Switch Up Accelerator 2024 Training Session Recap: Fundraising
In the fourth session of SwitchUp 2024, attendees dive into the evolving landscape of FUNDRAISING within the Web3 ecosystem. Our panel session brought together distinguished speakers who provided actionable advice and expert insights on how to secure investment in the rapidly changing blockchain space, with a specific focus on fundraising in 2024 and beyond.
Hosted by Ms. Hoa Ha, Director of SwitchUp Accelerator, the session was divided into three key parts, each providing valuable takeaways for startups.
Part 1: Fundraising Mindset in 2024
The session began with a discussion on the current perceptions surrounding fundraising strategies. Keynote speaker Mr. Raghu Chandra, Head of Partnership & Listings at Brinc, highlighted the crucial role of community engagement in securing investment, noting that investors are increasingly interested in projects with strong, active communities, as these often signal long-term success. He advised startups to focus on building and nurturing their user base from the beginning to attract investors.
Mr. Raafeh Rahim, Associate Director of Digital Assets at Animoca Brands, reinforced the importance of tangible use cases and actionable metrics when pitching to venture capitalists (VCs). He cautioned against the overuse of buzzwords like “AI” and “blockchain” without demonstrating solid technology and real-world applications. The panel agreed that merely appealing to trends without substance is unlikely to lead to successful fundraising efforts.
Part 2: Expert Advice for Startups Fundraising in 2024
During the second segment, the speakers shared their insightful advice for startups looking to raise funds in 2024. Mr. Ching Tseng, Principal at AppWorks, focused on the importance of sustainability and having a clear revenue roadmap, especially when the revenue needs long-term commitment to be achieved. He urged founders to prioritize a sustainable business model over chasing short-term gains, as this is a critical factor that investors take into account when making funding decisions.
Mr. Rahim further advised startups to align with investors who share their long-term vision, cautioning against investors who are only interested in quick exits. The panel stressed the importance of flexibility and adaptability, encouraging founders to begin building relationships with potential investors well before their formal fundraising rounds to establish trust and alignment.
Part 3: Q&A Session
The session concluded with a Q&A segment, where audience members had the opportunity to ask the panelists for additional insights and advice on the fundraising process. Key questions revolved around how to present a compelling narrative to investors, how to effectively communicate the long-term vision of a project, and the role of tokenomics in fundraising strategies. The panel emphasized the need for strategic planning and the importance of being well-prepared before entering negotiations with investors.
In summary, the session provided a comprehensive overview of the fundraising landscape in Web3, offering practical guidance for startups aiming to secure investment in 2024. From building strong communities to focusing on sustainability and aligning with the right investors, the session underscored the crucial elements of successful fundraising in the blockchain space.
Stay tuned for the next training session, SwitchUp 2024: Go-to-Market & Community Growth Strategy!
— — — — — — — — — — — — —
About Vietnam Blockchain Association & Spores Network
Vietnam Blockchain Association: Vietnam Blockchain Association (VBA) is the first official organization approved by the Vietnamese Ministry of Home Affairs to be the hub for blockchain enthusiasts and foster the application of Blockchain technology in Vietnam. Their mission is to liaise with Government agencies to bid on a legal framework for the Blockchain industry, aligning with the nation’s plan to develop a digital economy.
Spores Network: Spores Network is the leading multi-chain launchpad for IDOs and INOs of up-and-coming high-quality web3 projects, in which users can seamlessly participate & support the project! Our mission is to promote the growth of Web3 communities by breaking the barriers between entrepreneurs, investors, and contributors, and forming a fair and open web3 builder network.
