application, gradually supporting the underlying protocol. Starting with business development emphasizes early partnerships to foster integration and establish the protocol. However, the initial choice can significantly influence future directions, potentially limiting flexibility.
The debate often centers on whether to prioritize the protocol or its initial applications—a classic dilemma. A product-first strategy may cause the product to overshadow the protocol, limiting broader use. Conversely, a protocol-first approach, while appealing for its openness and potential for wide adoption, risks a slower start due to the lack of immediate applications.
Success in the protocol-first route hinges on engaging developers with a compelling narrative and robust support, such as comprehensive documentation and open-source examples. This approach aims to build a foundational layer that enables new, permissionless applications, relying on community engagement and contributions for growth.
On the other hand, the product or application-first strategy may quickly demonstrate the protocol's utility but can restrict its perceived scope to those initial uses. Regardless of the approach, the ultimate goal is to create a self-sustaining ecosystem that transcends the founding team, requiring strategic business development, community engagement, and clear documentation to encourage adoption and collaboration.
Partnership-based development offers immediate allies and practical insights but may confine the protocol's potential to cater to specific client needs, posing scalability challenges.
Awareness of these potential pitfalls enables proactive decision-making, ideally balancing business development, application management, and protocol development to appeal to partners, developers, and end-users alike. Yet, the real excitement lies in navigating the imperfections of reality through collaborative design.
Design transcends aesthetics, serving as a tool for envisioning and shaping the protocol's future. It facilitates the exploration of possible futures, crafting narratives and prototypes that can seed partnerships or inspire open-source applications. Effective design streamlines user experiences, ensuring quality without compromising inclusivity.
Teams that thrive in this dynamic environment boast robust technical prowess, agility in shipping and innovation, strong networking skills, and a flexible yet clear vision, ensuring they don't lose sight of the broader opportunity amidst adjustments.
After Run Thoughts Summarized and Ordered with ChatGPT
We are continuously exploring how we can help teams building tools for permissionless market go to market with the right narrative, experience, and focused vision.
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