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The survey included 13 questions which sought both open-ended responses and structured rankings of common challenges faced by web3 founders. The results showed that PMF was voted as the most "existential" problem by vote concentration with more than 20% of respondents considering it the largest existential problem. It was also consistently the most pressing challenge across all startup stages captured by the survey (bootstrapped - Series B). Even for later stage companies who typically are expected to have found PMF, this was considered a challenge.
The second most pressing challenge identified in the survey was product-market timing. Many of the qualitative comments focused on how dramatic fluctuations in the crypto market make it difficult to build and launch products. This is particularly difficult to manage because many founders start building in anticipation of positive market conditions but have to carefully time their marketing, fundraising, token launches, etc.
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Surprisingly, fundraising was not seen as an existential issue with 26% of respondents considering it "not a problem" and more than 50% considering it "a challenge but not existential". Additionally, most respondents did not consider scalability or performance of the underlying technology to be an existential issue with more than 40% rating this "not a problem" despite industry focus on developing/funding infrastructure.
In response to these findings Bloccelerate hosted 140+ Web3 founders, investors and experts at Harvard Club of New York City last Friday to discuss challenges and priorities captured in the survey results. The summit featured panels and fireside chats with prominent figures such as Joe Lubin (Co-founder of Ethereum & CEO & Founder of Consensys), Representative Wiley Nickel (member of House Financial Services Committee), Sreeram Kannan (Co-founder of EigenLayer), Robert Leshner (Founder of Superstate & DeFi protocol Compound) and Emin Gün Sirer (CEO & Founder Ava Labs).
The full report on survey results can be found at https://bloccelerate.vc/2023-founder-survey-res....
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