Nurturing the Next Generation of Web3 Entrepreneurs

The second season of XFounders Bootcamp provided more than just startup guidance—it brought together some of the brightest minds in Web3 mentorship. Over four weeks, mentors from top-tier blockchain companies like Solana, Binance, and AWS helped founders tackle the challenges of expanding a Web3 startup.

In an exclusive interview with BeInCrypto, several mentors revealed the transformative power of this program, discussing how the bootcamp experience compares to other mentoring roles they have taken on and what it means for the future of Web3 innovation.

Discover the secrets behind XFounders’ success in shaping the next wave of Web3 innovators here. 

What inspired you to join this bootcamp as mentors?

Matt Sorg (VP of Technology at Solana Foundation): “Well, I’m a two-time founder, and I’ve been through six incubators myself. Some of them provide immense value just to get started. 

Startup founding can be very lonely—you’re often talking to VCs and people with their own specific interests. Being in an incubator where you have more peers and people dedicated to the same phase, setting yourself up for success, is something I find really interesting.”

Nelson Lopez (founder of DeWe and former Global Head of HR Operations at Gate.io): “I’ve worked with other startups and accelerators, but XFounders stands out because of the team and their focus on the founder experience. 

I met Fedor and Fazil two years ago, and I’ve been impressed by how seriously they take adding value to the startups. They don’t just talk about it—they deliver.

This bootcamp isn’t just about giving advice; it’s about hands-on, real-world experiences, which I think is key to fostering genuine growth in founders.”

Nazli Ozturkmen (founder of Alpha3 and author of “Transformers by Crypto”): “Actually, the first time I heard about the XFounders bootcamp was during the first season, but I couldn’t participate as I was in the US at the time. 

However, I connected with Fedor [XFounders co-founder] and the rest of the great team, and it was a real pleasure when they kindly invited me as an expert and jury member for the bootcamp this year. It’s an extremely different experience, especially with the addition of the reality show aspect.”

What are the most significant challenges you’ve observed among the crypto startup founders during this bootcamp, and how have you approached guiding them through these obstacles?

Matt: “I think the first challenge is always figuring out how to get your initial distribution. Crypto is a highly flexible technology, and that can be overwhelming because your startup can’t do everything. So the big questions are: where should my go-to-market be? Where do I fit in the competitive landscape? What’s my long-term vision, and does my go-to-market align with it?

Some founders struggle to find a go-to-market strategy that gains traction, while others find one that works but is so far from their original vision that they get stuck in a product they never intended to focus on. They end up serving a market they don’t believe in, but it’s the only thing generating revenue, which can leave them stuck indefinitely.

These are major challenges for early-stage startups, and sometimes, you have to let go of something that looks profitable because it doesn’t align with your long-term business goals.”

Greg Gonastarev (founder and CEO of Grigon): “A key challenge I often see is what I call ‘token-first thinking.’ It’s crucial for people to understand that tokens are meant to enhance protocols, not the other way around.

When I speak with founders one-on-one, I always ask: ‘Does your product work without the token?’ If the answer is no, then there’s likely a fundamental problem.

For some projects, there’s a delicate balance. They need to integrate their token in a way that adds value without compromising the user experience or affecting their relationships with B2B or retail clients. The real challenge is ensuring that the token complements the product rather than detracting from it.”

Nelson: “The overarching theme of this bootcamp is go-to-market (GTM), so naturally, it attracted founders and startups who, let’s not say, are struggling, but rather are enjoying the challenge of solving complex problems.

That’s how I keep them motivated. This is the central challenge they’re facing, and my role is to assist them with people management without getting lost in the details, ensuring their people strategy aligns with their business goals. 

I help them understand their product’s current state, their roadmap for go-to-market, the milestones they need to hit, and what skills they need to get there. Then, we perform a gap analysis to identify where they are now and what they’ll need six months down the line—whether that means hiring new talent or upskilling their existing team.”

Nazli: “In our previous session with the founders, we actually touched on this. Even though many of us come from marketing, product management, or finance backgrounds, we’re all Web3 enthusiasts at heart. 

Whether it’s a social media manager or a community manager, discussions often veer into technical topics because that’s the nature of Web3. It involves blockchain, layered structures, and bridges, making many aspects highly technical.

That’s why founders, who are often fully focused on improving their products or managing the financial side of things, sometimes overlook the importance of marketing and communication. Many of them serve as both the CEO and founder of their company, and while I fully support this model, I also believe it’s crucial to have a dedicated team member who is brave, strong, and professionally responsible for managing the marketing. 

Someone has to remind the founder that while they are focusing on financials and product development, it’s equally important to maintain a strong marketing strategy, build brand awareness, and nurture their personal brand along with the company’s brand.

Team building and management are critical in this respect. Having the right people in place to ensure all aspects of the business, including marketing, are continually addressed can make a significant difference in a startup’s success.”

