Blockchain startup media coverage: Navigating Media Challenges: Insights from Blockchain Entrepreneurs

1. Why media coverage matters for blockchain startups?

Blockchain startups face many challenges in the rapidly evolving and competitive industry. One of the most crucial and often overlooked aspects is media coverage. Getting the word out about your innovative solutions, attracting potential customers and investors, and building a reputation as a thought leader are some of the benefits of effective media relations. However, achieving these goals is not easy, especially for emerging and disruptive technologies such as blockchain. In this section, we will explore why media coverage matters for blockchain startups and how to navigate the media challenges that they encounter. We will also provide insights from blockchain entrepreneurs who have successfully leveraged media exposure to grow their businesses.

Some of the reasons why media coverage matters for blockchain startups are:

- It increases awareness and visibility. media coverage can help blockchain startups reach a wider and more diverse audience, both within and outside the blockchain community. By showcasing their products, services, and vision, blockchain startups can generate interest and curiosity among potential customers, partners, and investors. media coverage can also help blockchain startups establish their brand identity and differentiate themselves from competitors. For example, Ethereum gained significant media attention in 2017 when it introduced smart contracts and decentralized applications, which opened up new possibilities for blockchain innovation.

- It builds trust and credibility. Media coverage can help blockchain startups demonstrate their expertise and thought leadership in the blockchain space. By sharing their insights, opinions, and predictions, blockchain startups can showcase their knowledge and authority on blockchain-related topics. Media coverage can also help blockchain startups validate their achievements and milestones, such as launching a product, securing a partnership, or raising funds. For example, Chainlink gained recognition and respect in the blockchain industry when it was featured by leading media outlets such as Forbes, Bloomberg, and Wired for its decentralized oracle network, which connects smart contracts to real-world data and events.

- It creates opportunities and connections. Media coverage can help blockchain startups attract and engage with various stakeholders, such as customers, investors, regulators, and influencers. By reaching out to these groups, blockchain startups can create new opportunities for collaboration, feedback, and support. Media coverage can also help blockchain startups connect with other blockchain entrepreneurs and innovators, who can share their experiences, challenges, and best practices. For example, Binance benefited from media exposure when it participated in various events, podcasts, and interviews, where it networked with other blockchain leaders and enthusiasts.

2. Building trust, credibility, and awareness

One of the most important aspects of launching a successful blockchain startup is getting the word out to the potential customers, investors, and partners. However, media coverage is not easy to obtain, especially for a new and complex technology like blockchain. Many entrepreneurs face challenges such as lack of awareness, misconceptions, or negative perceptions about their projects. How can they overcome these obstacles and leverage the power of media to grow their businesses?

There are several benefits of media coverage that can help blockchain startups achieve their goals. Some of these are:

- building trust and credibility: Media coverage can help blockchain startups establish themselves as legitimate and trustworthy players in the industry. By getting featured in reputable and authoritative sources, they can demonstrate their expertise, vision, and value proposition. They can also address any doubts or concerns that the public may have about their projects, such as security, scalability, or regulatory compliance. For example, Ethereum, one of the most popular blockchain platforms, gained a lot of credibility and recognition after being covered by prominent media outlets such as The Economist, Forbes, and The New York Times.

- Creating awareness and education: Media coverage can help blockchain startups reach a wider and more diverse audience, both within and outside the crypto space. By explaining their products or services in simple and engaging terms, they can attract the attention and interest of potential users, customers, or investors. They can also educate the public about the benefits and challenges of blockchain technology, and how it can solve real-world problems. For example, Everledger, a blockchain startup that tracks the provenance and authenticity of diamonds, used media coverage to raise awareness and educate consumers about the issues of conflict diamonds and ethical sourcing.

- Generating buzz and excitement: Media coverage can help blockchain startups create a positive and memorable impression on their target market. By highlighting their achievements, milestones, or innovations, they can showcase their progress and potential. They can also use media coverage to announce new features, partnerships, or events, and generate hype and anticipation. For example, Binance, one of the largest cryptocurrency exchanges, used media coverage to announce its launch of a decentralized exchange, Binance DEX, and its own blockchain, Binance Chain, in 2019.

3. Misinformation, bias, and regulation

One of the most daunting aspects of launching a blockchain startup is getting the word out to the public and potential investors. Blockchain technology is complex, novel, and often misunderstood by the mainstream media and the general audience. This poses several challenges for blockchain entrepreneurs who want to showcase their innovative solutions and attract funding and support. Some of the common hurdles they face are:

- Misinformation: Blockchain is often associated with cryptocurrencies, which have a reputation of being volatile, risky, and prone to scams. Many media outlets and journalists lack the technical expertise and the nuanced understanding of the blockchain ecosystem, and tend to report on sensationalized or inaccurate stories that create confusion and distrust among the readers. For example, in 2019, a Forbes article claimed that China had banned all cryptocurrency transactions, which caused a panic sell-off in the market. However, the article was based on a misinterpretation of a statement by the People's Bank of China, which only reiterated its existing stance on regulating crypto exchanges and ICOs, not banning them outright.

