Episode 4: Space Dust
John discusses the first phase of building a startup.
John discusses the first phase of building a startup.
The transcript is also available at Temi.
Before we roll into today's episode, I wanted to first apologize for the delay since our last episode. We've been extremely busy working on our platform and trying to get it launched as soon as we can.
A couple of notes, last time we talked about tokenomics part one, and instead of going into more detail on tokenomics for this episode, you can actually get most of the details you would want about our token at multiverse.ai if you go to our website.
Instead, we're going to be starting a new series talking about the different phases of planet projects on multiverse. And so today's episode, we'll be focusing on that first phase, space dust, and a little bit about our philosophy of why we structured things the way we did in order to give founders and supporters the time they need to refine their ideas and build up their teams before they launch their products.
Hi, this is John from multiverse labs. I work on product and user experience. And for today's episode in our podcast, I wanted to focus on space dust. It's the first phase of all planet projects in the multiverse.
And I feel like this is a really important episode because we've had a lot of questions from the community about how this works. And I wanted to use this episode to address some of those and talk about how and why we designed the different phases of our projects and of planets and the way we did. At multiverse, one of our goals is to give people with ideas the support they need to turn those ideas into startups and full-fledged products. But as you may know, not every idea is ready to build right away.
Some founders might be ready to have a team already assembled and might be on a fast track, but a lot of times an idea needs time to develop, needs time to iterate, to get feedback, in order to improve and be ready.
So every project starts as space dust, and this is intended to be a low pressure, a low barrier way to circulate your ideas and get a sense if you're on the right track. The only thing you need in order to create a project and to start a project as space dust is a name for your project and the description of your idea.
So that's essentially a gesture idea. You don't have to make any decisions about tokenomics or staking, or if you even want to offer that or governance, you don't have to make any of those decisions yet. You can just focus on making sure your idea is ready. And so once you post that, you'll be able to get a sense of what the feedback is with your community that you're trying to build. People can comment on your idea and ask questions.
You can post updates and edits to that idea as you continue to refine it and listen to that feedback. And so you'll be able to get a sense through those comments and also through pledges from potential stakers, if you're headed in the right direction.
The only other step while you're in space dust is to start playing around with and drafting out the requirements for the next step. And in this case, for space dust, just the requirements for the next step would be decisions around staking and tokenomics.
So your potential stakers and people who are following your project will be able to see some of the ideas that you have, and some of the thoughts that you have, and you'll be able to get feedback from them and then adjust as needed, according to that feedback. And only when you're ready will you need to proceed and move on to the next step。
So it's really a low pressure at your own pace. And when you feel like you're ready, before you need to advance to that next stage.
So the next natural question then is what makes a good idea. So I guess one tenet that I like to focus on is that every good idea solves a problem that some people have. The solving problem part is really critical because every problem has a potential idea that solves it, but not every idea has a potential problem that it addresses.
So a lot of people will start with the idea part and then try to hunt for the problem that it solves, but really it's a much more success if you start from the problem. And so the more you can describe what the problem is, and the more you can be specific about it, and the more you can be specific about who are the people that experienced that problem, the closer you'll be to having a really great idea.
So think about how, how do those people, how do you use potential users, your target market? How do they currently deal with the problem that you're describing and you're focusing on solving, and how much will your idea actually improve their lives? Is this like a marginal improvement? Will it make it slightly easier to go about day to day? Or is it a significant change? Is this something that will really catch their notice? Something that they'll demand to want to use, because it will improve their lives so much.
This will help guide and help you understand how broad is your market, how is this a very targeted, targeted idea for a small number of users that really improve their lives significantly? Or is this maybe an idea or a product that has a broader appeal that, you know, somewhat improves a large number of people's lives.
So understanding that can really help you plan ahead and help pitch what your idea is to potential supporters. In the future podcast episode, we'll probably do a deep dive on some best practices that we've learned from our own experiences and on how to turn ideas into winning products. So stay tuned for that.
And one really important question and concern that we've considered ourselves and have heard from the community when it comes to ideas, is the concern around people stealing your idea or copying your idea when they see it. And we've thought about this a lot and how we can help mitigate this concern. And so a few things we're considering, I just want to go through them. I can't say for sure that all of them will be implemented, but these are all things that are on the table. One of them is visibility controls for people who, you know, feel like they have a really killer idea that they don't want someone to steal.
They could potentially make it an invite only situation, only trusted friends and family or people that they want to bring into that inner circle to circulate and pitch that idea. Another option is to use trusted advisors that can be provided by the multiverse. So we're even thinking about introducing maybe a planet for trusted advisors to give you feedback. So that would be a service that you could potentially use on multiverse. But I think overall it's really about balancing your comfort level with exposing and, and circulating and socializing your idea, in order to improve it against the cost of being more secretive and to keep it confidential. Because I think something that's really important to consider is that ideas are, you know, having a good idea in crafting a good idea. It's really important as a first step, but it's ultimately not what determines the success of what the product becomes.
If you think about a lot of, you know, the biggest brands and products and companies today, At the idea level they're fairly simple. Amazon has started off as an idea for an online bookstore, there've been many attempts to supplant Amazon, whether as online bookstores or other online marketplaces, and they haven't succeeded. There are a lot of companies that are right now seeking to build electric vehicles, but Tesla is by far the most dominant one. And a lot of the ones that are trying to challenge it are going to fail. So it really comes down to a lot of others that determine whether or not your idea will become a successful product. And those are things like execution, the composition of your team, how you deal with setbacks, how determined you are to see it through, there, all of these factors and many others are ultimately what determines if your idea becomes that full product, but it is still very important as a first step and as kind of a guiding light as you build towards that vision and build towards that product to get your idea just right.
One way to think about this is to imagine your project, your potential planet as a ship about to embark on a long journey. And so your idea is kind of the beginning of that journey. It's just trying to make sure you're pointed in the right direction. You're plotting out your course. And once you have that idea, you still have the entire trans ocean journey ahead of you. It's really down to a lot of the things that will happen on that journey that will determine whether you make it to your destination. Someone could copy your idea. They would have the same destination that you have, but it doesn't mean that they have a faster ship or a better crew, or are better equipped to handle all the different challenges that could happen on a trans ocean journey.
And that concludes today's episode on space dust. Please stay tuned for the next episode in this series, which will be focusing on the next phase of planet projects that we're calling asteroids. Thank you for listening and tuning in, and we'll talk to you next time.