Facing the Bear: How a Unified Vision Can Lead the Way 🚀
Your Action Plan Kit 🛠️
Introduction
Gm web3 builders,
Welcome back to the second edition of Chain Reaction, where we delve into the critical aspects of navigating the ever-evolving Web3 ecosystem. In this edition, we aim to shed light on a topic of paramount importance, especially during turbulent times in the crypto market – Project Vision and Talent Retention.💡💼
In such challenging times, it becomes imperative for web3 builders to rally their troops, shore up their defenses, and steer their projects towards calmer seas. The key to this resilience lies in a robust project vision 🏗️🌟 and the nurturing of your most valuable assets – your contributors. 🚀🙌
In this edition, we're excited to present you with a ready-to-use toolkit for refining and reinforcing your project's vision. We'll guide you through the process of collaborating with your core team to ensure that your vision remains strong and adaptable. 🛠️🤝
Today :
- Toolkit presentation to work on your vision (Dignostic Tool, Workshop & Notion template)
- Learn from the best with A16z : The 5 top questions to recruit founders for their accelerating program
- Last week complement : The 7 tips from a web3 VC to raise funds
- The meme : why vision mater in bear market
- Unlocking Employee Engagement with token : Our Guide
All of our tools are available at the end of the newsletter.
Our toolkit includes:
Quick Diagnostic Tool: for all subscribers
Evaluate your core team's understanding of the project with a rapid diagnostic tool. Identify areas of alignment and divergence to better focus your efforts. You can do it alone but the best is to do it with your team. 🔍📊
Vision Workshop Kit: for our premium subscribers
Use our ready-to-go workshop kit to facilitate discussions and define a common vision. This kit will help you harness the collective intelligence of your team and foster alignment. 🧰🗣️
Notion Template: for our premium subscribers
Anchor and manage your vision with ease using our Notion template. It provides a structured framework for regular vision updates and progress tracking. 📋📈🚀
Remember, in the stormy sea of Web3, a strong vision and committed contributors are your lifebuoys. By challenging and refining your vision together, you're not just weathering the bear market; you're setting your course for success when the tide turns. ⚓🌊🚢
Together, we'll navigate these turbulent waters and emerge stronger on the other side.🌟💪
Your co-captains
Vincent & Romain, Co-founders, Chain Reaction
Set the mood for your reading journey 🎵📖
Enjoy our curated background music, only if you want
Learn from the best players, this week with a16z
The 5 top questions to recruit founders for their accelerating program
Web3 recruitment practices are undergoing a transformation. a16z Crypto, a leading name in the crypto space, offers a unique window into this shift through their application form for the Crypto Startup School (CSS). Analyzing their questions provides valuable insights into what leading crypto entities prioritize and can serve as a guide for CEOs and HR professionals navigating Web3 recruitment.
(Image Credit : a16z crypto startup school website)
5 exemples :
1. "In what year did you first create a public blockchain wallet?" 🌐 Analysis: It's like asking, "When did you have your first coffee?" but for crypto enthusiasts. It gauges your "crypto age." Takeaway: If you're recruiting for Web3, it's not about the age on your ID, but the age on your crypto journey.
2. "What is the most impressive thing you’ve ever done?" 🚀 Analysis: "Did you climb Everest, or did you manage to buy Bitcoin before it was cool?" This question is fishing for your bragging rights. Takeaway: Every company should be keen on those "drop the mic" moments. 🎤⬇️
3. "Please provide a public blockchain address you control." 🔗 Analysis: It's the Web3 version of "Show me your ID." But instead of a driver's license, it's a peek into your crypto persona. Takeaway: In the crypto world, your blockchain address can speak volumes about your involvement and authenticity.
PS : The Chain Reaction team is very skeptical about this one, as it questions one of the fundamental principles of web3. Sharing the public key of one's wallet in a form is not without risk and exposes you to revealing a lot of confidential information.
4. "How do you handle blockchain data consistency in a distributed system?" ⚙️ Analysis: This question dives deep into the heart of blockchain's technical challenges. It's like asking a chef how they balance flavors in a complex dish. Takeaway: Mastery over the intricacies of blockchain tech is a must for those looking to make waves in the Web3 space.
5. "How do you envision the future of decentralization?" 🌌 Analysis: A philosophical pondering that's more profound than "Where do you see yourself in 5 years?" It's about the broader vision of a decentralized world. Takeaway: Visionaries who can dream big (and decentralized) are the gems of the Web3 realm.
The questions posed by a16z Crypto in their application form are more than mere queries; they are a reflection of the evolving priorities in the Web3 recruitment space. For CEOs and HR professionals, understanding these nuances is pivotal. If you're in a leadership or HR role, take a moment to reflect: Are your recruitment strategies aligned with the Web3?
All the questions here
In the reader's words
The 7 tips from a web3 VC to raise funds
Last week, we focused on the subject of funding. As a complement and reaction to this dossier, Noé Giglio, who happens to be one of our readers and kindly shared his insights with us, on how to succeed in fundraising :
Noé Giglio - Co-founder of White Loop Capital
Trim Expenses to the Minimum: It's better to survive on shaky ground than to be dead. Cut expenses to the bone.
