Imagine you are the captain of a ship at sea. You look on your radar and you notice a point on the map coming towards your vessel. You check your navigational system to see what you might be about to encounter; is it another ship on your route? An incoming weather system? A simple system error? Your navigational instruments are unable to determine its precise shape or direction; all you can do is determine how you will behave towards this potential disruption, and address its effects. Will you meet it with open arms? Will you navigate around it? Do you wait to see what is on your horizon before determining next steps?
Welcome to the world of Web3.
No Time to Lose
While business leaders across industries have had to build significant muscle in navigating disruption to their organizations – from social unrest and pandemic response to the future of work – preparing for a new era of the internet requires doubling-down on preparations sooner, rather than later. Alongside the rest of the world, I do not know what the future will hold. Will Web3 democratize the way we interact with each other online, as its proponents attest? Will we see tech conglomerates consolidating their power, as its detractors warn?
What I am certain of is that leaders will need to think seriously about Web3 and its implications. Over the last few years, I’ve learned that leaders must step up and show their mettle, even if there may be more pressing, short-term issues to focus on. This resolve is especially crucial in the midst of uncertainty. A short-term strategy to move forward an acquisition, a merger or integrate new leadership will be moot unless leaders are prepared to take advantage – or limit the effects – of a possible new way of doing business.
Given that the advent of Web3 is within sight, that time is now.
Web3 Scenarios Toolkit
I have been asked the same questions by Venture Capital firm leaders I’ve had the privilege to advise over the last several months: how can I harness the potential – while mitigating the risks – offered by Web3? That’s why I’ve joined with Peter Evans, Managing Partner of the Platform Strategy Institute to help those in positions of responsibility navigate their way through this incoming, potential strategic pivot through our Web3 Scenario Planning Toolkit.
The way we see it, there are four possible ways the economy, the markets, and wider society could respond to Web3. This includes both the optimistic possibility with wide acceptance of a more democratic internet – the “Great Equalizer” – as well as the danger of it becoming a battleground of economic competition, or “Crypto Nationalism”. Each has implications for businesses in significant and different ways. The toolkit guides leaders – from Executives of established corporations to start-up Founders – through practical activities designed to help focus decision-making and prepare your teams for any future.
While the advent of Web3 may be a source of apprehension for many, with the right preparation and mindset, business leaders can embrace the challenge and align their teams around a common goal. Like many events that threaten to disrupt the way leaders do business, Web3 has the potential to catch those who haven’t considered its effects off-guard. By preparing your team for its impacts, you can assure you are not playing catch-up when Web3 reaches its zenith.
Although businesses that rely on open shipping routes may be slowing down, your resolve to face the potential new way of running your business does not have to. While its exact shape will not be known for some time yet, the blip on your radar will be a source of anticipation, not anxiety, and you will be ready to lead your organization to new horizons.Back to TriumIQ