Blockchain isn’t market ready yet.
That’s why you should start innovating with it now.
The VC business is about identifying brilliant people to translate disruptive technology into products that impact the world. This occurs in three phases:
Every few years a novel, disruptive technology or invention presents incredible potential to deliver 100X value to customers. Some examples over the last 30 years include: microprocessor, gene sequencing, the Internet and wireless data transmission. These inventions are disruptive in the sense that they completely change the competitive landscape and crush barriers to competition erected by large, established corporations. The new products enabled by these technologies deliver features and value so vastly different from the status quo that products assembled before the tech aren’t even valid competition. Literally, the world is not the same once these technologies are commercialized and brought to market
However, these new technologies require new ways of thinking and new vocabulary to describe them. Entrepreneurs must understand the technology and envision how it can be used to deliver value to customers. If the tech doesn’t make your head hurt while scaring and thrilling you… it probably isn’t a truly disruptive technology.
Blockchain, scary and thrilling at the same time, is a truly disruptive technology.
Five years from now, our society will look back on 2018 as the year blockchain technology “broke out” and began to change the world. Of course, there are challenges in translating blockchain technology into valuable products, but do not think for a moment that will stop the disruption. All novel disruptive technology is clunky, slow and fraught with challenges while it is translated from almost-science-fiction to applied science and ultimately into business utility. If you are as old as I am, you remember your first internet modem… 14.4 bps over the existing phone lines. Hard to imagine today. Still it was vastly better to look up information on the old baud modem than driving down to your local library and using a card catalog to find the necessary book.
Jump in now:
Blockchain is in this emerging, translation process – it’s not yet fully commercialized. So, if you are looking for market-ready products – sorry. You’ll have to wait 12-18 months at least. BUT, if you are an aspiring entrepreneur, now is the time. Jump in and help the rest of us create the future. Yes, there are others in the space, but this is the opportunity of our times. There are plenty of established industries to massively disrupt.
Learn about smart contracts, hashing, and DAOs and DAPPs. It will stretch your brain, but that isn’t a bad thing. In fact, brain-stretching is the first step. Then, the second step is to allow customer needs to inspire you. Envision how you can combine this new technology to deliver 100X better products and services to customers. Slightly better products are not worth the effort – Blockchain should be harnessed to deliver incredible benefit to whatever market you choose to delight.