Getting Started Strategies for the C-Suite
The journey into Web3 is undoubtedly something you’ve likely never expected to take. There is a lot to learn and synthesize as the fundamental principles are a transformational shift from Web2. Building a Web3 strategy for your company, as a C-Suite executive, won’t be easy. But, it is possible with the right knowledge and expertise. So, what are your first steps to building your Web3 roadmap?
First, take time to familiarize yourself with the language of Web3. The terminology, the philosophy, and the many reasons that companies from different industries are taking notice and making the move. Read Web3 headlines from trusted news sources. Attend conferences and events that might help you shape your understanding of the industry. Read case studies online and listen to podcasts with Web3 influencers. And, most importantly, talk to peers who have begun their Web3 journey.
Key Terms to Know
- Tokens: (non) fungibility, ERC Protocols
- Technology: Blockchains, decentralized ledger technology (DLT), Layer 1, Layer 2, smart contracts, Minting
- Finance: Decentralized finance (DeFi), Centralized finance (CeFi), Exchanges, Stablecoins (e.g. USDC)
- Storage: Wallets (cold vs. hot), wallet addresses
- Companies: Metamask, Coinbase, Binance, Crypto.com
- Community: NFTs, digital collectibles, community engagement
- Metaverse: The Sandbox, Decentraland, Roblox, Play to Earn Games, virtual and augmented reality
Identifying Where Your Company Can Start
Once you’ve brushed up on the essentials, select a relevant case example of another company, perhaps a competitor or one offering a complimentary product/service, to create an internal shared understanding of Web3 possibilities. Take time to understand what the example you’ve chosen means and how it changed the business strategy for the selected company, both internally and externally. Many consumer brands with physical products are already in the space, so finding initial examples should be easy. There are also examples within supply chain, energy, manufacturing, healthcare, government, and others. Keep digging until you find one that most closely resembles your space.
Once you’ve built a baseline understanding, share with your teams, and take them on an abbreviated version of your own learning journey.
Then, you’ll need to identify problem areas within your own organization that can be solved using Web3 technology. Develop internal working groups around core areas of business to focus on specific areas like finance, payments, marketing, operations, security, and IT structures. The key is to begin identifying specific problems that your business has today for which blockchain-based solutions may help solve.
Some Example Concepts
- Improving cash flow – smart contracts offer quick contract settlements and faster payments, reducing or eliminating the need for 3rd party involvement
- Increasing treasury yield – carrying crypto on the corporate balance sheet may broaden the asset portfolio and help companies get more out of idle cash
- Engaging new and existing customers
- accepting crypto payments gives new, younger, and more diverse customers another payment option and a way to engage with you and your brand
- offering NFTs and metaverse experiences widens the customer base and creates new points of connectivity between your brand and other partners in its industry ecosystem
Evangelizing Your Message
As you begin to understand what makes sense for your business, fine-tune your strategy, and your internal messaging. Hold town hall-style meetings with core departments or wider groups and ask for honest feedback. Listen to your teams and adjust accordingly. Identify the tools, talent, money, and time your company will need to finalize a plan. Continually convey conversations and developments to stakeholders, including board members or investors. Think both short-term and long-term – ask your teams what can be done now that is easier, and what strategies, goals, resources, and outcomes you’ll need to be successful over time.
Bringing the Vision to Life
Finally, and most importantly, get started! The space changes every day so fight the urge to ‘learn everything’ before making a commitment. The mission remains the same as always, solve real problems for real people in a way that drives value for your stakeholders. This Web3 moment is an opportunity to lead with purpose and rise to the challenge of interrupting the status quo during a time of immense technology disruption.
Learn more from our experts Zaki Fasihuddin, Principal, 0 Labs, Ryan Rubio, Principal, 0 Labs and Greg Narain, Co-Founder, Zealous. To stream the video from this session, click here.