Four Fundamental Innovations of Web3 that Will Upend Web2 Incumbents

Tomasz Tunguz

As I’ve explored web3 I’ve been forming a mental model of the major innovations powering this enormous wave of innovation. At the moment, I see four clusters: A permanent ownership record that exists beyond and outside a company. The photos I take, the movies I buy, the music I rent, the emails I write and receive, the messages I send - all of these are captive. They exist within a database controlled by Google, Netflix, Spotify, Gmail, WhatsApp.

Israeli fintech Personetics raises $85M for tools to help incumbents personalize banking services to compete with neobanks

TechCrunch

Today a startup that is building tools to help incumbent address this challenge is announcing a round of funding on the back of a lot of demand for its services. It will be interesting to see how and if Personetics over time works with more neobanks, alongside the incumbents.

Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

The Founder of a Billion Dollar Startup Explains the Sneaky Strategy Incumbents Used to Crush Him

Entrepreneur's Handbook

Even when startups get big, it doesn’t mean they’re safe from their competition. Continue reading on Entrepreneur's Handbook ». entrepreneurship business founder-stories entrepreneur startup

Seizing Opportunity When Incumbents Play It Safe | E1270

Jason Calacanis

The post Seizing Opportunity When Incumbents Play It Safe | E1270 appeared first on Jason Calacanis.

Tiggy ready to take on Canadian food delivery incumbents with 15-minute option

TechCrunch

Many individual grocers offered their own delivery during the global pandemic, in addition to the delivery incumbents Instacart, PC Express, Inabuggy, DoorDash and Uber Eats. Grocery delivery startup Tiggy is a new player in the Canadian quick commerce space, announcing Friday $6.35

[Varo Money in The Financial Brand] U.S. Challenger Banks Turn Up the Heat on Incumbents

OurCrowd

Challenger Banks Turn Up the Heat on Incumbents appeared first on OurCrowd Blog.

The Opening

A VC: Musings of a VC in NYC

So the existing incumbents are the defensive line. And they are not taking on any of the incumbents directly. I like to think of investing in new things a bit like a football running play. Imagine you are the running back.

How To End Your Pitch with Your Vision

Dream It

As all investors know from the case of Uber, you cannot size a market based on an incumbent. Getting investors excited about your product is a critical part of raising capital.

Understanding How The Innovator’s Dilemma Affects You

Both Sides of the Table

The thesis of the book is that incumbents in markets – especially large and well entrenched markets – seldom survive fundamental technology changes in their industries. It should affect how you think if you are an incumbent but also if you’re a startup. Let’s start with the incumbents position in a market. It is often the situation that the incumbent offers a product that is vastly superior in the market in terms of performance or functionality.

SXSW 2022: Building the Sustainable Startups of the Future

Revolution

Startups are a Sustainability Accelerant: Unlike industry incumbents with slower, more outdated frameworks, startups often build with sustainability at the forefront of their business?—?even

The Duolingo English Test

A VC: Musings of a VC in NYC

The “incumbent provider” of English proficiency tests, Test Of English As A Foreign Language (aka TOEFL), has had all of the companies and universities who accept it locked up for many years. But in some markets, incumbency matters more than better. I wrote about our portfolio company Duolingo’s English Proficiency Test back in August of last year.

Why fintechs are buying up legacy financial services companies

TechCrunch

It used to be that if you were a fintech startup or, for lack of a better term, a digitally native financial services business, you might be eyeing an acquisition from an incumbent in the industry. Oh, how the tables have turned.

Monzo Makes Money Work For Everyone

Y Combinator

2 Incumbent banks miss the mark in two crucial areas: The banking experience has not evolved to match modern consumer. Outperforming incumbents with modern experience and digital infrastructure. In comparison, most incumbents were pushing updates on a quarterly or annual basis.

Why your company requires both brains and brawn to succeed

Entrepreneurs' Organization

Others may call this dichotomy digital versus physical, the disruptor mindset versus the incumbent mindset, start-up world versus Fortune 500, or tech culture versus industrial culture.

The Importance of Due Diligence when Investing in Startups

propel(x)

If you are about to buy a used car, you might ask an auto mechanic to inspect it before you hand over your hard-earned cash to make sure you are not buying a lemon. It is important to consider doing something similar if you are thinking about investing in a startup. What is due diligence?

Fintechs could see $100 billion of liquidity in 2021

TechCrunch

For the fourth straight year, the publicly traded fintechs massively outperformed the incumbent financial services providers as well as every mainstream stock index. Jake Jolis. Contributor. Share on Twitter.

After raising $10M, Breeze breathes fresh air into a stagnant disability insurance market

TechCrunch

Lisa Dolan, managing director at Link Ventures, said she found the company while examining web traffic data, where Breeze was listed among industry incumbents among consumers searching for disability.

Your MVP is neither minimal, viable nor a product

TechCrunch

Will an incumbent copy us and destroy us? If you have a number of incumbents in your space, do some research and see how they have reacted to other startups. If the incumbents are routinely stealing innovations, invest more in patents and set some money aside for lawyers.

