Crypto as a payment

Stephen Price CoFounders Lab CEO | 3 x Exiteer

May 5th, 2021

I would be interested to see who would use crypto as a payment method on CoFounders Lab for Premium or the Accelerator?

It would be great to get your feedback.

David M

June 8th, 2021

I see no problem with offering crypto as a payment. I would ask why you are doing it though? If it is just to join the crypto bubble, I would say there are better ways to utilize time and resources.

BUT, if you are integrating it into a multidimensional platform for entrepreneurship (something Co-Founders lab has lacked at extremely in years past) then I would say go for it.

Example: Crypto reminds me of my time living in L.A. and working in movies. Eveeery time you went out…someone was talking about this deal or that deal, possible deal etc. 90% were doing it just to be overheard. “hey look at me” type of thing. Then there are 10% who are actually making movement, and the bulk of those were dealing between a few dozen agents at either Creative Artists Agency or William Morris Endeavor..and few dozen studio execs.

So in a world where crypto is often spotlighted to sound hip and cool, without purpose, it’s just a fad. And I would argue while you may get 90% of the busy bee talkers to join your site, long term you want the 10% to be able to utilize CFL to rise to the top and actually point to CFL as a pivotal tool for their success, otherwise you are selling gym memberships.

So if you say, “We want to organize an area of CFL that has an interest in crypto by engineering crypto into our foundation…in so doing we are stating, we believe in the present and future of crypto so we are investing resources in it as part of our structure” then that is something that could have worth and attract and build momentum.

CFL lacks at organization and creating synergy, and this could be one way to weed out and organize in crypto. For example….most people who would pay in crypto, likely will have an interest. I side with Paul. I have no interest in it…and I share his bluntness in saying it just as he did. Part of my turn off is all of these crypto wanna be entrepreneurs with no plan simply blurting out, “I have a crypto startup…well plan…errrr…ok its actually only an idea….but it sounds really cool…look at me.” Or “I have a startup that is unique! Ok…well not really butttt we will put this shiny red paint of crypto on it and everyone will want to be involved…yay we are now differentiated from the competition!” Not really….still lazy…have no business plan and haven’t put the time into your startup.

So you start offering crypto as a payment, and in doing it you create a community, almost a division of CFL. So if I am into crypto startups, I will definitely pay for my ability to connect with crypto currency.

If I ask you as a CEO, what are the top 10 industries people on CFL are pursuing in startups, could you list them? What are the top 10 startups seeking to utilize crypto currency in startups? How many of those have a solid foundation, i.e, business plan, investor presentations, solid board of advisors..etc? My guess here is you have no idea.

If CFL had that level of organization and synergy, when you posted the question, you would have gotten hundreds if not thousands of responses.

And so if it were me, having not reviewed CFL’s financial data, plans etc, ANY move I made with ANY element of CFL would have to connect, and create synergy and momentum to churn out successful startups. A payment option alone has zero impact on that without a deeper purpose.

Paul Garcia marketing exec & business advisor

June 5th, 2021

No. Regular money works fine. What makes crypto in any way more beneficial to accept, particularly with fluctuating prices and challenges in redemption for anything else? At this stage crypto is still a lot like barter. It may be fine in close communities, but there's a long way to go before it becomes standard commerce.

Paul Garcia marketing exec & business advisor

June 8th, 2021

Blessed be to David who articulated an intensely poignant thing about buzzwords, but also what to do instead of spread hyperbole.

Having gone thoroughly through CFL's financials and data and plans when the company was for sale some time ago, payment forms is not the reason members make choices on the platform. Unfortunately one of the things I feel it does worst is its namesake, help people find Co-founders.

The UI got a much needed tune-up recently. What hasn't manifested is curation of content and segmentation of interests. Those are still needed. And add Dave explained, that's how relevance leads to rich experiences.

Stephen Price CoFounders Lab CEO | 3 x Exiteer

June 5th, 2021

Thanks for the feedback Paul.

We are thinking more a case of an alternative payment method to those that prefer crypto to regular currency. We will keep regular payment methods.

Stephen Price CoFounders Lab CEO | 3 x Exiteer

June 8th, 2021

@ David M

Thank you for your very well worded response. You are correct in many ways, and as the new CEO of CFL I am pleased to tell you that we are already working behind the scenes diligently to make sure that the platform experience is improved exponentially as well as creating much more value for our community.

In terms of crypto as a payment method, the intention is to provide a payment method for those that choose to prefer crypto as a decentralized payment system, thus giving the choice to our community, rather than an ulterior motive. This is turn will provide a platform that aligns with their preferences and as you say, it is then up to us to create a crypto community that aligns within the topics of the startup ecosystem. I can assure ALL of our community, the upcoming changes will be pivotal in the growth of CFL, from both a community participation perspective and a resources for startups standpoint.

Please look out for an open letter from myself soon, where I will be addressing all the legacy challenges and the bright future with our new team.

Thank you for being part of our community and providing insightful and valuable feedback.

Stephen Price

Stephen Price CoFounders Lab CEO | 3 x Exiteer

June 8th, 2021

@ Paul

Thanks for the feedback too. The UI/UX upgrade is just a small part of the upgrades that are going on right now. We are improving the search functionality and the qualitative matching with AI and new user acquisition.

Always happy to connect with users. I will arrange a Q&A where I will answer questions from our community as best I can.