5 Reasons Why Your Blockchain Project Needs Funding

Kelly Kigan
May 11, 2022

Well isn't it obvious? Get funding to kickstart a project and financial muscle to navigate the uncertainty involved in the early stages of a project? The blockchain space is growing exponentially, majorly due to projects and blockchain based technology ideas changing how the world operates. Developers and entrepreneurs are out to bring the best projects that continue to bring clout to the blockchain space. Unfortunately, some of these projects fail to pick up due to a lack of capital. A brilliant idea and a will to succeed do not suffice in this new era of technology. Funding to kick start and sustain a project in its initial phases is the main reason you need funding. However, there are other reasons why your blockchain idea needs funding. 

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Why Your Blockchain-Based Project Needs Funding

5 Reasons Why Your Blockchain Project Needs Funding

Capture Relevant Markets in a Short Time

Revolutionary blockchain ideas need funding, to capture the right market in the shortest time possible. First off, funding probably will be from winning a pitch competition or from convincing a panel of investors. It is in these audiences - pitch competitions and investor panels - where the right market for your blockchain project sits. This is part of marketing to put your project on the map. Moreover, the funding acquired will be used to market your project, and let you compete with the big players in the space

Capture Attention in the Blockchain Space

The immense growth of blockchain and crypto, means there are many projects that one cannot keep up. Investors are looking for the best projects to bet their money on. If your blockchain project gets funding from a recognized Protocol, such as NEAR, it signals that you are positioned. This social proof adds value to your project and places you in a better position to attract more investors.

Related: Top 5 Reasons You Should Join a Blockchain Community

Create a Solid Foundation

Being a relatively new technology, blockchain projects require better funding and established teams. To bring the project to light, you will need to hire a team of well-established employees in their respective fields. You will need to keep operations of the project running smoothly; therefore invest significantly in production costs. Good funding will help take care of operations and keep your project alive. 

Access More Funds and Value

The first step to getting funding is to bag an investor. This does not mean that funds will always be there. You will need to prove your value, to get more funding from investors. Since investors are now part of the project, they will offer more than just more money. They will expose you to different networks, as they seek to expand their investment portfolio. 

Read Also: What are Sankore NEAR-Meets?

Because Bigger, is Really Always Better

Dealing with a modest project that you can manage, and gives you back profits, is enticing. But getting exposed to the bigger possibilities the project brings is even better. It is scary, but exciting at the same time. Being out there increases the possibilities of providing cutting-edge solutions, while controlling some part of your project that gives you massive returns. 

Conclusion

To increase the survival rate of your tech project, you need generous funding. Good funding gives you ground, makes your experience better, while unlocking more possibilities. Sankore is offering funding to tech projects built on blockchain technology. To qualify for funding of up to USD 50,000, REGISTER YOUR PROJECT HERE and attend out pitch competition. 

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