When we talk about blockchain technology, there is no shortage of startups & scaleups. Especially after the explosion in popularity in 2017 and 2018, one blockchain ‘startup’ after another shot up. This innovative technology provided many application possibilities in a short period of time. Many companies created a specific vision based on blockchain technology.
There are therefore quite a few blockchain startups that have grown into blockchain scaleups. They knew how to take advantage of the moment and to respond exactly to the wishes of the average blockchain enthusiast.
What are blockchain startups and blockchain scaleups in The Netherlands?
The official term scaleup refers to the moment a startup meets a number of conditions. These conditions indicate that a successful start period has passed. This concerns:
• 5 years old: The term blockchain scaleup actually indicates that the startup has existed for at least 5 years. This means that it has been able to survive the first 5 years. This is a difficult period for every blockchain startup. There is a lot of pressure and uncertainty. Scaleups on the blockchain were able to solve all problems and continue to grow a little further. It seems that they have permanently established their place in the industry.
• Generates at least 10 million turnover: For traditional companies, scaleups generate at least 10 million turnover per year. Obviously, this is a fairly ambitious goal. So it’s no surprise that not many companies are capable of this. Of every company that starts as a blockchain startup, only 1 in 200 manages to make it to scaleup. That is, on average, only half a percent.
• Scaling up instead of experimenting: Another point that characterizes a blockchain scaleup is that scaleups are past the experimentation phase. These companies are no longer looking for a way to formulate a repeatable revenue model. The concept is now clear and largely perfected for a scaleup. The emphasis is therefore purely on scaling up.
Startups and scaleups with blockchain technology in The Netherlands
When we look at blockchain scaleups, we look at the companies that have been able to significantly increase their turnover in recent years. In many cases we see this reflected in the exchanges. Think of crypto exchanges and specific NFT exchanges. But it certainly doesn’t stop there. Well-known blockchain scaleups are:
• Binance
• Coinbase
• OpenSea
• Sandbox
• Uni swap
Blockchain Startups and Scaleups in NFTs
Blockchain scaleups in the NFT field are companies that have been able to capitalize on the recent success of NFTs. When we look at the past few years, it appears that a number of companies have experienced significant growth. Well-known examples are:
• OpenSea
• Sandbox
Blockchain Startups and Scaleups in the Metaverse
The blockchain scaleups in the metaverse field have generally not existed for 5 years. However, there are a few exceptions. This concerns the companies that have been around for some time and/or were early in determining that the metaverse will play an important role. Clear examples of scaleups in the metaverse area are:
• Decentralized country
• Sandbox
In fact, all of the companies mentioned were caught early. They quickly recognized the potential of the blockchain in general. Nevertheless, we still have to conclude that we are at the beginning of a transformative period. It is far from the time when things like NFTs and the metaverse are part of people’s daily lives. This is expected to become increasingly the case in the coming years. In the end, almost no one can get around it.
There is a good chance that this is the time to start a blockchain startup. Who knows, it may grow into a true blockchain scaleup within a few years.