- Bias: Blockchain is also a disruptive and controversial technology that challenges the status quo and the existing power structures in various industries and sectors. Some media outlets and journalists may have vested interests or ideological agendas that influence their coverage of blockchain-related topics. For example, in 2018, a New York Times article criticized the environmental impact of Bitcoin mining, claiming that it consumed more electricity than 159 countries. However, the article did not mention the sources of its data, nor did it compare the energy consumption of Bitcoin with that of other financial systems, such as banks, credit cards, or gold mining.

- Regulation: Blockchain is a rapidly evolving and dynamic technology that operates in a legal and regulatory gray area in many jurisdictions. The laws and rules governing blockchain applications vary widely across countries and regions, and are often unclear, inconsistent, or outdated. This creates uncertainty and complexity for blockchain entrepreneurs who have to navigate the legal landscape and comply with different regulations in different markets. For example, in 2020, a blockchain startup called Ripple faced a lawsuit from the US securities and Exchange commission (SEC), which alleged that its native token, XRP, was an unregistered security. The lawsuit caused a major drop in the value and liquidity of XRP, and forced many exchanges and platforms to delist or suspend it. The outcome of the case could have significant implications for the future of the crypto industry in the US and beyond.

4. Finding the right journalists, platforms, and angles

One of the most effective ways to promote your blockchain startup is to get media coverage from reputable journalists, platforms, and angles. Media coverage can help you reach a wider audience, establish your credibility, and attract potential investors, partners, and customers. However, getting media coverage is not easy, especially for blockchain startups that face unique challenges such as regulatory uncertainty, technical complexity, and public skepticism. How can you overcome these challenges and get the attention of the media? Here are some tips and insights from blockchain entrepreneurs who have successfully navigated the media landscape:

1. Find the right journalists. Not all journalists are interested in or knowledgeable about blockchain and cryptocurrencies. You need to identify the journalists who cover your niche, understand your value proposition, and have a positive attitude towards innovation. You can use tools such as Muck Rack, HARO, or JournoRequests to find relevant journalists and their contact information. You can also follow them on social media, read their articles, and comment on their posts to build a relationship with them.

2. Find the right platforms. There are many media platforms that cater to different audiences, such as mainstream media, industry media, niche media, and alternative media. You need to find the platforms that match your target market, your goals, and your budget. For example, if you want to reach a mass audience, you might want to pitch to mainstream media outlets such as Forbes, TechCrunch, or CNBC. If you want to reach a more specialized audience, you might want to pitch to industry media outlets such as CoinDesk, Cointelegraph, or Decrypt. If you want to reach a more niche audience, you might want to pitch to niche media outlets such as CryptoSlate, Bitcoin Magazine, or Blockchain News. If you want to reach a more diverse audience, you might want to pitch to alternative media outlets such as Medium, Hacker Noon, or Steemit.

3. Find the right angles. The media is always looking for newsworthy, relevant, and interesting stories. You need to find the angles that make your blockchain startup stand out from the crowd, highlight your unique value proposition, and resonate with your audience. You can use different types of angles, such as:

- Trend angle: You can link your blockchain startup to a current trend, such as the rise of decentralized finance, the adoption of non-fungible tokens, or the emergence of Web 3.0.

- Problem-solution angle: You can showcase how your blockchain startup solves a specific problem, such as reducing transaction costs, enhancing data security, or improving social impact.

- Human-interest angle: You can share the personal stories of your founders, team members, or customers, such as their backgrounds, motivations, challenges, or successes.

- Contrarian angle: You can challenge a common assumption, myth, or misconception about blockchain and cryptocurrencies, such as their environmental impact, their legal status, or their social benefits.

For example, a blockchain startup that provides decentralized identity solutions might use the following angles:

- Trend angle: How this blockchain startup is enabling the future of self-sovereign identity in the Web 3.0 era.

- Problem-solution angle: How this blockchain startup is protecting users' privacy and data from hackers and intermediaries.

- Human-interest angle: How this blockchain startup is empowering refugees and migrants to access essential services and opportunities.

- Contrarian angle: How this blockchain startup is debunking the myth that blockchain and identity are incompatible.

By finding the right journalists, platforms, and angles, you can increase your chances of getting media coverage for your blockchain startup. However, you also need to be prepared, persistent, and professional when pitching to the media. You need to craft a compelling pitch, follow up politely, and deliver on your promises. You also need to monitor and measure the results of your media coverage, such as the number of views, shares, comments, leads, or conversions. By doing so, you can optimize your media strategy and achieve your desired outcomes.