Avoid Relying Solely on Retail Investors (ICO, Private Sale): Raising funds from retail investors might seem like a quick fix, but if professional investors aren't interested, imagine the retail investors. Look at the trading volumes; it's a telling sign.
Leverage Your Current Investor Network: Many founders hesitate to "bother" their existing investors, but you must push them to make introductions. Networking is crucial.
Understand VC/Fund Lifecycles: Venture capital funds often have a set lifespan, often around 10 years. They need to generate exits from their portfolio within this timeframe. They can't wait indefinitely to deploy funds.
Don't Be Afraid to Adjust Valuations: For equity funding in the seed stage, keep valuations below 6/7 million, and for tokens, aim for a maximum of 15 million. Be flexible.
Consider Interest Rate Trends: It's worth noting that interest rates are expected to remain at this level and potentially start decreasing in 2024. So, fundraising conditions might improve by mid to late 2024, especially among professional investors.
Make Fundraising Your Top Priority: If your project is in the fundraising phase, it should be your number one priority. Too many founders raise funds but don't treat it as their full-time job. When you're raising funds, you should be pitching from morning to night for a month and following up diligently.
The meme
Why Vision Matters, Especially in Bear Markets
A project's vision is its North Star, guiding it through turbulent times. It provides the essential direction and purpose, aligning the efforts of all contributors toward a common goal. During bear markets, when the waves are rough and uncertainty is high, it's easy to lose sight of this vision. That's precisely when you must hold it even closer.🌟🌊🚀
Challenging the Status Quo: A bear market is an opportune moment to reevaluate and challenge your project's vision. Gather your contributors and engage in constructive discussions. Encourage dissenting voices, as they can lead to more robust and resilient strategies.🤔🗣️🔄
Regular Vision Updates: The Web3 space is a rapidly evolving landscape. Your project's vision should evolve with it. Regularly update your vision to adapt to changing circumstances, emerging technologies, and new opportunities.🔄📈🌐
Inclusivity is Key: Ensure that every contributor has a voice in shaping the vision. Embrace diversity of thought, and create a culture where ideas are welcomed and debated. Remember, the best solutions often arise from collaborative efforts.👥🌍
Talent Retention: In bear markets, your loyal contributors become more valuable than ever. They are the ones who keep the ship afloat when the seas are rough. Recognize and reward their commitment. Offer opportunities for skill development and growth within the project.🛠️🤝🌊
Open mindset
🚀 Unlocking Employee Engagement with token : Our Guide 🚀
Let’s explore how to leverage a unique and innovative table to boost your project’s performance !
🌐 Why This Table is Your New Best Friend 🌐
In the ever-evolving landscape of Web3, keeping your team motivated is like finding the perfect block in a blockchain – it’s crucial! Our table is a one-stop solution, offering a comprehensive overview of various distribution solutions and their impacts on different aspects of your project. Whether it’s equity, employee retention, or financial impact, this table has got you covered! 🌟
💡 How to Use the Table 💡
This table is like your new Swiss Army knife for employee engagement! 🛠️ Each row represents a different token distribution solution, with its description and scores across various criteria. Here’s how to make the most out of it:
Identify Your Needs: What is more crucial for your project right now? Employee retention? Token retention? Financial stability?
Compare Solutions: Weigh the different solutions against your needs. Do you need to promote equity, or is boosting motivation and engagement more critical?
Customize: Remember, this table is like a smart contract; it’s flexible! Adjust the scores based on your project’s specifics and your team’s feedback.
Implement & Iterate: Choose the solutions that align with your goals, implement them, gather feedback, and don’t hesitate to iterate!
🌿 Creating Value & Boosting Performance 🌿
Understanding and utilizing this table allows you to create maximum value for your project and your team! 🌟 By carefully selecting and combining different solutions, you can activate levers that drive employee engagement, improve retention, and ultimately enhance your project’s performance and sustainability. It’s like staking your tokens in the right pool and watching your profits grow! 🌱
🎉 Final Thoughts 🎉
In the decentralized world of Web3, keeping your team motivated and aligned with your project’s goals is the key to success! 🗝️ This table is your guide to navigating the myriad of incentive options available and choosing the ones that resonate most with your team. So, dear CEOs and HR heads, it’s time to roll up your sleeves, dive into this table, and let’s build a more engaged and equitable Web3 space together! 🚀🌐
Remember, it’s all about creating a work environment where every team member feels valued and motivated to contribute to the project’s success! And who knows, with the right incentives, your project might just be the next big thing in the Web3 world! 🌟 So go ahead, explore, innovate, and let’s decentralize it ! 🛠️🌍
The tools library
Big thanks for sticking with us till the end! 🙌 Your dedication rocks! 🚀
You can find all the promised tools below to help you craft an ambitious vision with your team. 📊📈
Quick Vision Diagnostic Tool: I diagnose my vision and define an action plan
Vision Workshop Kit: I organize a Vision workshop with my core contributors
Notion Template: I want to build my vision and follow my OKRS in Notion
The full token Distribution table : download the PDF here
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