FintechOS nabs $60M for a low-code approach to modernizing legacy banking and insurance services

TechCrunch

Now, a startup out of Romania that is building tools to help the incumbents respond with better services of their own is announcing a significant round of funding as its business grows.

The Market Diversifies: International Innovation Captures Larger Share Of Startup Funding Applications

Gust

Quarterly data from Gust, the online platform for the global angel investment industry, reveals that while incumbent leaders show no sign of slowing down, new industries and areas Read more >. In Q3 the global startup ecosystem continued to thrive, with 25% growth over the same quarter last year and up 18% from last quarter, as the innovation economy expands around the world.

Predictions for Living, Working, & Traveling Post-Covid in America’s Startup Cities

Revolution

Venture investors pay close attention to the innovation that emerges when startups unbundle the offerings of industry incumbents.

UK challenger bank Starling raises $376M, now valued at $1.9B

TechCrunch

Starling — which competes against incumbent banks, as well as other challengers like Monzo and Revolut — said it will be using the money to continue its growth.

How to Build a Team That Can Navigate Your Business Through Difficult Times

Entrepreneurs' Organization

Meanwhile, it’s incumbent on you as the CEO to create an environment that encourages action-oriented behavior. Contributed by Chen Amit , co-founder and CEO of Tipalti. Entrepreneurship is one of the most challenging vocations on earth.

What To Do When Your Competitor Gets Funded?

Both Sides of the Table

And our competitors are not really each other but the incumbent businesses that have 99.9% ” In summary: The competitors are the incumbents. This morning Clutter.io announced they raised $9 million from Sequoia , arguably the best venture capital firm that exists. Congratulations. Sincerely. Conventional wisdom says I shouldn’t tell you this because I invested in their main competitor, MakeSpace.

How to Get a CISO to Buy Your Product

Dream It

Find out how incumbent products you are likely to replace are performing. To keep an organization safe, a CISO depends on as many as 50 to 100 different products. This presents a huge opportunity for startups. However, this means that a CISO sees a LOT of pitches in their role.

Spot.ai - The Future of Video Intelligence

Tomasz Tunguz

Despite the UI challenges of incumbent solutions, their scale is a testament to the amount of customer demand. co-authored with Patrick Chase. We are thrilled to announce that Redpoint has partnered with Spot AI to lead their $20M Series A.

Debt versus equity: When do non-traditional funding strategies make sense?

TechCrunch

Discount airlines, cell phones (not smartphones) and integrated circuits are good examples of the “faster, cheaper, simpler” variety, because they simply displaced familiar incumbents. People tend to think that category creation is less risky than incumbent disruption. David Friend.

Cultivating a Practice of Diversity, Equity, and Inclusion in Ecosystem Building Programs

Ecosystem Builder Hub

It is incumbent upon those of us working to build vibrant entrepreneurial ecosystems to put inclusion front and center, at the heart of everything we do.

The First Rule Of Disruption

OnStartups

In just about all cases, to successfully disrupt a large incumbent, your best case scenario is that they completely ignore you and what you're doing. You want the incumbent to act "rationally", because an emotionally fired-up incumbent will come try to crush you simply out of spite and ego. The fact that what you have doesn't meet the needs of the existing customer-base is what makes it easier for the incumbent to ignore you. Working on a startup?

Truepill’s latest funding boosts valuation to $1.6B as it works on B2B side of healthcare

TechCrunch

After developing a network of telehealth, diagnostics and pharmacies for consumers, digital health company Truepill is targeting healthcare incumbents like health payers, providers and employer groups.

How to Decrease the Odds That Your Startup Fails

Both Sides of the Table

So when Sam Rosen came to me with the idea of disrupting storage with a product that is priced cheaper than existing incumbents and he could build a product that is a better service I was intrigued. dominated by a few very large incumbents who control much of the distribution or are you going into a market that is “fragmented” where nobody controls the industry. Incumbent Strengths & Weaknesses. Many startup businesses – tech or otherwise – fail.

Former Salesforce chief scientist announces new search engine to take on Google

TechCrunch

Richard Socher, former chief scientist at Salesforce, who helped build the Einstein artificial intelligence platform, is taking on a new challenge — and it’s a doozy. Socher wants to fix consumer search and today he announced you.com , a new search engine to take on the mighty Google.

Is it time to start worrying about startup layoffs?

TechCrunch

Upstart technology firms must compete with both industry incumbents, like Apple and Microsoft, for talent, as well as traditional firms building out their own in-house engineering and data teams.

Monzo Makes Money Work For Everyone

Y Combinator

2 Incumbent banks miss the mark in two crucial areas: The banking experience has not evolved to match modern consumer expectations. Early success: Foundations built on product and community Outperforming incumbents with modern experience and digital infrastructure Monzo believed that it could solve a major concern that incumbents couldn’t: Traditional banking infrastructure does not support the convenience and modern experience that customers have come to expect in the digital age.

Mambu raises $135M at a $2B+ valuation for a SaaS platform that powers banking services

TechCrunch

It will be interesting to see how newer entrants in the SaaS banking-platform space disrupt what are, effectively, becoming incumbents in their own right: Mambu is now approaching 10 years old (it was founded in 2011).