We know that we are asking for quite a lot in our application, but being committed early on shows us you are the type of person that tackles all their projects with 100% focus, leaving nothing to chance.
It is this type of dedication and professionalism we seek in founders. We will see very fast if you were not fully devoted to making your application as good as possible.
Both in answering questions as well as the 1-minute video we ask you to record, it is best to be as concise as possible. While we get that most Web3 funders want to “decentralize” and “give back” to the users, we advise you to be more specific. You do not need to explain to us the ethos of Web3.
Try identifying the aspects that actually make you stand out from other applicants, ideas, or start-ups, and communicate clearly what you would consider your USPs. Bear in mind that, according to the Pareto law, 20% of input lead to 80% of the output. Be sure of what that 20% are both when answering questions and introducing yourself and/or your idea.
While we appreciate you already having contemplated specific Web3 start-up ideas, we do not want you to be too fixated on one specific idea. Oftentimes, through setting you up with potential teammates, and having our advisors hold workshops on various topics, we see ideas change and adapt.
It can take a bunch of pivots until you actually find the right idea. Hence, we invest in individuals first, and ideas second. That is, do not love your idea too much. If you have the right motivation, the right team, and conduct extensive research trying to identify market pain points, the idea will usually follow.