In this engaging episode, join Joeri Billast as he sits down with Mike Vitez, an experienced entrepreneur and Web3 business development expert, to discuss the opportunities and challenges in the rapidly evolving world of Web3.
Learn about Mike's journey, the crucial role of networking and connecting the dots, and how to navigate the complex landscape of legal, financial, and technological issues that entrepreneurs face in the Web3 space.
Discover valuable insights on harnessing the power of artificial intelligence and blockchain technology, and gain inspiration to make a lasting impact in the Web3 world. Don't miss this informative and thought-provoking conversation!
Thriving in the Web3 World: Business Development, AI, and Building Connections with Mike Vitez
Discover the secrets of Web3 business development and the future of AI in the blockchain space from an industry expert.
The Web3 space is a rapidly evolving landscape, with new opportunities and challenges emerging constantly. In this podcast episode, Joeri Billast interviews Mike Vitez, an expert in business development and Web3 technologies. Mike shares insights on the world of Web3, including the importance of legal and regulatory aspects, his experiences in business development, and the role of artificial intelligence (AI) in the blockchain space.
The Importance of Legal and Regulatory Aspects in Web3
One of the most crucial yet often overlooked aspects of the Web3 space is legal and regulatory compliance. As Mike emphasizes, navigating the complex world of laws and regulations is essential for any business, especially those in the Web3 arena. Staying up-to-date with the latest developments, adapting to new rules, and ensuring your business is compliant can make the difference between success and failure in the long run.
Business Development in Web3: Connecting the Dots
Mike's expertise in business development comes from his innate ability to connect the dots and create valuable partnerships. He recounts a story about connecting two people in New York City who hadn't met each other despite living in the same city. By facilitating connections between parties, Mike helps businesses grow and prosper in the Web3 space.
When advising companies, Mike offers a bird's eye view of their operations and identifies areas for improvement, such as fundraising, scaling up, and team efficiency. His goal is to help clients make more money and spend less by leveraging his extensive network and experience in the industry.
The Role of AI in Web3 and Blockchain Technologies
Artificial intelligence is increasingly becoming an integral part of the Web3 space. Mike's company, Cluster, is currently working on AI technologies and plans to announce new products soon. He believes that blockchain can provide a trustless platform for AI technologies, ensuring that modifications and proofs are legitimate.
According to Mike, the adoption of AI in the blockchain space might take around two years. He predicts that after the current hype around AI subsides, there will be a surge of tangible products and real-life adoption, followed by a period of consolidation where only the most successful and innovative companies will survive.
Key Performance Indicators (KPIs) for Web3 Businesses
When it comes to tracking KPIs for businesses in the Web3 space, Mike emphasizes the importance of focusing on cash flow and having a stable income. He advises businesses to search for new opportunities in the market while maintaining a healthy cash flow. This approach allows companies to be agile and capitalize on new technologies and trends without jeopardizing their financial stability.
Mike's Advice for Entrepreneurs and Marketers in the Web3 World
For those looking to make an impact in the Web3 space, Mike offers a single, powerful piece of advice: "Don't fear the bear. Use the advantages of early adoption, but be aware to make professional tangible things because every market is a long shot." This mindset encourages entrepreneurs and marketers to embrace the challenges and opportunities of the Web3 world while maintaining a focus on professionalism and tangible results.
KEY HIGHLIGHTS (see clickable version on www.cmo-stories.com)
[00:36] Who is Mike Vitez?
[01:33] Can you share your backstory and current pursuits, Mike?
[04:12] What effective strategy or approach did you use to grow your company from three people to 100 people?
[11:41] Can you share some experiences or tips related to your specialty in Web3 business development?
[15:46] How do you see Web3 and then AI come together? And do you use AI in your daily work?
[18:35] What are the Key Performance Indicators (KPIs) or indicators that you believe are crucial to track when building a Web3 business?
[21:25] What is the one piece of advice you would give to entrepreneurs and marketers looking to make an impact in the Web3 world?
[22:08] How can people get in touch with you and connect with you?
"Legal and regulatory aspects are extremely important in the Web3 space. If you are not aware of them, you can make the wrong move and lose everything." - Mike Vitez
"I see my main advantage is in business development, in connecting the dots, and bringing the right people together." - Mike Vitez
"I think that blockchain, in combination with AI, can provide a trustless platform for AI technologies. It's a great combination." - Mike Vitez
"When it comes to KPIs, cash flow is key. You need to have a stable income, but at the same time, you should look for new opportunities in the market." - Mike Vitez
"Don't fear the bear. Use the advantages of early adoption, but be aware to make professional tangible things because every market is a long shot." - Mike Vitez