A team makes a project, so having a good Web3 startup co-founder can be more important than the project itself. The Web3 space is growing, and having the right partner could help a startup quickly capitalize in this area.
On the flip side, the wrong co-founder could be detrimental to a startup.
So, below are five traits of a good Web3 startup co-founder you should look for.
Important Web3 co-founder qualities to check
Leadership is important because it comes with responsibility and accountability. Typically, people entertain the idea of becoming a leader because it puts them in an authoritative position, but most fail to realize the taking ownership aspect.
Having a good Web3 co-founder with a leadership skill set is vital to making sure all team members honor the project’s values, meet common goals and follow a clear direction.
#2. An interoperability mindset
The internet is currently in a phase where web3 tech is gradually taking over. Therefore, it’s counter-intuitive for a co-founder to maintain a traditional mindset within the blockchain & content creator economy space.
One of the most important qualities of a good Web3 startup co-founder is an interoperability mindset that allows him to see things from a holistic perspective and aims to add value to the crypto ecosystem instead of causing division.
For example, a co-founder that would rather create a layer 2 blockchain than a new blockchain is someone with an interoperability mindset.
The DEIP project is a modern Web3 example of how interoperability is respected — DEIP is an ecosystem that creates a union with unique and existing technologies to deliver an inclusive Web3 experience.
The applied blockchain industry is growing and changing at a fast pace. A Web3 co-founder must be ready and willing to make the essential changes to make a project succeed and survive.
For example, Ethereum is the go-to smart contracts platform because its the largest and offers excellent features. But since its gas fees have risen to unattractive levels, it’s no longer ideal to use an ERC20 token for interactions within a project.
An adaptable Web3 co-founder would bypass this by having their project on other blockchains or layer 2s such as BSC and Polygon — this is more effective than waiting for Ethereum 2.0 to come out and introduce lower gas fees.
#4 Emotional intelligence
Many things can go wrong in a project. More things can go wrong in a Web3 project. Web3 is still experimental, and not many solid use cases or frameworks have been established. That being said, trial and error may be inevitable in a web3 project, and a good Web3 co-founder would need to handle frustration and patience well.
Emotional intelligence is almost like an indicator determining if a startup co-founder is mentally equipped to handle a project. Emotional intelligence is a trait that also enables co-founders to act and communicate well under pressure.
As communication is critical for a startup’s long-term success, a co-founder that maintains their composure mitigates miscommunication.
#5 Always up for learning
A Web3 co-founder must constantly take in new information, ideas, and concepts. Blockchain business ideas and protocols are being created quickly, and being ready to learn about these can give you a potential advantage.
A co-founder stuck in their way of seeing things can stop a Web3 project from evolving. Good Web3 co-founders should be ready to learn continuously to stay ahead and understand the current state of the crypto world.
The right co-founder is essential for a Web3 startup success
Use these five traits to identify qualities of a good co-founder suitable for the Web3 space:
- Interoperability mindset
- Emotional intelligence
- Always up for learning
Did you find a candidate possessing all these qualities? Cheers! You met a potentially reliable and ambitious co-founder!