Connor Howe - Majority of Crypto Users are Bots
1. Importance of Real User-Centric Products
Connor emphasized that the crypto industry needs to develop real products that people genuinely want to use. He pointed out that there is a stark contrast between the number of applications in Web2 and Web3, with the former having 4.8 million applications compared to just 4,800 in the latter. This realization underscores the necessity for crypto projects to focus on solving real-world problems rather than recycling old ideas with minor tweaks for attention.
2. Understanding the Developer Landscape
Connor highlighted the disparity between the number of developers in Web2 and Web3, stating there are 47 million developers in Web2 compared to only 28,000 in Web3. This implies that for Web3 to grow and succeed, it must integrate more seamlessly with existing developer ecosystems and technologies to attract and retain talent. He believes the unification of both sectors is critical for achieving broader product adoption.
3. The Need for Product Market Fit
Connor shared insights from his journey with Enso, particularly the challenges faced in finding product-market fit. After two pivots in four and a half years, he concluded that sustainability hinges on creating products that not only serve a theoretical purpose but also demonstrate actual user engagement and interest. The emphasis on usable products rather than vanity metrics like Total Value Locked (TVL) is crucial for distinguishing long-lasting projects from fleeting ones.
4. Building Fast and Flexible Teams
Connor advocated for an agile work environment where teams are encouraged to ship product updates quickly, dismissing those who cannot keep pace. He stated that by adopting a 'ship it or shut it' mentality, Enso has been able to outperform larger teams by accomplishing in months what others take years to achieve. This demands a specific type of talent—hands-on, results-oriented individuals who thrive under pressure and are willing to pivot when necessary.
5. Navigating Funding and Investment Wisely
Connor discussed his choice to raise only a portion of the funds he was offered, stating that rejecting larger sums was a strategic move to maintain the hunger and drive needed in a startup environment. He believes that having too much money can lead to complacency and a lack of urgency to deliver results, something that first-time founders often overlook. He encourages future founders to emphasize careful financial management and lean operation to sustain growth.
6. Prioritizing User Experience
Connor stressed the importance of creating a seamless user experience that simplifies the complexities typically associated with crypto applications. He pointed out that most users require convenience and minimal friction to feel inclined to use Web3 technologies. With the industry's current complexity and high entry barriers, the ability to bridge Web2 and Web3 user experiences could be a significant catalyst for broader adoption.
