A few days ago, we talked with Koh Kim, head of growth at the Sui Foundation , to discuss how to successfully build a sustainable business and other topics.
Your work at the Sui Foundation focuses on helping developers grow from the early stages of product development into strong and potential business leaders. Can you briefly share the plan you created for this goal?
Every entrepreneur can recall their first "big break," whether it was their first major customer, first major partnership, or first funding from a major investor. The Sui Foundation’s growth team hopes to provide opportunities for founders looking for these opportunities.
We're focusing on developing a comprehensive developer success plan to help founders build a meaningful connection. We plan to provide support and related resources from three aspects: community, training and content.
We will provide participating founders with opportunities to connect with other founders, industry experts and potential investors , and we will also match founders with experienced subject matter experts who can provide advice and guidance.
We are also building a knowledge base open to all developers, covering all aspects of knowledge needed to start and run a business. In cooperation with our ecosystem, we also organize workshops or seminars on topics such as business strategy, product development, marketing, sales, fundraising and regulations.
Additionally, we offer perks and benefits for founders using Sui for a variety of common tools and services.
What is it about Web3 that attracts developers?
Developers often want to be able to create applications that can run on a decentralized infrastructure, while eliminating the need for intermediaries and giving users greater control over their data and digital assets. These models subvert the traditional business model in which intermediaries control and facilitate transactions. This change allows peer-to-peer direct transactions, reduces costs, increases transparency and improves trust between participants.
By putting more ownership and control of digital identities, data and assets back in the hands of users, Web3 attracts developers to create user-centric applications that prioritize privacy, focus on security and personal agency, and empower individuals in their web experience. Have more autonomy in your journey. Developers can explore new use cases, create applications and develop smart contracts that automate various processes and interactions. This flexibility and group programmability will allow developers to go beyond the boundaries of existing product development.
Because the Web3 community fosters collaboration, shared knowledge, and open-source development, developers have access to a vibrant ecosystem of developers, entrepreneurs, and enthusiasts. They can contribute to existing projects or collaborate on new ones, leveraging shared resources and expertise to accelerate their own development efforts. This disintermediation can reduce costs, improve accessibility, and can also give users more personal rights beyond traditional centralized systems.
What are the differences between building a Web3 enterprise and a traditional enterprise?
An important difference between Web3 enterprises and traditional enterprises is the scope of their defined "target customers". In addition to customers directly related to products, Web3 companies also need to think about how their products bring value to the ecosystem in which they are located.
How can a project builder become a business builder?
It involves a shift in mindset. Having a clear long-term vision, an achievable business model, and maintaining a growth mindset is critical.
At the same time, the value brought by building out the web, especially in Web3, can never be underestimated.
Among all the projects you have seen that successfully transformed product prototypes into business models, what characteristics do you think are similar?
Although the growth process of all projects is different, the following characteristics can basically summarize the reasons for their success:
Strong team and execution ability : Getting product prototypes and ideas is very simple. But successful teams are usually action-oriented, resourceful, and iterate quickly. They change strategies based on market feedback, and continuously improve their products or services based on customer ideas.
Putting users first : Successful projects typically have a clear and compelling value proposition that sets them apart from competitors. They offer a unique solution or a superior alternative to an existing product, and actively communicate the help and value it can bring to customers.
Scalable and sustainable business model : Successful start-ups typically have a well-developed and scalable business model that demonstrates how they are profitable and their potential for growth. They think about strategies for price, distribution channels, customer growth, and customer stickiness to ensure long-term profitability and sustainability. Potential investors and partners can be attracted because of clear profit channels.
Sufficient funds and resources : Everything takes more time and money than you think, especially finding a scalable and sustainable business model with limited manpower and resources. Understanding the track you're on and managing available resources like time and money are keys to success.
Great Resilience : Starting and running a startup is hard. Teams that demonstrate resilience, persistence, and the ability to learn from failure are often better able to overcome difficulties and achieve long-term success. They see setbacks as opportunities to learn and continue to work on their vision.
For new founders, what business issues do you think they need to pay attention to?
Before diving into business topics, you need to decide if you want to be a startup founder. I would recommend watching the Should You Start a Business video from the YC Startup Academy .
After deciding to start a new business, there are two important business issues that need attention, the audience and the team. I recommend watching Harvard Business School professor Clay Christensen's discussion on milkshake marketing to learn how to find your audience and why they should care about your product. Then read Aaron Patzer's article on the First Round blog about how to hire, fire, and manage a successful team.
What challenges do business founders face today? What kind of resource support do you provide to assist them in dealing with these issues?
History does not repeat itself but is always similar. The challenges that many founders face today are still similar to those I have worked with founders before.
Access to Funding : While there is more capital in today's market than ever before, the competition for capital is more intense than ever. Competing and differentiating from other new ventures can be very challenging, especially when trying to convince investors in an online conference.
Recruiting the right talent : The rise of remote work and globalization has created competition for talent, making recruiting and retaining technical or non-technical talent a huge challenge. Even with layoffs, top talent is still in high demand.
Regulation and compliance : As new technologies continue to develop and iterate rapidly, it is often difficult for governments and regulatory agencies to keep up with industry developments and formulate relevant and appropriate regulations. This adds to the challenges of running a Web3 business, as laws or regulations may not yet exist for some applications of these technologies, or existing laws may govern new technologies in new and unexpected ways. If the founders operate in multiple countries or have clients in different parts of the world, they need to comply with the regulations set by the governments of all those countries.
Mental health : The stress that comes with starting a new business can affect a founder's mental health. Mental health can often be overlooked in the midst of so many everyday tasks. The constant pressure to execute and deliver on capital will slowly and invisibly be exerted on founders and eventually lead to collapse. On top of that, the onus for making key decisions often falls on the founders, which can create feelings of isolation or alienation. Therefore, it is very important to ensure that founders have the right psychological support in their lives and have a work-life balance.
Diversity and Inclusion : According to research, teams with diverse backgrounds perform better. But building a diverse team can be challenging, especially in industries where certain groups are underrepresented. Tech and venture capital, for example, have historically been male-dominated industries, making it difficult to attract and retain diverse talent. Beyond that, founders need to make sure their product or service is accessible to all potential users, including people with disabilities or special needs. This may involve considering factors such as website accessibility, as well as language and cultural barriers.
Just wondering if you have any final advice for developers with great ideas but no experience building and running an enterprise?
Abide by the ABC rule— Always B e Connecting , always keep connected with others . The entrepreneurial journey is long and challenging, and having a community that provides emotional and professional support will help you go a long way. At the same time, networking creates more opportunities for potential collaborations, team members, grants, and client growth. My suggestion is to participate in more industry events, join the start-up community and continue to communicate online or offline.
About Sui Network
Sui is an L1 public chain redesigned and constructed based on first principles, aiming to provide creators and developers with a development platform capable of carrying the next billion users in Web3. Applications on Sui are based on the Move smart contract language and are horizontally scalable, allowing developers to support a wide range of application development quickly and at low cost. For more information: https://linktr.ee/sui_apac
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