To support the Web3 community and help startups with quality ideas, we introduced our Web3 Development Fund. We know that each beginning is hard, so our goal is to make it a little easier by providing teams with our expert development services in the first phases of their projects.

This May, we attended the local BlockSplit conference as a Startup Sponsor and in the Startup Pitch contest, awarded the best team with €10,000 in development credits, as a part of our Web3 Development Fund.

Here’s an interview with Ivan Piton from the winning startup Polyflow. We asked him about the project and advice for other applicants. Keep reading!

Q1: Can you tell us more about Polyflow?

Ivan: Polyflow is an open-source, privacy-centric analytics solution that provides data-driven tools and insights to support the development, management, and growth of Web3 applications while emphasizing user acquisition and customer retention.

Q2: What were the motives to apply for Startup Pitch at BlockSplit?

Ivan: The motives for applying to a Startup Pitch at BlockSplit were quite simple: exposure, networking, and feedback.

BlockSplit provided us with a platform to showcase our solution and connect with industry leaders, investors, and other key players in the Web3 space. For us, the key benefits were the opportunities to win prizes and receive recognition, to showcase our solution in front of industry leaders and potential investors, to network with Web3 leaders, investors, and other startups, and receive valuable feedback from industry experts.

Q3: What challenges do startups face in the web3 world?

Ivan: Web3 startups encounter several notable challenges. One of the main issues is the technical complexity of the web3 technology stack. As it is still emerging, it's considerably more complex than traditional web technologies, which can make it difficult for startups to build and deploy their solutions. Another challenge is related to regulation and compliance. Many aspects of web3, especially those involving cryptocurrencies and other digital assets, are under intense regulatory scrutiny. Navigating these regulations can pose a significant hurdle for startups.

Scalability is another issue that many web3 startups face and I've often heard that most struggle with various scalability issues. As these startups grow, they may find it difficult to handle increased transaction volumes or user numbers. Some have issues getting traction and users to begin with, and this leads me to my next point. Despite the increasing interest in web3 technology, it is still not widely understood or used by the general public. This lack of understanding and usage can make it challenging for web3 startups to gain users and achieve widespread adoption. Finally, security is a major concern in the web3 world. With potential vulnerabilities that can lead to significant losses, ensuring the security of their platforms can be a daunting challenge for web3 startups.

Q4: What are the most essential elements that a startup needs to have in order to be successful?

Ivan: A clear vision and mission are fundamental for a startup. It needs to have a defined idea of its goals and the pathway to achieve them. Integral to this process is a strong team. The success of a startup relies heavily on a group of talented and committed individuals who can synergize their efforts effectively.

What sets a startup apart is its unique value proposition. It's essential for a startup to offer a product or service that distinguishes it from the existing market offerings. Equally important is the market opportunity. For a startup to thrive, it needs to operate in a large market that is growing. This ensures a sufficient demand for its product or service.

Q5: What type of projects according to you have the greatest potential to grow and potentially become industry disruptors?

Ivan: Another crucial element is a scalable business model. A startup must have a strategy that allows it to grow and expand effectively without compromising its operations or customer service. Lastly, a startup's focus should always be on its customers. The dedication to understanding and meeting customer needs can be a significant factor in a startup's success.

Projects that address a significant problem or need in the market that existing solutions have not adequately covered can hold immense potential. This identification and resolution of a major market need or problem can set the stage for industry disruption. In addition, projects that leverage emerging technologies often stand at the forefront of industry disruption. A key factor that can contribute to the growth and potential disruption of such projects is a scalable business model. Projects that possess a business model which can effectively and efficiently scale to cater to a large customer base often have a higher chance of causing industry disruption.

Last but not least, the driving force behind these potentially disruptive projects are often visionary and tenacious founders. It is not uncommon for such projects to be led by individuals who not only envision a different path for the industry but also have the resilience and tenacity to overcome the numerous challenges that accompany the attempt to disrupt an industry.

Q6: What advice can you give to future applicants for the Blank Web3 Development Fund?

Ivan: First, it's crucial for future applicants of Blank Web3 Development Fund to have a comprehensive understanding of the Web3 space. They should be well-versed with the underlying technologies and the current market dynamics, always staying abreast of the latest trends and developments. Secondly, the project they propose should have a clear and compelling value proposition. It should address a real problem or fulfill a significant need in a unique or superior manner that sets it apart.

Building a strong team is another important aspect. Applicants should surround themselves with talented individuals who not only share their vision but can also bring a diverse array of skills and perspectives to the project. Given the fast-paced and evolving nature of the Web3 space, applicants must embrace agility and resilience. They should be ready to adapt and pivot as the situation demands, maintaining resilience in the face of challenges and setbacks. Focusing on user experience is another crucial aspect. Even within the Web3 space, ensuring that the application is user-friendly and accessible to the target audience can significantly influence its success.

Lastly, networking is invaluable in this space. Connecting with other entrepreneurs, developers, and investors in the Web3 space can open up avenues for valuable advice, support, and potential partnerships or funding opportunities.

Do you want to apply your startup for Web3 Development Fund?

If you have a Web3 startup and want to receive funding, we invite you to keep following us to get notified about the future phases of our Web3 Development Fund. Currently, the applications are closed, but this is only the first round. Visit our website, and follow us on Facebook, Instagram, LinkedIn and Twitter.

We appreciate everyone who’s applied and can’t wait to start working with the chosen startups!