I've been building tech companies for 23 years. Sold my last...
Kevin Henrikson@kevindegods
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Oct 04, 2025
~3 min read
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I've been building tech companies for 23 years.
Sold my last startup Acompli to Microsoft for $200M.
Now I'm sharing my Web3 framework for the first time.
The same one that helped me spot winners in crypto:
Sold my last startup Acompli to Microsoft for $200M.
Now I'm sharing my Web3 framework for the first time.
The same one that helped me spot winners in crypto:
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Most people think Web3 is just hype.
But I've seen this movie before:
When Zimbra started at in the early 2000s, they said the internet was a fad.
In 2009, they laughed at mobile-first companies.
In 2019, they mocked crypto.
In 2024, many still dismiss AI
Here's what they're missing:
But I've seen this movie before:
When Zimbra started at in the early 2000s, they said the internet was a fad.
In 2009, they laughed at mobile-first companies.
In 2019, they mocked crypto.
In 2024, many still dismiss AI
Here's what they're missing:
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Every major tech wave follows the same pattern:
First, the skeptics attack it as a toy.
Then early adopters build real solutions.
Finally, it becomes so ubiquitous that we forget life before it.
But there's a crucial difference this time:
First, the skeptics attack it as a toy.
Then early adopters build real solutions.
Finally, it becomes so ubiquitous that we forget life before it.
But there's a crucial difference this time:
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At Yahoo after they acquired Zimbra, I watched thousands of companies fail because they focused on hype over fundamentals.
They'd raise millions, throw lavish parties, buy Super Bowl ads...
Then collapse when the money ran out.
Sound familiar?
They'd raise millions, throw lavish parties, buy Super Bowl ads...
Then collapse when the money ran out.
Sound familiar?
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Today's Web3 landscape is eerily similar:
• Flashy marketing campaigns without a call to action
• Promises of "revolutionary tech"
• Massive funding rounds
• Zero revenue
But beneath the noise, something fascinating is happening:
• Flashy marketing campaigns without a call to action
• Promises of "revolutionary tech"
• Massive funding rounds
• Zero revenue
But beneath the noise, something fascinating is happening:
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The real builders are quietly laying infrastructure.
They're not on Twitter bragging about raises.
They're not hosting yacht parties.
They're not promising overnight riches.
Instead, they're asking the hard questions:
They're not on Twitter bragging about raises.
They're not hosting yacht parties.
They're not promising overnight riches.
Instead, they're asking the hard questions:
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Like:
• How do we make this 10x better than Web2?
• What real problems are we solving?
• How do we build sustainable revenue?
• Where's our product-market fit?
The answers reveal who's building for the long term...
• How do we make this 10x better than Web2?
• What real problems are we solving?
• How do we build sustainable revenue?
• Where's our product-market fit?
The answers reveal who's building for the long term...
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After evaluating hundreds of Web3 projects, I've noticed the winners share 3 traits:
1. They focus on user experience first
2. They have clear paths to revenue
3. They solve real problems, not imaginary ones
But there's something even more important:
1. They focus on user experience first
2. They have clear paths to revenue
3. They solve real problems, not imaginary ones
But there's something even more important:
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The best teams understand this fundamental truth:
Technology alone doesn't create value.
You need:
• A real market need
• A viable business model
• Strong execution
This is why 99% of Web3 projects will fail.
Technology alone doesn't create value.
You need:
• A real market need
• A viable business model
• Strong execution
This is why 99% of Web3 projects will fail.
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When I sold Acompli to Microsoft for $200M in 18 months, we had:
• Two major government customers (3 letter agencies)
• A clear revenue model ($1M+ annual revenue)
• Superior user experience
• Proven market demand
These same principles apply to Web3:
• Two major government customers (3 letter agencies)
• A clear revenue model ($1M+ annual revenue)
• Superior user experience
• Proven market demand
These same principles apply to Web3:
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The winners won't be the ones with the most hype.
They'll be the ones building real solutions that:
• Save time
• Cut costs
• Create new opportunities
• Solve actual problems
This is what many "crypto hype" types miss:
They'll be the ones building real solutions that:
• Save time
• Cut costs
• Create new opportunities
• Solve actual problems
This is what many "crypto hype" types miss:
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Hype can get you attention.
But execution keeps you alive.
I learned this scaling engineering teams from 0 to hundreds at Instacart:
The fundamentals always matter more than the flash.
Here's what to look for:
But execution keeps you alive.
I learned this scaling engineering teams from 0 to hundreds at Instacart:
The fundamentals always matter more than the flash.
Here's what to look for:
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Red flags:
• More marketing than engineering
• Vague solutions to unclear problems
• No clear revenue model
• Irrational focus on token price
Green flags:
• Strong technical founders
• Clear product-market fit
• Revenue first, token second
• Focused on user needs
• More marketing than engineering
• Vague solutions to unclear problems
• No clear revenue model
• Irrational focus on token price
Green flags:
• Strong technical founders
• Clear product-market fit
• Revenue first, token second
• Focused on user needs
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The truth about Web3:
It's not about replacing the internet.
It's about making it better.
Just like mobile didn't kill desktop - it enhanced it.
Web3 will enhance Web2, not replace it.
It's not about replacing the internet.
It's about making it better.
Just like mobile didn't kill desktop - it enhanced it.
Web3 will enhance Web2, not replace it.
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My framework for evaluating Web3 projects:
1. Could this exist without blockchain?
2. Is there real revenue potential?
3. Does it solve a clear problem?
4. Is the team focused on building?
If the answer to any is no, think harder.
1. Could this exist without blockchain?
2. Is there real revenue potential?
3. Does it solve a clear problem?
4. Is the team focused on building?
If the answer to any is no, think harder.
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Remember:
The internet took 20 years to transform business.
Mobile took 10 years.
Web3 might take 5.
But only the builders - not the hype - will make it happen.
What are you building?
The internet took 20 years to transform business.
Mobile took 10 years.
Web3 might take 5.
But only the builders - not the hype - will make it happen.
What are you building?
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