Coming off a bull run, the economy has entered a bear market that is being felt across industries. For those in Web3 and climate, however, it’s the perfect time to focus and concentrate on innovating.
During Flowcarbon’s ETHDenver Climate Summit, an expert group of panelists discussed the best ways to take advantage of the current market conditions. Bear markets can separate the wheat from the chaff, as it becomes clearer which players in the market have a real innovative idea that separates them from the rest.
“It’s actually a great time to be able to focus on the real builders, those who are building for the long term,” said Joan Kim, investor at General Catalyst.
The funding hasn’t disappeared, either, said Adelyn Zhou, Head of Ecosystem at Chainlink. Investors are, however, looking for something “fundamentally different,” rather than more of the same.
“It made us dive deep,” said Jessica Santiago, CEO of Art Republic “And take a calculated approach about where the real deep needs are in the market.”
Focusing on building an innovative product and learning about what the needs of the ecosystem are should be priorities, the panelists said.
“During any of these bear market cycles, you’re trimming the fat, minimizing the noise and focusing on the utility and the tangible use cases,” said Anella Bokhari, CEO and Co-founder of Women in Web3, and Specialist at Google Cloud.
For those in the blockchain and climate sector, using this bear market correctly can be critical to future success.
“This is an incredible time where industries are made, “ she continued. “To the extent that organizations and individuals can double down on their core values and think through the ways they measure success, there is so much great work that can be done right now, even if it happens to be in a bear market.”