Owen Healy's Linkedin Analytics

Web2: Business Development Web3: Bridging Dreams Last week, a crypto-curious person from a FAANG company asked me ‘how is BD different in web3’. A vague question, but my initial response was ‘it’s more collaborative’ The ethos is very much ‘pay it forward’. It’s more relational and much more value driven. And generally speaking, the salaries and commissions are much better too (albeit not so much if you're coming from a FAANG company). On a weekly basis, people will ask me do I know anybody at X or Y – it’s still a tight-knit industry people like to help each other out. Most ‘web3 BDs’ play a huge role in determining product market fit – they are the ones at conferences gathering info and linking back to colleagues. BD in web3 is also very partnerships driven – there might not be an immediately obvious commission for the ‘BD’, but an eagerness on both sides to form a long lasting relationship All told, I would argue that it’s imperative for web3 BDs to have a good understanding of the underlying tech to best explore ‘synergies’ (IMHO). For BDs looking to switch from 'web2' to 'Web3' - I would say ‘Web3’ is messier. Emails are used less frequently, projects are at different stages, budgets fluctuate and market sentiment changes from week to week. Overall, there's a lot more manual processing. On the flip side, it's more informal (i.e. more human). It's also spontaneous - priorities and opportunities are constantly changing and evolving. Oh, and cold calls are seriously frowned upon here too (and rightly so). To be a successful BD in web3, building trust is HUGE – often relationships beat code. It's still a tight-knit industry and people are very conscious of grifters Getting warm intros are huge starting out. For anybody looking to become a 'web3' BD - I would advise them to message BDs in the space - get to understand the complexities re. listings, funding, partnerships, selling a dream, operating in various ecosystems etc. Don't be averse to helping a project pro-bono to explore the space too - you'll quickly realise the importance of playing the long game, personal branding, the power of partnerships and staying up-to-date with all the latest trends etc. Overall, there's tonnes of transferrable skills that BDs can transfer from 'web2' to 'web3' - even moreso if you're coming from a start-up environment. A good BD is still a good BD!!