A Step-By-Step Guide to Product-Market Fit for Dummies…I Mean Blockchain Startups

It is estimated that about 305 million startups are created every year. 1.35 million of these startups are in the tech space. The good news…

It is estimated that about 305 million startups are created every year. 1.35 million of these startups are in the tech space. The good news is that some of the most popular tech companies you see today had humble beginnings as startups. Some of the entrepreneurs who created such startups that have made a big name in the tech world include Elon Musk, Mark Zuckerberg, and Steve Jobs.

Blockchain is one revolutionary technology that has changed the finance, banking, insurance, and supply chain industries. The blockchain market value is expected to be worth US$15.1 Billion by 2024. We can also see increased interest with $4.4 billion of funding for blockchain startups recorded in Q2 of 2021. The big question is; how can the current and future founders in the blockchain space find their product-market fit?

What is a startup product-market fit?

In layman’s terms, a startup is a young company that comes up with a unique business idea and intends to make an impact and take over the market.

Three things must be fulfilled to find the product-market fit;

• Identify a problem that a sizeable market needs solved

• Identify a product that can solve that problem

• Create a business model that you can execute to make the product profitable at some point in time.

Sounds complicated, right? No need to worry because you can follow the following steps to find the product-market fit for your blockchain startup: