Ingredients for success
Simplicity is vital to engage the next generation of innovation. We realise that the primary value drive in our ecosystem is the value created by Web3 startup projects. The Startup Ecosystem Report 2020 estimates that Startups have created $3 trillion of global value, a figure equal to a G7 country. Historically, this has been centralised in key hubs, such as Silicon Valley. In 2013 there were only 4 ecosystems that had generated a $1bn unicorn, now there are more than 80. It is clear that ecosystems are shifting and becoming globalised. The Growth DAO ecosystem aims to foster the next wave of startups and build a portfolio of decentralised organisations with a combined market cap of $10bn.
Growth DAO believes the key drivers of a successful ecosystem are below. These drivers interact together to form an ecosystem flywheel.
- 1.Startup ideas - Real entrepreneurs have lots of viable ideas and there are many underrepresented entrepreneurs across the globe. We want to build a platform and network for the best ideas to rise to the top. Let’s use the power of the community to determine what is a good idea, vs centralised venture capitalists.
- 2.Top startup talent - Ideas are the first piece of the puzzle, but successful startups are made by people (at least for the next 10 years). Typically this talent has been centralised to the well-funded startups in key cities. It is clear this is changing and top talent is emerging globally.
- 3.Access to capital - We need to give entrepreneurs the freedom to innovate and experiment. Patient capital is vital to foster the next wave of Web3 startups. Once a project is gaining momentum, capital needs to be deployed quickly in order to scale.
- 4.Network effects - Historically, being in certain cities has meant you can connect with the right people. As startup building becomes more remote, we need to establish a way for humans to build remote relationships. The Growth DAO community will serve the same purpose as being in the right place at the right time.