Ian Lee: Early Web3 Startups Failed Due to Missing Infrastructure, Not Storytelling
Ian Lee · Ian Lee: Why DAOs Will Replace Venture Capital; Biggest Threat to Web3 | 20VC #893 · 20VC with Harry Stebbings · Jun 8, 2022 · at 36:45
Ian Lee, co-founder of Syndicate, discusses why early crypto projects focused on financial inclusion went out of business.
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“Cello is, is one that I have high hopes for, but there have been, you know, hundreds of startups that unfortunately were going after really important missions, and were actually telling very good narratives about how they were going to, for example, bank the unbanked using Bitcoin or blockchain networks or crypto, and they're no longer around. They ran out of money. They failed because In my opinion, a lot of that was a timing thing, and a lot of the timing element of that, even though they were creating good narratives and telling important stories, it just relied on too many things that didn't exist and frankly still don't yet exist in, in the world like the applications and interfaces to onboard lots of users onto, you know, web three and crypto.”
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