How does the bootcamp environment, combined with the reality show format, influence the dynamics of mentoring?

Nelson: “The addition of the reality show is brilliant. It’s a great platform not only for XFounders to increase visibility but also for startups to showcase their products and journey.

It’s an opportunity for them to gain exposure in a way no other accelerator is currently offering. This kind of format can revolutionize how accelerators operate and compete with the big names.

Our main goal with the reality show is to give founders exposure. We want to highlight the personalities behind the founders, showing that they’re creating valuable products that can benefit a wide range of people.”

Matt: “For XFounders specifically, I think the idea of adding creativity and enjoyment to the process is really compelling. If you can create something entertaining, it can potentially lead to broader distribution, similar to how Shark Tank has done for startups. XFounders could do the same for crypto startups by building a sufficiently engaging show. 

This also makes it less extractive for the startups themselves because XFounders gains value from distributing and monetizing the media, creating a more collaborative environment. The idea is to take less from the startups, add more value to them, and still have a solid monetization path. Who knows if it’ll work, but I think it’s a worthwhile exploration.

Regarding the reality show aspect of this bootcamp, I think any incubator has enough compelling narratives—challenges, joys, and interesting situations that arise during startup founding. 

In Web3, everything is so new, and many startups are collaborating with others, which creates unique challenges. The industry is constantly evolving with regulatory concerns and nascent developments. Watching people navigate these complexities could make for a really compelling reality show.”

Greg: “It’s definitely a much more interesting way in which they’re designing their bootcamp and acceleration. Today, many accelerators are completely online, and I’d say it’s a very different experience. It’s one thing to have conversations with mentors through Zoom or Google Meet, but it’s a whole other experience when you’re sitting together, eating lunch, drinking coffee, and bouncing ideas off each other.

This creates a much more fertile and productive environment for innovation and problem-solving. You’re much closer to what’s happening, and people are constantly running into situations in their business that need immediate attention. 

I try to be as accessible as possible, attending public spaces and evening sit-downs. People ask questions about whether a certain approach is correct or how to solve a particular problem, and I’m able to help them on the spot.

They don’t need to wait for a scheduled meeting. If they’re stuck, they just come up and ask, ‘Hey, Greg, can you help us out?’ I give them a solution right away, and they can move on immediately. This saves a lot of time and makes everything much faster, smoother, and more efficient.”

Nazli: “From my perspective, many of the founders here have years of experience. They aren’t newcomers to the sector, and that’s great. 

But, sharing their experiences and products and breaking the trust barrier are crucial. Telling their stories through a reality show is a powerful way to do this—not just for investors and accelerators but also for end users in both B2C and B2B sectors.

When you invest, collaborate, or use a product, trust is essential. You need to know what you’re paying for, whether the company will survive, and who supports this product. 

This show reveals their real-life personalities—they’re swimming, diving, and having discussions. It showcases their social sides, their jokes, and even their concerns. This reality show highlights the authenticity of these founders, showing how deeply they believe in their business. 

As investors, users, or target audiences, we’ll get to see them as real people in the real world.”

From a mentor’s perspective, how do you foresee the bootcamp shaping the future trajectory of the crypto projects involved?

Nelson: “It’s a strong impact for those involved and an ambiguous one for those who aren’t. Crypto is an incredibly competitive environment, and startups leaving this bootcamp will be far better equipped for that competition than those who don’t participate in accelerators, especially this one. We’ve covered why this bootcamp is different from others—so it’s good news for those here and bad news for those who aren’t.

In short, this bootcamp will better equip the startups that are here and even more startups affiliated with XFounders, making things tougher for other crypto startups. The best of the best will thrive and survive, and this bootcamp enables participants to succeed in that tough environment. But it also raises the bar, making it harder for those outside the program to compete.”

Nazli: “I feel excitement about the future of the XFounders program because it takes an almost 360-degree approach. This program includes an educational component, a reality show aspect, and a demo day, which is crucial for communicating with investors. The XFounders structure has many subtopics or components—it doesn’t just focus on one niche, and that’s great.

I really believe that in the near and mid-term future, small startups with specific niches, maybe even freelancing or community-driven ones, will be more powerful and valuable. That’s why early-stage or seed-stage startups, rather than unicorns, will hold more value as they focus on their own niche and services. XFounders covers these types of startups overall, which is great. Let’s see what the XFounders team does next!”

What’s Next for XFounders?

As the official media sponsor of XFounders, BeInCrypto invites you to witness the journey of the next generation of Web3 founders in the XFounders Startup Warriors Show, premiering this fall. This unique program will showcase the participants’ real challenges, breakthroughs, and stories of innovation.

In the meantime, check out the teaser available online for a sneak peek into what’s to come.

Startup Warriors Show — Teaser 1 | XFounders

For more updates and details, visit the official website and click the links below to explore additional insights from XFounders’ co-founders and participants.