A strategy that fails for one VC firm may work wonders for another.
When bringing a new crypto to market, the fastest way to do so is arguably with the help of venture capital financing. But such a high-risk, high-reward operation in a rapidly evolving field can carry a large degree of uncertainty. At the, several prominent VCs decided to share their insight on which strategies have worked out for startups.
Regarding what has not worked, Barney had two main examples: initial coin offerings and influencer marketing. Regarding the first, Barney believes recent regulatory headwinds have essentially made it impossible for institutions to participate in ICOs. As for influencer marketing, Barney said that recent cases of influencer shilling without disclosing conflicts of interest and"front-running" followers have made it difficult for users to trust them.
That said, Cheng warned against the other extreme of reckless influencer marketing:"You can't always have [KOLs] shill stuff because otherwise, the users are gonna get burned and they're just not gonna follow them anymore." He continued that projects should work with KOLs while making sure they align with their user base and that the message they send to users aligns with the vision of the company.
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