{"version":1,"type":"rich","provider_name":"Libsyn","provider_url":"https:\/\/www.libsyn.com","height":90,"width":600,"title":"How to Build a Successful Blockchain Start Up | Enya.Ai Founder","description":"\u201cYou have to be really agile and flexible, but also really stubborn about the problems you\u2019re going to solve,\u201d says Alan Chiu, co-founder of Boba and its contributing company Enya.ai, about the dual attributes successful founders must possess. Blockchain technology, similarly, is a balance of traits. On one hand, it  offers a number of opportunities. The open source format and permissionless entree allow people who might otherwise be hindered by their geographical location, race, gender access to a business\u2019s information. This transparency has the potential to decentralize power, and form a system of checks and balances that keep everyone more honest. However, this type of demand on the system leads to slower performance and higher costs. This is where Boba comes in, as it\u2019s the only blockchain platform that takes advantage of blockchain\u2019s features while utilizing the sustainability of Web 2 infrastructure.  Alan discusses how the blockchain model makes money, how to identify the right time to execute on a plan. He talks about the most difficult aspect of scaling and how he approaches risk. First and foremost you must evaluate the founders when deciding to invest in companies, and that those founders must have a balance of strong convictions and openness to new ideas and methods.  Continuing the theme of balance, Alan discusses how he manages both the longterm and shortterm goals of his team. He gives his thoughts on the most common mistakes founders make when starting a company, and the most common reason they fail to scale.  Quotes: \u201cIf these cryptocurrencies increase in value, you are starting to build a pretty interesting portfolio without being subject to biases against age, gender, ethnicity, geographical location. And that's really powerful. This is the type of opportunity that used to be reserved for Silicon Valley engineers. Now anyone in the world can have access to. (9:05-9:29 | Alan) \u201cThe reason blockchains are always going to be much slower than a traditional web two infrastructure like AWS is because there's a cost to synchronizing all of these mills that the mega blockchain network with these centralized, the decentralized nature of blockchains is both a feature but also puts a limit on how many transactions you can do per unit time.\u201d (13:26-13:47 | Alan) For any disruptive technology, in the early days, it's really hard to come up with something quantifiable and justify that with data, because everything is so new. (17:48-18:01 | Alan) \u201cOne of the most difficult aspects of being a founder is, on one hand, you\u2019ve got to have strong conviction around your vision because there's going to be a lot of headwind and a lot of uncertainty, if you don't have strong conviction, it's really hard to sustain. On the other hand, you've got to be really open to advice and feedback, especially feedback from customers, whether they want what you're building or not. You're learning and adapting and changing to your customer feedback, and also to a changing competitive landscape and market dynamics and new technologies that continue to evolve.\u201d (20:47-21:20 | Alan)  \u201cSometimes the best path forward is actually not commercializing the innovation itself. But finding some application for the innovation in a product or service. And commercializing that instead, and using the core innovation as a creative driver of a competitive advantage.\u201d (52:01-53:01 | Alan) Links: Connect with Brendan Dell: LinkedIn: https:\/\/www.linkedin.com\/in\/brendandell\/ YouTube: https:\/\/www.youtube.com\/c\/BrendanDell Instagram: @thebrendandellTikTok: @brendandell39 Buy a copy of Brendan\u2019s Book, The 12 Immutable Laws of High-Impact Messaging: https:\/\/www.indiebound.org\/book\/9780578210926  Connect with Alan Chiu:Twitter:@alanchiuhttps:\/\/www.enya.ai\/Check out Alan Chiu\u2019s recommended books:   Connect: Exceptional Relationships with Family, Friends and Colleagues https:\/\/www.indiebound.org\/book\/9780593237090   The Art of Possibility: Transforming Professional and Personal Life by Rosamund Stone Zander and Benjamin Zander https:\/\/www.indiebound.org\/book\/9780142001103   The Inner Voice of Love: A Journey Through Anguish to Freedom by Henri J.M. Nouwen https:\/\/www.indiebound.org\/book\/9780385483483   The Brains and Brawn Company: How Leading Organizations Blend the Best of Digital and Physical by Robert Siegel  https:\/\/www.indiebound.org\/book\/9781264257775 Please don't forget to rate, comment, and subscribe to Billion Dollar Tech on Apple, Spotify, or wherever you listen to podcasts! Use code Brendan30 for 30% off your annual membership with RiverSide.fm  Podcast production and show notes provided by HiveCast.fm ","author_name":"Billion Dollar Tech","author_url":"https:\/\/brendandell.com\/","html":"