The pursuit of collaboration skills to cooperate with other similar firms is an excellent tactic. Yet, I have seen many Web3 startups have not done this, even though it is a worthwhile skill.
If we want Web3 to be different from Web2, where corporate interests reign supreme, then this is how it must be. All digital assets, whether NFTs or metaverse-based, rely on a growing market of investors. Therefore, it’s crucial to be collaborative.
Said is easier than done. So, how can we achieve it? Let’s check this guide to improve your collaboration skills for your Web3 firm right today.
Why do Web3 startups need collaboration skills?
It’s inevitable.
The promise of Web3 is that it will radically alter the relationship between producers and consumers. Creators and their fans may co-create, collaborate, and share benefits in a novel and open way thanks to incorporated relationships.
When it comes to the blockchain industry, the community is king, and ultimately, collaboration skills are required because you need to expand and engage your community. Having a robust and strong ecosystem is essential to the success of Web3 enterprises, and this skill is the very foundation upon which these businesses rest and upon which they depend.
Nevertheless, this approach is more beneficial than coercive. Let’s look at some key advantages that Web3 startups will gain by inviting collaboration skills:
Learn from experiences
When a Web3 startup collaborates with an established corporation, it gains access to the partner’s resources and expertise, which can help it grow and attract investors. The startup may cut down on its time to market by doing less guesswork and more testing of its products. Additionally, a corporate partner can help support and guide the development plan of the firm, allowing its founders to make better future decisions and the startup to gain more visibility, ultimately leading to an increase in revenues.
For example, Farfetch, one of the top luxury e-commerce platforms in the world, has recently announced a new program to collaborate with Web3 startups. The aim is to provide mentorship, networking opportunities, and support to luxury fashion and lifestyle entrepreneurs wanting to increase Web3’s exclusive products.
Stimulating a promising innovative product/service
By teaming up with other businesses, Web3 startups are able to pool resources and ideas. Each blockchain company is original in its own way, so when all of these ideas come together, the result will be spectacular.
For instance, a messaging app developed by the Nansen crypto analytics platform announced new functions that have been extremely successful. In an attempt to create a “crypto-native communications center for Web3 communities.” It allows users to log in with their cryptocurrency wallets and then join groups based on their confirmed cryptocurrency holdings and NFTs.
Increasing awareness
One of the unfavorable truths that new businesses have always had to face is that the vast majority of them fail. Though there are several contributing factors, it is ultimately unavoidable despite extensive efforts to raise public awareness. If you work with other companies using Web3 or similar models, you can reach their audience and potentially grow your own business. Consequently, if you’re able to work well with others, you’ll be better able to promote the growth of the community, enhance the firm reputation, and raise people’s levels of engagement. All. in. one.
Are collaboration skills different in Web3?
As previously stated, I don’t believe it should be a choice. When the main feature of Web3 is an open system, there is no reason to isolate yourself from others. However, it’s also positive news that you can improve collaboration skills more easily in Web3 than in other industries. As a matter of fact, Web3 key features can help you establish a solid reputation as a trustworthy business owner and find cooperation easier:
Different systems
Since the inner workings are now visible to everyone, the system is more open and trustworthy than ever before. Users can safely share and receive information online. There is no need to require your partner to trust the data or agree to any conditions, as it is always transparent and authentic.
The appearance of Smart contracts
Web3 systems in general are new and uncontrolled, making it difficult to negotiate collaboration legal issues. When collaborating with other blockchain industry partners, smart contracts are frequently used. As with traditional contracts, you must ensure that your smart contracts adhere to a standard that all parties involved understand. The difference is that an organization’s smart contract’s set of rules are permanent once uploaded to the blockchain. Typical rules that require more considerations, such as product pricing, accepted currency, and the final product received by an investor.
Role exchanges
Lastly, instead of a group of employees controlling everything, with decentralized systems, members often take charge of that role rather than the owners, founders, and partners. There is no centralized authority regulating user behavior. This also exemplifies the key element in Web3’s networked collaboration: an association of independent individuals experiencing regular stimulation while working towards a common objective.
How to improve your collaboration skills? (with practical examples)
Okay. Collaboration skills are critical, yet promising. So, how can you improve and apply it in your company? Here are my recommendations that I discovered most blockchain companies have used to collaborate with other firms. You can check out this guide here if you want to engage and collaborate with your community.
1. Know your value
A common saying that is worth remembering is: Know your value before cooperating with others. Because of the emphasis on community in Web3 spaces, it is essential that you take the time to learn about your target audience and the needs of the wider community. When approaching a potential business partner, it is important to have a firm grasp on both your brand’s identity and the end goal.
2. Find a match
Next, find common ground with your potential partner in your vision, business ethics, targeted audiences, and value offer. This is sound business advice for any partnership, regardless of the industry involved.
When entering into a partnership, it is significant to keep in mind the particular value that you can bring to the table. Keep your own identity as a company, even if your partner has a more well-known name. If the partnership relationship is keeping you from reaching your goals, you may want to try something new and find a brand that complements your company’s mission more closely.
The open architecture of Web3 allows for any kind of collaboration to take place. Therefore, another strategy you should think of is working with a rival company. Form an alliance with a well-known player in the market, and you’d be amazed by how receptive entrepreneurs in the field are to new ideas.
3. Be critical
Since many sorts of enterprises, projects, and DAOs are still in their infancy, it may not be immediately obvious if a possible partner is a fraudster, a fraudulent crypto scheme, or a rug pull. Here is what you should do before giving “a handshake” to your partner:
- Investigate the company’s backstory, including its founders, completed initiatives, community-building efforts, and overall reputation.
- Involve the locals in the decision-making procedures.
- Start by publishing a blog post explaining the project’s aims and gauging the response.
- If anyone within your community is wary of the proposed change, you should be concerned about it.
One of the best ways to kick off new cooperation with fewer risks is to work together on a single project first. You don’t want to get caught up in a huge mess if something goes wrong. In Web3, reputation is extremely crucial, and no matter who is responsible for a problem, the public will likely not see it that way.
4. Be clear and straightforward.
In order to avoid misunderstandings later on, it’s important to spell out exactly who is responsible for what, how long the partnership will last, and what would happen if one party stops doing their share. Consequences for any violation of the contract should be carefully considered and could include monetary compensation if the partner fails to perform on agreed-upon obligations. Include a stipulation concerning the failing party paying an agreed-upon sum of money to cover lost profits in the event the collaboration is terminated before completion.
5. Measure the effectiveness
In order to know whether the relationship should be long-term, you need to measure the performance. Metrics can be used throughout the partnership to check in on how things are doing and whether anything needs to be changed. When measuring, you can ask yourself questions like:
- Are people visiting your site more often?
- Are you gaining new subscribers?
- Does your revenue increase?
Keep in mind that on Web3, performance data like clicks and follows can’t be changed because all the records are recorded in an immutable distributed ledger called the blockchain. This data might help you determine if the relationship is actually beneficial to your area. Document these findings so that you can assess the success of your partnership when it is over.
Conclusion
After all, you need more than just a strong will to keep bringing in new funding to keep your product growing in digital markets. In contrast, effective collaboration skills are crucial. If you are interested in finding a cooperative, Satom is here to support creators with a commitment to creating a decentralized future, making us a wonderful partner for your Web3 journey. Email hello@satom.vc if you’re interested in learning more.
