At the Wiki Finance Expo 2024, an engaging panel discussion on global expansion strategies for Crypto and Web3 startups was moderated by Nick Garvin, the event’s MC. The discussion featured industry leaders Jonathan Tinoco (CEO and Founder of Museigen.io), Iana Pugachova (Co-founder of ICP Synergy Labs Thailand), and Pinaki Sachathamakul (CEO and Founder of Affi Network).
Together, they shared key insights on how startups can successfully enter new markets, form strategic partnerships, and overcome scaling challenges.
Key Considerations for Global Market Expansion
Research and Understanding Local Needs
Jonathan Tinoco kicked off the discussion by emphasizing that the foundation of any expansion strategy is thorough research. Startups must first understand the specific needs of the market they are entering. “What are the needs? What are the solutions?” Tinoco asked, stressing that tailoring solutions to local market demands is critical. Each region, such as Thailand or the Philippines, presents unique challenges, and the success of a business relies on how well it can meet those needs.
Forming Local Partnerships
In addition to understanding market needs, building strong local partnerships is essential. “You need people that can help you with your projects and ideas,” Tinoco highlighted. Iana Pugachova followed this by stressing the importance of finding key individuals, or “gems,” within new regions to connect with. Networking plays a crucial role in identifying these local experts. Pinaki Sachathamakul also emphasized that for Web3 companies, which are inherently global, partnerships are even more crucial since blockchain enables cross-border interactions and communities are built on platforms like Telegram and Twitter.
The Importance of Strategic Partnerships
Selectivity and Alignment of Goals
Not all partnerships are valuable, and Jonathan Tinoco advised startups to be selective. “If the goals don’t match, there’s going to be an imbalance,” he cautioned. Startups must ensure that partnerships are aligned in terms of objectives and that both parties stand to benefit.
Pinaki Sachathamakul built on this point, advising entrepreneurs to focus on the value exchange within partnerships. Offering something meaningful to a partner and ensuring they can provide value in return is the key to unlocking growth for both sides.
Adding Value to Communities
Clear Mission and Vision
Engaging the community is another vital aspect for Web3 startups. Iana Pugachova stressed that clearly communicating a startup’s mission and vision is essential for creating meaningful collaboration. “We can all work together and build something meaningful,” she noted, emphasizing that transparency and purpose are crucial in decentralized Web3 communities.
Targeted Communication
Jonathan Tinoco added that each community has different needs. Startups must understand these needs to create tailored messages and strategies. “In terms of strategy, you need to understand what the needs of the community are,” Tinoco explained. By catering specifically to their audience, startups can sustain engagement and foster long-term growth.
Overcoming Challenges in Scaling Startups
Foundational Challenges
The panel also discussed common barriers that prevent startups from scaling successfully. Pinaki Sachathamakul pointed out that many entrepreneurs wrongly assume that launching a startup is a quick path to wealth. However, without strong fundamentals, including a clear business structure and leadership, startups are unlikely to succeed. Jonathan Tinoco echoed this, stressing the importance of solid leadership: “It’s not easy to start a business. You must know how to handle and lead people.”
The Role of Communication
Iana Pugachova added that poor communication is often the reason startups fail. Effective communication is critical for maintaining alignment across teams, partners, and communities. It ensures that everyone involved is working towards the same goals, helping to avoid costly misunderstandings.
Conclusion
Moderated by Nick Garvin, this panel discussion at the Wiki Finance Expo 2024 underscored the importance of thoughtful strategy in global expansion for Crypto and Web3 startups. The insights from Jonathan Tinoco, Iana Pugachova, and Pinaki Sachathamakul highlighted the need for thorough market research, careful selection of partnerships, and targeted community engagement. By focusing on these key areas, startups can overcome common obstacles and achieve sustainable growth in an increasingly interconnected world.
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