# 20 Lessons for Crypto Founders

Imran Khan  
·  
Oct 18, 2024

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I recently gave a keynote at Solana Breakpoint with the goal to pack as much actionable information for crypto founders into the time I had as possible. It was pretty well received so figured I’d take some time to elaborate a bit and give people a quick place to find each piece of advice.

1. **Start with a Small Problem or Design Space**  
   Instead of targeting a massive market from the start, focus on solving a small, specific problem. This approach often contradicts what VCs suggest, as they tend to push for addressing large markets. Instead, zero in on issues affecting a smaller group of users — ones that you can experience firsthand by using crypto products daily. With thousands of new products launching constantly, use as many as possible to understand the pain points that everyday users face. By doing so, you'll identify real, actionable problems that need solving.

2. **Avoid Consensus Ideas**  
   Avoid chasing ideas that everyone agrees are the next big thing. When an idea is universally accepted, the market is often already saturated. Take Polymarket as an example: now that they've validated prediction markets, there are hundreds of teams building in this space. The time to innovate was when only Polymarket was active, not after validation. Competing against established players requires a product that's 10x better to stand out. Instead, focus on underexplored areas where competition is less intense.

3. **Build for a Small Group of Users**  
   Identify a core group of early adopters—around 25 to 50 passionate individuals—who truly care about the problem you're solving. By focusing on their specific needs, you can build a strong foundation and foster genuine advocacy.

4. **Validate Your Thesis with an MVP**  
   Before investing significant resources like capital and time, validate your core assumptions with a Minimum Viable Product (MVP).

5. **Launch Your Ideas Within 30 Days**  
   Time-to-market is crucial. Aim to develop and launch your MVP within 30 days to capitalize on the momentum of your idea.

6. **Do Things That Don't Scale**  
   Engage directly with users, handle customer support yourself, and manually execute transactions that will later be automated.

7. **Don't Overbuild; Use Existing Tools to Simulate**  
   Avoid the temptation to create everything from scratch. For crypto founders, it's best to avoid building core infrastructure and instead partner with or use existing products to simulate the end offering.

8. **Recruit Your Users One-by-One Until You Reach 50**  
   Personal outreach is invaluable when building your initial user base. Reach out to potential users individually through emails, social media platforms, or community forums.

9. **Ask for Feedback Constantly and Iterate the Product**  
   Maintain an ongoing dialogue with your users. Regular feedback sessions can reveal insights that you might not have considered.

10. **Don't Take Feedback Literally**  
    While user feedback is essential, it's important to interpret it carefully. Users may not always articulate their needs accurately.

11. **Achieve Consistency with 50-100 Daily Active Users**  
    Aim for a steady increase in daily active users (DAUs), targeting consistency with 50-100 DAUs as an initial milestone.

12. **Work on Your Business Model**  
    Once you have a consistent user base, it's time to focus on monetization. Develop a clear business model that outlines how your startup will generate revenue.

13. **Drill Down on Metrics and Figure Out Growth**  
    Data is your ally. Dive deep into your analytics to understand what's driving user acquisition, engagement, and retention.

14. **Be Persistent: Email, DM in Group Chats, Use Social Platforms**  
    Persistence pays off. Don't hesitate to reach out multiple times to potential users, partners, or investors.

15. **Celebrate Small Wins and Take Short Breaks**  
    Recognize and celebrate milestones, no matter how small. Acknowledging progress keeps morale high.

16. **Work Hard**  
    There's no substitute for hard work. Building a successful startup requires dedication, long hours, and a willingness to go above and beyond.

17. **Protect Your Equity**  
    Be mindful of how much equity you give away, especially in the early stages. It can be tempting to offer significant equity to secure funding or talent.

18. **Raising Little Will Teach You to Do More with Less**  
    Securing modest funding forces you to prioritize and be resourceful.

19. **Be Frugal, Be Frugal, Be Frugal**  
    Adopt a frugal mindset across all aspects of your startup.

20. **Hire and Stay Lean as Long as Possible**  
    Expand your team cautiously. Each new hire should fulfill a critical role that directly impacts your startup's success.

Watch the original talk below ↓

[Breakpoint 2024: Product Keynote: 20 Lessons for Crypto Founders (Imran Khan)](https://www.youtube.com/watch?v=o5J7tX492uE)  
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