If you had an opportunity to talk to an investor about STEEM, would you?
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Now, if I was to have this hypothetical conversation my focus would probably not be too much on the dollar valuations. Meaning, that I would not be talking to the potential investor about lambos and mooning, none of that ridiculous jargon. In truth, I think that fun yet infantile vocabulary is one of the reasons why serious investment stays away from blockchain technology. Who wants to put money where the kids play?
Ok, that was mean, maybe just a little bit, but I'm trying to make a point. Instead what I would focus on if given the opportunity is the technology and the opportunity for growth. Meaning, that the systems that could be built on this blockchain, the potential solutions to problems that they may have, could be built here.
I'm sure you know about @oracle-d and their mission to bring investment, real investment to the platform. What I'm thinking about, is more or less along the lines of their focus. We want of course speculators, we want people giving our ecosystem liquidity, but we also want people using the system to solve their problems.
In that sense, maybe, just maybe, the way we approach pitching STEEM to an investor is by first recognizing the opportunity, what they need resolved and then thinking creatively how the STEEM blockchain could offer a solution. Now, this of course means that blockchain might not always be the answer and that is completely fine. But, if we can find a way that we could effectively make an investor's life easier, then we might be successful at the pitch.
I keep on thinking that harvesting "brain power" from this blockchain might be the most amazing resource. After all, there are so many intelligent people participating of STEEM is quite humbling. It's not a far fetched idea to imagine a publication house using STEEM to create content, for example. It's not hard for me to outsource many online jobs using STEEM as the currency because let's face it, the ability to reach globally makes the right incentives easier to achieve.
So as the title of this short Sunday posts says. Do you feel confident pitching STEEM? Do you have doubts? - before you answer let's discard some notions here. I'm not talking about inviting apple to come blog here, that makes no sense. I'm talking about coming up with a solution to their shortcomings, because all entrepreneurs, all companies could possibly benefit from blockchain technology granted the right development was implemented.
By the way, I'm putting this out there because I'm about to give this a go. Wish me luck...
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I’ve been talking to major investors, including investment banks, for months now. It’s stunning how hard it is to get them to really understand crypto and see that it’s not just one big Ponzi scheme.
I usually sell the idea of steem in particular based on real world application, ability to delegate to earn higher returns than other options, and potential price appreciation. Plus there’s the social good of contributing to a system that pays content creators for their content.
I’ve gotten some smaller investors involved, but the big fish still consider it too complicated and risky.
What are you finding is the apprehension investors have specifically related to Steemit Inc.?
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My approach to this whole thing is going to be to put my reputation on the line. if I'm not willing to assume the risk, then I can't expect them to assume it either. That's going to be a key element of my message.
All the very best @meno! I have been a pro-creator [Yes, that's what they call us ;)] with @Oracle-D since the day one. What they are doing is pretty amazing. They are onboarding clients who want to create communities and reward people just for participating. Let's just say, if by any chance Infosys Ltd. (one of the biggest IT Companies from INDIA) decides to invest in Steem and ask their employees to engage on the STEEM. They reward them for their contributions, innovations and experiments on and off the blockhain. Wouldn't that be amazing? Supporting your employees for their great work even if it is not under the scope of their Job Description. Infosys can create a revenue stream for themselves, keep Employees happy at the same time just by Holding their money in the form of STEEM POWER. It has like over 200k employees so just imagine the size of the community they can create. There are "n" number of use cases for different sectors, so I think every person who has money in their pocket is a potential client.
The only hurdle I am facing right now is that Cryptocurrencies have been declared as illegal tender in India. I know that will change very soon! Until then, I am keeping my base strong and pitching STEEM to as many people as I can. Because you are absolutely right, it's on SALE right now.
I think the fact that the governments are fighting it is nothing but a validation of the threat they present... crypto is unstoppable, you just have to hold on until the dust settles.
Hi meno. Would like to hear how this goes. What obstacles if any are thrown back at you whilst pitching.There are huge benefits to a company using Steem and think more will hop on board along the way.
Hands down... I often think of what I would be developing if I had enough SP to foot the bill... I usually think of plenty of ideas that could do great (imo of course) but lack the financial resources to bring them to existence.
I would be all over this...
You are doing enough for the platform already. Just keep on doing what you are doing the rewards will come. The only concern for anything at the moment is the price of Steem. I personally don't think we have reached the bottom yet. I hope I am wrong but we still have 4 months to year end and everything seems to be dropping for the year end push. Bit like the calm before the storm.
Investor type people, Yes I would and I have recommended STEEM. But only if I know the investor has some sort of knowledge of blochchain or bitcoin.. I find it very difficult to explain blockchain, bitcoin and crypto to people. this is my biggest obstacle, trying to explain crypto in general
I know what you mean Paula... I've gotten a little better over the months explaining it, but its quite abstract for most people. However, im still gonna try.
