SwitchUp Accelerator 2024 Training Session Recap: Deep Dive into Product

Our second training session focused on the crucial aspects of Tech and Product, offering insights into building a successful startup within the Web3 space. Esteemed guest speakers, Mr. Tote Fernandez-Bravo (MagicSquare), Mr. Eric Nguyen (Amnis Finance & Spores Network), and Mr. Nicholas Seah (GDA Capital), shared their valuable experiences through a captivating panel discussion.

Product Building Masters Share Their Journeys

Mr. Tote Fernandez-Bravo, Director of Partnerships at MagicSquare, discussed overcoming initial community skepticism. He elaborated on how the platform had to continuously innovate to stay relevant and competitive. Tote highlighted MagicSquare’s strategy of involving the community in the vetting process for new apps, which helped build trust and ensure quality. He shared the pivotal moments when MagicSquare secured backing from major players like Binance Labs, Huobi Global, and Crypto.com, which significantly boosted their credibility and growth.

Following that, Mr. Eric Nguyen, CEO & Founder of Amnis Finance and Spores Network, also recounted the early struggles Amnis Finance faced with product adjustments and user adoption. He explained how the team had to pivot multiple times to meet user needs better and improve the platform’s functionality. Eric emphasized the role of persistent effort and active community engagement in evolving Amnis Finance into a leading Aptos-based platform. He also highlighted strategic decisions that helped Spores Network become a premier multi-chain launchpad, such as focusing on seamless participation in IDOs and INOs, which attracted a broader user base and increased adoption.

Mr. Nicholas Seah, VP at GDA Capital, shared his extensive experience in the investment world. He detailed his early involvement with Blockchain Founders Fund, where he was instrumental in shaping investment processes and fundraising strategies. Nicholas discussed the challenges of connecting early-stage blockchain projects with suitable investors and how his firm, Omni3, addressed these by providing tailored advisory services. The acquisition of Omni3 by GDA Capital marked a significant milestone, enabling him to focus on accelerating and investing in promising blockchain ventures globally. He underscored the importance of strategic partnerships and leveraging his extensive network to drive growth and innovation in the projects he supports.

Panel Discussion: Unveiling the Secrets of Tech & Product

Mr. Eric Nguyen emphasized the importance of gathering user feedback to assess product-market fit. He shared Amnis Finance’s practice of using regular feedback from employees as an initial quality check, quoting: “If even your employees don’t want to use your product, how are you gonna sell it to others?”. Eric explained how this approach helped them identify pain points early and refine the product before wider release. He also highlighted the significance of community feedback in making continuous improvements.

Mr. Nicholas Seah highlighted achieving a sweet spot between fulfilling user needs and generating sustainable business growth through data-driven decisions and iterative testing. He described how GDA Capital uses comprehensive market analysis and feedback loops to inform their investment strategies and ensure their projects are on track to meet both user expectations and business objectives. Nicholas stressed the need for constant iteration and adaptation based on real-world data and user feedback to maintain product relevance and market competitiveness.

Mr. Tote Fernandez-Bravo discussed his approach to leveraging social media and community feedback loops to continuously refine product offerings. He explained how they actively monitor and engage with their community on various platforms to gather insights and address concerns promptly. Tote shared examples of how direct interaction with users has led to significant product improvements and increased user trust and loyalty. He emphasized the importance of founders being visible and responsive to build a strong, supportive community around their product.

Balancing Market Trends with Innovation

The speakers also addressed the critical question of balancing current market trends with the need for innovation while avoiding being too far ahead of the market.

Mr. Eric Nguyen stressed the importance of staying attuned to market trends without compromising on the core vision. He emphasized that while trends provide valuable insights into user preferences and emerging technologies, it is essential to innovate within these frameworks to create unique value propositions. Eric highlighted the need for agile development processes that allow for quick adaptation to market changes without losing sight of long-term goals.

Mr. Nicholas Seah discussed the risks and rewards of being a market pioneer. He explained that being too ahead of the market can result in user resistance and increased education costs. However, striking the right balance between innovation and market readiness can lead to substantial competitive advantages. Nicholas suggested a phased approach to innovation, where incremental advancements are introduced progressively, allowing users and the market to adjust and adopt new technologies seamlessly.

Towards the end of the session, the audience actively participated in a lively Q&A session, posing insightful questions to the speakers. Topics ranged from specific product development strategies to navigating the ever-evolving Web3 landscape. The speakers provided detailed answers, sharing practical advice and real-world examples from their experiences.

The 2nd training session Switch Up 2024: Tech & Product concluded with invaluable knowledge shared by industry experts, equipping the audience with strategies for building successful Web3 startups. It underscored the power of collaboration and knowledge sharing within the Web3 community.

Stay tuned for further updates on the next training session SwitchUp 2024: Legal!

— — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — -

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