Decentralized science, also known as DeSci, has gained significant attention in recent years as a promising field with the potential to revolutionize scientific research and innovation. However, according to investor Jason Fang of Sora Ventures, for DeSci to succeed, it needs strong business development strategies.
Speaking at the ResearchHub SciCon 2023 conference, Fang highlighted the longer timeframe associated with decentralized science compared to other crypto investments. He noted that crypto investments generally have a shorter turnover rate, making them more attractive to investors. The extended timeframe of DeSci presents a critical risk for investors, and this is where business development becomes crucial.
Fang stressed the need for individuals skilled in business development who can bridge the gap between research and business opportunities. He mentioned that Bitcoin utility and DeSci are two areas where the timeline for profitability is expected to shorten, potentially from a decade to just two to three years. This shift necessitates the involvement of professionals who can effectively translate research into viable commercial applications.
To illustrate the importance of business development in DeSci, Fang pointed to Molecule, a successful DeSci startup. Molecule managed to significantly shrink their research delays by focusing on business development strategies, such as community engagement and proper resource utilization. By removing bottlenecks and maximizing efficiencies, Molecule was able to expedite their scientific research.
For DeSci startups to thrive, Fang believes cryptocurrency exchange listings can play a major role in providing substantial funding. By partnering with top exchanges, startups can attract a large number of investors, potentially transforming their financial situation from limited funding to significant resources. Fang emphasized the need to collaborate with exchanges and educate them about the potential benefits of supporting DeSci projects.
While other panelists at the conference discussed the importance of building tools and incentives for scientists, Fang highlighted the significance of business development in translating scientific innovations into commercially viable products. He emphasized the need for a “B2B play,” indicating that successful DeSci initiatives should consider the business-to-business aspect of their operations, rather than solely focusing on product development.
In conclusion, the success of decentralized science relies heavily on effective business development strategies. Investors like Jason Fang recognize the longer timeframe associated with DeSci investments and believe that professionals skilled in business development can mitigate the risks and unlock the commercial potential of scientific research. By collaborating with exchanges and maximizing community engagement, DeSci startups can accelerate their progress and attract the necessary funding to thrive in this rapidly evolving field.