Ever wondered about the experience of participating in a TV show, specifically a Crypto reality TV show, where real contestants vie for fame and various rewards? Today, we’ll provide an insider’s perspective and share valuable advice on presenting your project.
A few months ago, bspoketv and Hourglass invited me to be a judge on a mainstream crypto reality TV show competition named The Next Crypto Gem, which combines elements of Shark Tank and The Apprentice. Contestants must outperform their rivals in a series of challenges to ultimately win the judges’ vote and be crowned The Next Crypto Gem.
The first day was intense, as I met my fellow judges, Layah Heilpern and George (CryptosRUs), in person for the first time. Both highly influential and astute, we quickly built rapport, which should translate well on screen when the show airs to millions of households worldwide.
The initial challenges proved tough for all contestants. While I cannot disclose specific details or participants due to a non-disclosure agreement, I can share the insights I gained and how others might benefit from facing challenging or seemingly insurmountable situations.
Crypto and web3 projects should develop the ability to tailor their presentations to various audiences. For instance, most projects are not necessarily well versed in presenting their projects to a mainstream audience compared to a crypto-savvy one.
When pitching to venture capitalists, it’s crucial to clearly communicate financials, user traction, the big idea, marketing strategies, and reasons why this is the right team. As an early-stage investor, I find that most projects are well-prepared in this regard.
However, fewer projects can effectively explain their concepts in simple terms that a broad audience can comprehend. As the crypto world expands, adapting to diverse audiences becomes increasingly important for success.
I would argue that projects unable to convey their ideas to a general audience will likely struggle to attract 50-100 million users in future cycles. Those that excel in this aspect will probably see greater user adoption in the years to come.
Throughout the show’s filming, I discovered that being a judge shares similarities with being a venture capitalist, a role I partially fulfill. Decisions to invest or vote for a project directly impact its future, adding weight to the judging process.
The on-screen competition in The Next Crypto Gem draws striking parallels to the real business world. In both environments, projects must distinguish themselves in a crowded market to outdo a number of competitors, gain public attention, and ultimately be successful. Just as contestants face various challenges on the show, crypto projects must continually adapt and innovate to outperform rivals in a rapidly evolving landscape.
As a judge, one of the most difficult aspects was evaluating projects that were closely matched in terms of quality and potential. Behind the scenes of the show was intense, and dramatic to say the least. The decision-making process was frequently challenging, as we meticulously assessed each contender’s strengths and weaknesses, considering their current state, presentation, and potential for growth and long-term success.
Being on set for extended periods only heightened the pressure. After spending long hours immersed in the show, we had to make tough calls that would shape the trajectory of these promising projects. This experience served as a reminder that, just as in the business world, success often hinges on the ability to make informed and decisive choices under pressure.
My hope going into the show was to help educate the masses on crypto and web3. I still think there is a lot of misinformation out there. Education is one of the most important aspects for bringing in the next wave of one-hundred million people. Through my role on the show I tried to provide valuable insights for crypto projects looking to improve their pitches, presentations, and overall project. I hope that by watching contestants struggle through difficult situations, aspiring entrepreneurs can glean important lessons on refining their own approach. Here are some key takeaways so you don’t need to wait for the show:
- Adaptability: Tailor messaging and visuals for different audiences.
- Clarity: Convey your project’s unique value proposition in simple terms.
- Resilience: Embrace obstacles and setbacks as opportunities for growth.
- Preparation: Anticipate questions and concerns during your pitch.
- Authenticity: Showcase passion for your project and its potential impact.
- Flexibility: Be ready for anything, and roll with the punches.
At the end of the day, the experience was incredible for me as a judge. I got to see projects presenting themselves and competing various challenges and put everything they had into it. Normally as an investor, the pitches are short, narrow and tailored to me. And it’s rare I see projects presented on a TV show to a broad audience over an extended period of time. It also made me fall in love with the various projects in many ways, and made the decision making process even harder, as I found myself focused on what I liked about each one.
The balance of 3 judges reminds me of an investor committee, and it worked well. If I was the sole judge I would have struggled without someone equally invested in the situation to hash it out with. While some of the decisions were split decisions and extremely close, the 3 person judging panel format with Layah and George worked effectively. Projects can take away from this that sometimes it does benefit you to have equals around you that you respect and can hash it out with. Jett and Michael, producers of the show, did the casting very well, including the contestants, I must say.
For crypto projects, aspiring entrepreneurs, and the curious general public the show serves as both an engaging spectacle and a valuable learning opportunity. As you watch these contestants battle it out this summer, remember that their journey is not unlike the challenges you may face in the real business world. Embrace the lessons they offer, and let their experiences inspire you to achieve success in your own crypto endeavors.
Follow Hourglass for continued updates on show dates and where to watch.
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