🚀 Scaling web3 operations: Kiln's COO unveils tactical mastery
And our 3 learnings from Paris Blockchain Week 👀
Today's Agenda...
Kiln's COO navigates web3 success with smart Finance, HR & Legal strategies 🚀
Chain Reaction was at Paris Blockchain Week, our 3 learnings 🧑🏻🎓
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Strategic Insights from Kiln’s COO : Thomas de Phuoc
Transitioning from the established Circle into the pioneering Kiln, Thomas has demonstrated remarkable adaptability and strategic depth. As COO and co-founder of Kiln, his ability to untangle management specificities in the web3 space has set interesting learnings.
The Essence of Kiln
Kiln has emerged as a key player in the web3 ecosystem, offering digital asset staking solutions for centralized exchanges, wallet providers, treasury managers, etc . The project raised $35M, manages more than 7 billions of staked assets and has 3 offices with 60 employees.
In the Behind The Chain podcast, Romain had the opportunity to interview Thomas, who gives invaluable advice on how to scale a web3 start-up in terms of the 3 components of operations management: finance, human resources and legal.
Discover below a highlight of the main insights provided by Thomas in the podcast:
1- Financial prudence in a volatile market
Thomas's financial strategy at Kiln is deeply influenced by the inherent volatility of the web3 market. He recognizes the dramatic fluctuations in asset values, such as Ethereum, which can triple or plummet, impacting the company's revenue significantly.
Team Size Management: In response to this, Thomas advocates for cautious growth, particularly concerning team size. He emphasizes the importance of scaling the team in alignment with sustainable revenue streams, rather than the temporary windfalls, to ensure long-term stability.
Reserve Funds: Additionally, Thomas underscores the significance of maintaining reserve funds to navigate through the market's unpredictability without compromising on operational or strategic goals.
2- Strategic human resources approach
At Kiln, Thomas has implemented a comprehensive and structured approach to recruitment, recognizing the critical role of human capital in the company's success.
Clear Recruitment Needs: He insists on the clarity of the recruitment need before initiating the hiring process, ensuring that every new addition addresses a concrete requirement within the team.
Consistent Recruitment Process: Thomas ensures that each candidate undergoes the same rigorous recruitment process, maintaining fairness and consistency, and allowing for accurate assessment and comparison of candidates.
Internal Talent Acquisition: For recurring roles within the company, Thomas leverages his internal talent acquisition team, optimizing their understanding of Kiln's culture and needs.
External Headhunters for Executive Roles: For specialized or seldom-recruited roles, such as executive positions, Thomas finds value in engaging external headhunters. This approach taps into their vast network and expertise, ensuring the recruitment of top-tier talent suited for Kiln's high-stakes environment.
3- Proactive Legal Strategy
Legal considerations are integral to Kiln's operations, especially given the evolving regulatory landscape of web3. Thomas's strategy is both proactive and pragmatic.
Internal Legal Director: Recognizing the complexities of web3's legal terrain, Thomas made an early strategic decision to internalize a legal director (the 20th hire) at Kiln. This internal presence ensures a deep understanding of Kiln's operations, fostering nuanced and timely legal advice.
Engaging External Legal Advisors: While having an internal legal framework, Thomas does not shy away from seeking external counsel when specialized knowledge or benchmarking is required. This blend of internal consistency and external expertise ensures Kiln remains agile and compliant amidst the sector's legal dynamics.
Conclusion
Thomas de Phuoc's path in the web3 sector offers invaluable insights for current and aspiring leaders. His balanced financial strategies, insightful recruitment practices, and astute legal navigation are key takeaways for anyone aiming to excel in the Web3 space. His story highlights the essence of strategic agility, deep sectoral understanding, and the cultivation of a progressive company culture.
Chain Reaction was at Paris Blockchain Week
We had the pleasure of attending one of the world's biggest blockchain events for 3 days. It was an opportunity for us to feel the pulse of the ecosystem and meet some of the leading players.
Here are some of the trends we were able to identify over the 3 days:
Optimism was back, and many projects are once again planning to recruit Talent in the coming weeks or months. Good market conditions and renewed interest from VCs are the main reasons for this.
Although the main event attracts a lot of people and is the showcase, it seems that it's the side-events where people flock and where networking and serious contacts are easier to make.
Our prospecting results are clearly very good, with many high-quality leads for our finance and HR/recruitment consulting activities. The event attracts a large B2B audience, unlike other events which are much more tech-oriented.
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Disclaimer : The goal of this newsletter is to inform and produce content related to management in the world of Web3. It is not investment advice. Investments in crypto-assets and NFTs are risky and can result in the loss of your entire capital. Always conduct your own research and exercise caution.