Community Venture Building
We believe venture building is the future of the Creator Economy. However, the current method of venture building usually only happens in a private environment with an internal team. To reach the goal of on-demand innovation, creator communities need to adopt open innovation and co-creation for their projects. This involves creators learning a new skill called “Open Entrepreneurship”.
This process of innovation started out in Denmark with universities collaborating with founders with hopes of turning new research into new startups. However, we envisioned this strategy expanding beyond academia and spilling over into the Internet and enabling billions of people to have the opportunity of contributing to new projects and co-creating new wealth together.
Just imagine if the Facebooks, Amazons, or other million/billion/trillion dollar companies were built in this manner; just think of how much prosperity this can generate! Web 3.0 can be the ultimate catalyst for this.
Our team has began developing terms associated with Open Entrepreneurship:
(1) for the type of creator that adopts this methodology: an open entrepreneur or an “oTrep
(2) the type of entity co-created using this methodology: an open venture
An open entrepreneur is a next-generation founder who publicly builds open ventures with their community of supporters by offering a variety of incentives such as redeemable community tokens.
Think of an open venture as a new age co-op that starts out as a “DAO with training wheels” (Web 2.0), which eventually evolves into a full-blown DAO (Web 3.0).
It has a core team, active contributors, passive contributors, and users; very similar to open source software communities.
Open entrepreneurs begin their journey building their projects in public on social media in order to attract a captive audience. Then setting up an online community that offers members insider access to the founders and their projects via community tokens (which can be earned or purchased); with the goal of creating authentic and deep relationships with true fans. And after building trust, inviting these fans to become co-creators of projects by having the right systems and incentives (such as shared ownership) in place.
We believe this methodology will enable creators to:
  • Retain their autonomy
  • Make it easier to attract funding and resources
  • Lower their risk of failure
  • Achieve faster product-market fit
  • Gain leverage in future fundraising events
Last modified 1mo ago
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