I have been talking about steem to a number of serious, large investors for a while now. They usually look to invest in good people and teams more than the product.
Unfortunately all of the investors I have talked to pretty much said “no thanks” after doing some research into steemit inc.
I’ve pretty much given up on trying to bring in investment at this point. Instead I’m trying to focus on building awesome products built on the platform that bring in money on their own. Hopefully we can prove the investors wrong!
That's my little mission there... I think we can, I really do... and we might be at the cusp of maximum opportunity right now...
So basically a vote of no confidence for the core devs ?
It has nothing to do with the core devs.
so what is it they are not liking after the research ?
what has the feedback been regarding steemit Inc? I am located in Zug (crypto valley) and we have a weekly meetup that also covers steem sometimes. I have been trying to sell steem as a concept but to normal users, not to "real" investors yet
Any investor better prepare themselves for nasty comments and flag wars.... that's how we show love here...
Best of luck @meno - at this stage someone with an interest in other cyptocurrency / blockchain interest - will be so much easier to convert to STEEM, and I'm totally with you - I'm not a big fan of the "steem to the moon"/"cryptonaut" angle either.
To me the "to the moon" banshees hurt the reputation of crypto projects... I've grown to abhor them.
The first hurdle is to get an investor that understands blockchain and there's not many in that category. If the investor is looking for a buy-and-hold then that's a very different conversation to one looking to make their money work for them. There's opportunities on steem to earn (e.g, vote selling, delegation rental) but crypto is still way too risky relative to the returns you get for most investors. And, taking advantage of those opportunities requires a little bit or work/tech knowledge.
I'm more likely to discuss investing in teams building side-chain projects on Steem. In that sense, steem is the background fabric to the project. I think it's an easier conversation to have since side-chain projects are much easier to understand in terms of standard investing criteria. The technical bits of steem then become largely incidental.
Agreed 100% - that is going to be my approach. I'm not going to sit there an explain delegations, votes, and all that stuff. None of that is relevant. I want to pitch him an idea on how we could use this blockchain to develop a solution for his business.
Part of the problem with Steem is that all of the content is free. You don't even need an account to read it. At this point the value of Steem is in its ability to highlight posts by buying votes, or perhaps to earn the voter a bit more by upvoting others in hopes that they will upvote you more. There are, of course, philanthropic reasons to invest in Steem, but I don't those are going to invite big investors who drive up the price of Steem. I've been thinking that the best way to improve the value of Steem at this point is to enable actual advertising that would appear alongside posts. Of course, all of the UI's for the Steem blockchain would have to go along with that. We would also need a lot more active users.
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I see what you mean... depending on the investment size of course my focus would be probably on developing a solution for an investor, not so much making him or her a blogger.
Imagine having someone use the steem blockchain to run a small company, pay salaries with upvotes for work and what not. That sounds interesting to me.
Since Steem is all about rewarding content producers and curators, I think it would be helpful to continue to support high quality content after 7 days, including curators. Right now curation rewards drop off to near nothing after the first 10 upvotes. Why not use a kind of recency power law to reward big upvotes for older content? If Steem held content that continued to pay and a new curator could benefit by promoting that content, I could see investors buying into the platform. Paying for votes to get a post on trending is one mechanism encourage investment, as is delegating SP to bid bots. However, as long as Steem only rewards content for the first 7 days, it encourages low quality content and devalues all of the old content, since that content is all available for free. Why buy the cow if you can get the milk for free?
I’m not so interested in the investors. I’m more interested in the content consumers who have money to blow. Something this platform is really lacking is content consumers. That guy who blows $500 a month on twitch streams tipping or puts down that kind of money on patron between all the people that entertain him. If he could find out there’s a platform like this he could either keep direct tipping in steem or simply power up and upvote the content that entrains that person with a possibility of cashing out one day at a profit. Well, then we might get somewhere.
I want that guy who reads some amazing article about whatever he’s into and just wants to drop a few grand on that content producer to keep them going and producing. I want people tipping so much towards a developers coffee it would kill the guy to consume that much caffeine in his lifetime. There some people and communities like that already here on the platform. They are just far and few in-between.
If you could tell a whale who blows 100k a year on tipping entertainers that he could just put that money over here and possibly turn a profit in the long run while still supporting stuff he enjoys. Then that guy just looking for entertainment just became an investor. Expect for him he’s just here for a good time. Any extra money he walks away with is icing on the cake.
idealistically i can agree with you, but in a world where everyone gets everything "for free" its not likely to happen.
This is also my type of vision. I believe we need to support the projects we love, and that means supporting the creators of that project. That was what I hoped I would find when I came to Steemit! You see it with some authors, but not enough to really make a difference yet.