Did you know that less than 10% of blockchain startups succeed? For the ones that fail, it usually isn’t due to lack of money but rather the execution.

According to a 2017 Deloitte report, less than 10% of all blockchain startups succeed, and a blockchain project’s average life span is about one year. 

Launching a new enterprise – whether in Web3 or not – has always been challenging. The failure rate of all startups is 75% – within the blockchain industry, it can go above 90%. 

The stark reality of blockchain startups and their short lifespan is that most aren’t following some key principles for a radically successful startup formula. 

The old recipe followed by most entrepreneurs has been around for decades, and it follows the flat and simple structure of having a brilliant idea, writing a business plan, pitching to investors, forming a team, launching the product, and working (very) hard to sell it. 

However, startups require a different approach. Even if they have money, the right team in place, an excellent product, and sheer determination – and that is, according to Eric Ries’ “The Lean Startup” concept, execution. 

Five Blockchain Startup Keys to Success

Blockchain is a reasonably new technology compared with most systems; thus, it is hard to predict where it is heading. 

The market is still maturing, and many of these enterprises fail…