It’s a new year, which means the world’s entrepreneurs are busy brainstorming their next big play. So, I’m of course receiving lots of questions from these folks as well as those considering getting in the game as to what the next big tech trend to invest in is, and my answer is always the same: blockchain and Web3.
Blockchain has been heating up since 2021; not only is capital pouring in from across the world, but interest in blockchain products and services among users, gamers, and consumers is picking up at a breakneck pace. In my experience, this kind of startup environment in which entrepreneurs don’t need to wait for a market tipping point is extremely rare. And with so many pain points still to be tackled, the blockchain market is practically bursting with potential.
More importantly, I believe blockchain offers a once-in-a-lifetime opportunity for Taiwan entrepreneurs. Did you know that as early as 2017, leading Blockchain talents from across the world – including no less than Ethereum co-founder Vitalik Buterin – were visiting Taiwan to hold local exchanges? Needless to say, it was a big boost to the island in terms of connecting with the global blockchain community. And despite the bear market, bursting of the ICO (initial coin offering) bubble, and overall market cooldown that followed shortly after, many foreign blockchain talents remained in Taiwan to develop their products or services, affirming the international esteem for Taiwan’s tech talent. With all these feathers in our cap, I firmly believe that Taiwan has the chance to become a global hub for the blockchain industry.
Also important to note is how the unique culture of the blockchain community gives Taiwan startup teams the chance to make a name for themselves on the global stage from the get-go. Taking most tech offerings into foreign markets presents challenges like local laws, cultural gaps, different consumer behaviors, establishing new resource networks, and local competition. However, the shared culture and “lingua franca” of the blockchain community allow overseas startups to bypass many of these boundaries. All one needs to do is satisfy customer demands and preferences to be welcomed by global users, which removes the original limits imposed by a country’s physical population.
I’m proud to say that Cherubic Ventures is actively investing in blockchain teams, quite a few of which are from Taiwan. If you need a proof point, I can tell you that as of today, those teams’ products already have users from across the world and in many different languages. That’s why I strongly encourage Taiwan entrepreneurs to join the blockchain / Web3 community and grab a piece of this huge opportunity!
