Former Binance CEO CZ: Crypto Projects Should Prioritize Live Demos Over Pitches
Changpeng Zhao (CZ), the former CEO of Binance and a prominent figure in the cryptocurrency world, has shared valuable advice for crypto startups. In a post on X (formerly Twitter), CZ emphasized that projects should focus more on live demonstrations than on brief pitches at conferences. He stated, “A live demo is worth 1,000 pitches,” stressing that showing real functionality is more impactful than simply making promises.
Why Live Demos Matter
In the competitive cryptocurrency space, standing out requires more than just a compelling story. CZ argues that while startups often rely on pitches at conferences to attract attention, these presentations often fail to convey the true potential of a project.
Key Benefits of Live Demos:
Showcasing Functionality: Demonstrations let audiences see the product in action, which builds credibility and trust.
Engaging Visuals: Live demos can captivate an audience far more effectively than static slides or verbal presentations.
Immediate Feedback: Live demonstrations provide a chance for real-time feedback, allowing teams to address questions and concerns directly.
Proof of Concept: A working product on display shows that the project has moved beyond just an idea, making it more appealing to investors.
The Downsides of Traditional Pitches
Conference pitches, though common, have several limitations:
Lack of Depth: Short pitches often fail to fully capture a project's uniqueness.
Overuse of Buzzwords: Many pitches rely heavily on trendy terms rather than demonstrating tangible results.
Limited Engagement: Passive audiences tend not to engage deeply during quick pitches.
CZ’s Additional Tip: The Importance of Business Cards
CZ also highlighted the value of business cards for follow-ups. He noted that exchanging business cards during events simplifies communication with his team and avoids the need to share personal contact details.
Why Business Cards Are Important:
Professionalism: Business cards leave a lasting impression and convey credibility.
Efficiency: They streamline the exchange of contact information during busy events.
Delegation: Cards can be passed to team members for follow-ups, ensuring effective communication.
How Crypto Startups Can Adapt to CZ’s Advice
Crypto startups can apply CZ’s advice by incorporating live demos and professional follow-up practices into their strategies:
Invest in Demos: Develop a polished, user-friendly product demo and practice delivering it effectively.
Prepare for Follow-Ups: Create professional business cards with essential contact information and establish a system to track and follow up with leads.
Balance Pitches and Demos: Use pitches to generate initial interest, then transition to live demos to showcase your product’s functionality.
The Importance of CZ’s Insights
As one of the most influential figures in the crypto industry, CZ’s advice is significant. Under his leadership, Binance became a global leader, and his strategies are crucial for crypto entrepreneurs.
By advocating for live demos, CZ highlights the growing need for transparency and real functionality in an industry that has often been criticized for overpromising and underdelivering.
The Broader Impact on the Crypto Industry
If more crypto projects follow CZ’s approach, the industry could see:
Better Products: Focusing on live demos encourages teams to prioritize development and deliver tangible results.
Increased Trust: Demos help rebuild trust in a space that has suffered from scams and unfulfilled promises.
Greater Investor Confidence: Investors are more likely to back projects that prove their functionality.
Conclusion
CZ’s push for live demos over pitches serves as a timely reminder for crypto projects to emphasize substance over style. By demonstrating their products in action, startups can build trust, engage their audience, and stand out in an increasingly crowded market. Integrating live demos and follow-up strategies could be the key to attracting investors, partners, and users in today’s discerning market.