Risk
Launching a startup is risky. To maximize the chance of success, we must first identify the risks involved, then take appropriate actions to minimize the risks.
Most startups fail because they cannot find product market fit. A startup might develop a product based on a need that doesn't exist, or the need is already being served by another product.
When a space is formed, companies offering similar products can co-exist for a prolonged period of time. We are seeing this right now with multiple major blockchains, layer 2 solutions, NFT games and crypto exchanges.
DIAMOND HAND offers a variety of features. Some of these functionalities such as farming and staking exist elsewhere, while others are unique to us. We deeply believe by blending social, gaming, and rewards together, we can create something magical.
In order to minimize risk, we've already built a MVP (minimum viable product). The feedback from the community has been positive. We are ready to innovate and go through rapid development cycles to hone-in on the perfect product market fit.
Working in a startup environment can be stressful. Having the right mindset and team chemistry are essential for scaling a startup. At DIAMOND HAND, our core team has worked on startups in the past and therefore understand the sacrifice we will have to make, in order to maximize the chance of success.
DIAMOND HAND is looking to staff up its development studio somewhere in Asia, where top notch tech talents cost anywhere from 20% to 40% of their North American counterparts.
By keeping cost low and running a lean team, we are confident that we can start generating revenue well within the runway of our IDO.
DIAMOND HAND isn't the first one who tries to build a hybrid product and we won't the last. Competition and therefore, competitors change as DIAMOND HAND evolves and scales. It is possible that someday we might have to go up against social network giants like Facebook. However, during the initial stage, we expect to compete against projects and teams of similar size. We believe, given our extensive experience in mobile apps, we are well positioned to out compete other similar projects.
Market risks are a wide variety of risks such as regulatory risk and financial risk. Simply put, DIAMOND HAND cannot control nor minimize market risks. Anyone who holds crypto currency has some amount of exposure to market risk. The best we can do is execute lean and build fast.
Last modified 1yr ago