I was talking to a top SF-based VC about a Web3 incubation program.
He said: but the conversion ratio is very low.
What he meant is the conversion from hacker numbers to founder numbers.
Although I’m writing this from a chain perspective, this applies largely to any web3 project trying to drive adoption, and major overlap with early stage VC mindset needed.
Hacker numbers are typically what a Layer 1 would track:
This requires a lot of developers building various layers, which is education and dev support. Even hackathons.
I can see a hacker is an engineer with a laptop. Highly intelligent and knows how to build software.
But the VCs who invest in these Dapps or downstream protocols are looking for their growth possibilities.
Their metrics are: