Home Business NBA All-Star-Turned-Web3 Investor Has This Advice for Entrepreneurs Launching a Startup

NBA All-Star-Turned-Web3 Investor Has This Advice for Entrepreneurs Launching a Startup

by Ronaldo Derric
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Opinion holder entrepreneur You are the contributor.

If you’re reading this, you probably agree. At least that’s how I felt when he started using the Web3 solution to fund his business in early stage crowdfunding. The learning curve felt almost out of reach. But after sitting with my friend’s girlfriend Metta World Peace, my perspective changed. That’s right, in 2010 he’s a former Lakers legend who took home an NBA championship.

“There are two kinds of founders,” Metta said. The founders he seeks to invest in are taking a calculated risk, he says. “You have to go step by step, make sure you’re making a good product, test it before you spend a lot of money building the wrong tech architecture, and be careful not to blow your investment money.” A lot of people lose a lot of money very quickly.”

A calculated approach is more than necessary in today’s volatile markets. Despite the recent bankruptcy filing by crypto exchange FTX, entrepreneurs are building and innovating in the space. According to recent data, the global blockchain market is expected to be worth around $67 billion by 2026. Cornell University research.Total cryptocurrency, even if bitcoin falls market capitalization It’s about $900 billion, with hundreds of Web3 projects raising billions of dollars. Despite the uncertain economic climate, Metta believes there is still opportunity in this growing and emerging market, and as a result is investing in blockchain technology projects today.

But not everyone thinks that way — venture capital investment money halved. As such, many entrepreneurs are looking to alternative financing options in addition to raising venture capital.

1. Fundraising and finding investors

Have you ever invested in a traditional startup or a cryptocurrency startup? Investing in a new cryptocurrency project is very accessible. Some might say it’s too easy, so you really have to be careful when using these products. There are a lot of rogue new projects in this industry, so before you lose money trying to be successful, Always do your own research.

Crowdfunding tools, on the other hand, make it easier to raise funds than in the traditional financial environment. “Using crowdfunding tools is a new way for founders to raise money. This is attractive to founders who don’t have ties to investors, angels and venture capitalists.” he explains Metta. For example, in Silicon Valley, raising money from cold mail can be difficult and often requires investor relationships. Given the hurdles and obstacles that must be overcome to meet investors without an existing network, on top of the legal paperwork that goes into term sheets, navigating the world of venture capital can be very cumbersome. Many founders are considering crowdfunding as an alternative to, or in addition to, venture capital.

Metta World Peace understands how important crowdsourcing startups are to the future of Web2 as it moves to Web3. Since her informal retirement in 2017, Metta has shifted her focus to entrepreneurship and the technology industry, being an investor and spokesperson for multiple start-ups and small businesses.

For example, Orbiit Technology is a company in Metta’s investment portfolio, and Metta was an early investor. The company has launched a virtual competition called “The Pitch” that officially starts in late October 2022 and ends on November 28, 2022. Metta is participating in the competition as a startup judge.

Think Shark Tank — but online. Startups compete for capital and in-kind prizes to grow their businesses without losing equity. Metta judges the competition alongside her Nader Navabi, founder of Orbiiit. Together they will evaluate the top 10 finalists who will be selected through a public online voting process. The first place winner will receive $25,000 in cash and her one-on-one Zoom mentoring session with Metta and the investment committee.

However, not everyone can raise money or compete in a “pitch.”

2. Savings and investments

Many new entrepreneurs start after saving, investing, and starting when the egg in the nest is ready to hatch. To move forward, Metta says, “We want to capture revenue streams as early as possible.” By strategically choosing your work and side hustle, you’ll be on the right path to achieving your entrepreneurial goals.

“Let’s say you are building a coffee company, work at Starbucks and learn the system, then you can earn some money even with a day job. If you want to start a FinTech app, find a job in a VC. Do whatever you have to do to learn something that can have a meaningful impact on your company,” he said. “Do this while you’re slowly saving money to self-fund, because the more you bootstrap the company, the more equity you can hold to improve your business.” ‘ he continued.

Metta says you always need extra money to survive. Selling digital products is one of his ways of earning passive income to fund startups. and sell high. “You can also save on your payroll by paying your employees in shares, tokens, or NFTs in addition to cash.” You can make your money work for you by earning , but this option is very risky, so be very careful with the platform you choose.

3. Build connections

“Building connections helps founders raise money,” says Metta. “Without connections, it would be difficult to get the startup funding you need. Web3 gives the platform the opportunity to decentralize how it raises money.”

We live in a very social world. With so many opportunities, it’s easy to make the right connections if you stay active and do your best to learn more. Bringing in seed investors or advisors is the most common way founders raise money when they don’t have investor connections. For example, in an isolated community like Silicon Valley, who you know is more important than how many people you know. Those relationships can go a long way if you know the right people in venture capital. Bringing in an advisor who can make well-vetted introductions is a common practice for scheduling pitch meetings. Offering an advisor a small equity her package, they work diligently long hours to open up the network to secure valuable pitch meetings.

Even if an investor passes, you can always follow up and ask the investor if they can refer you to another investor friend who you think would be a better fit. Always research an investor’s startup portfolio to understand what common themes, sectors, and stages of investment fit into that investor’s existing portfolio and what drives them to invest. Also, remember to keep the dollar value range within the normal check size. This is because you are more likely to pass if you are outside the normal range.

It’s still early. Good ideas rise to the top. If you have innovative concepts in mind but don’t know how to integrate them into traditional markets, it may be time to start as an entrepreneur. Metta World Peace may invest in your company. not.

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