I really need serious help in deciding what to do with my venture, weather to continue or call it over.
I have launched last week my crowdfunding platform after more than 1 year of work and realized I targeted the wrong audience. We raised a bit more than 80k CHF for the first venture, but the objective was to raise at least CHF 300k. Therefore we will now send all the money back to investros who have participated.
I realize that I targeted the wrong audience which I thought understood better my product so for tokenized shares of startup who can be traded on DEX I targeted degens and pure web3 users who live on Twitter, but after launch I understood that at the end these people don’t care. They barely know what a share is and they only look for tokens that moon and can give them extra yield.
It was a good that at least I understood that they are the wrong audience. I guess I would need to focus on an audience who is an interceptions between web2 and web3 so users that kind of understand both world but are not pure degens.
What do you think I should do? Shall I consider that nevertheless I had small success in raising CHF 80k and worth pursuing and try to target this new audience or call it over and accept that I didn’t find product market fit?
Thanks for the help 🙏
The real question here is: ‘Does my start-up HAVE a Market?’
If it does, pivot and profit.
If it does not, pull up stakes and start prospecting again.
Good Luck.
You’re at a crossroads with your project, figuring out if pivoting to a new audience – the web2/web3 mix – is the way to go. Just double-check that you have the resources, like time and money, to take this new path. Raising 80k is no small feat; it shows there’s interest in what you’re doing. Now comes the big decision. If you’re still pumped about the idea and think this new crowd could be the right fit, why not give it another shot? But, if it’s starting to feel like a bit too much, or your heart’s not in it, maybe it’s time to call it a day. Whatever you decide, the experience you’ve gained is gold for whatever you tackle next. It’s all about whether you’re up for round two or ready to explore new adventures. There are also a lot of entrepreneurs who failed before their success. https://www.cuppa.so/post/famous-entrepreneurs-who-failed-before-success
You based a business on assumptions…it is not a ‘‘wrong audience’’ problem, but rather you not doing what was required first : market research. Don’t assume, check. In my opinion you did targeted the right audience, but with the wrong approach…