5. Crafting your story, message, and pitch

Here is a possible segment that meets your requirements:

One of the most important aspects of getting media coverage for your blockchain startup is preparing for media interviews. This is where you have the opportunity to showcase your expertise, passion, and vision, as well as to address any potential concerns or questions that the journalists or the audience may have. However, preparing for media interviews is not as simple as rehearsing your elevator pitch or memorizing some facts and figures. You need to craft your story, message, and pitch in a way that is compelling, clear, and consistent. Here are some tips on how to do that:

- 1. Know your audience. Before you agree to an interview, do some research on the media outlet, the journalist, and the audience. What is their tone, style, and level of knowledge about blockchain? What are their interests, pain points, and goals? How can you tailor your message to appeal to them and address their needs?

- 2. Define your key messages. Based on your audience research, identify the main points that you want to convey in the interview. These should be aligned with your startup's mission, vision, and value proposition, as well as with the specific topic or angle of the interview. Your key messages should be concise, memorable, and relevant. Avoid jargon, technical terms, or vague statements that may confuse or bore your audience.

- 3. Craft your story. A story is a powerful way to connect with your audience, demonstrate your credibility, and illustrate your key messages. Your story should have a clear beginning, middle, and end, and follow a logical structure. It should also have a hook, a challenge, and a resolution. For example, you can start by explaining what inspired you to create your blockchain startup, then describe the problem or opportunity that you identified, and finally, how your solution addresses it and what impact it has or will have.

- 4. Prepare your pitch. A pitch is a short and persuasive summary of your startup that captures the attention and interest of your audience. It should include your name, your startup's name, what you do, why you do it, and what makes you different or better than others. Your pitch should be tailored to the specific media outlet and audience, and highlight the benefits and value that you offer to them. For example, if you are pitching to a tech blog that focuses on innovation, you can emphasize how your blockchain startup is disrupting the industry or creating new possibilities.

- 5. Anticipate questions and objections. No matter how well you craft your story, message, and pitch, you should always be prepared for questions and objections from the journalists or the audience. These may range from simple clarifications to challenging criticisms or doubts. You should anticipate the most likely or common questions and objections, and prepare clear and confident answers that address them. You should also have some backup facts, figures, examples, or testimonials that support your claims and demonstrate your credibility.

6. Responding to negative, inaccurate, or hostile coverage

One of the most daunting challenges that blockchain entrepreneurs face is dealing with media crises. A media crisis can be defined as a situation where a blockchain startup receives negative, inaccurate, or hostile coverage from the press, social media, or other sources. This can have a detrimental impact on the startup's reputation, credibility, and customer trust. Therefore, it is essential for blockchain entrepreneurs to have a strategy for handling media crises effectively and proactively. Here are some tips on how to do that:

- 1. Monitor the media landscape: Blockchain entrepreneurs should keep track of what is being said about their startup, their industry, and their competitors in the media. They should use tools such as Google Alerts, Twitter, and Reddit to monitor the sentiment, tone, and frequency of the coverage. This can help them identify potential issues, trends, and opportunities for engagement.

- 2. Prepare a crisis communication plan: Blockchain entrepreneurs should have a crisis communication plan that outlines the roles, responsibilities, and procedures for responding to media crises. The plan should include a list of key stakeholders, such as investors, customers, partners, and employees, and how to communicate with them in case of a crisis. The plan should also specify the channels, formats, and frequency of the communication, as well as the key messages and talking points to convey.

- 3. Respond quickly and transparently: Blockchain entrepreneurs should not ignore or delay responding to media crises. They should acknowledge the situation, express concern, and provide factual information as soon as possible. They should also be transparent and honest about the causes, consequences, and actions taken to resolve the crisis. They should avoid making excuses, blaming others, or hiding information that could damage their credibility.

- 4. Engage with the media and the community: Blockchain entrepreneurs should not avoid or antagonize the media or the community in times of crisis. They should seek to establish a constructive dialogue and a positive relationship with them. They should provide updates, answer questions, and address concerns in a respectful and professional manner. They should also leverage their supporters, advocates, and influencers to amplify their voice and share their perspective.

- 5. Learn and improve: Blockchain entrepreneurs should not view media crises as failures, but as opportunities to learn and improve. They should conduct a post-crisis analysis and evaluation to identify the root causes, the strengths and weaknesses of their response, and the lessons learned. They should also implement corrective and preventive measures to avoid or mitigate similar crises in the future.

An example of a blockchain startup that handled a media crisis well is Coinbase, the largest cryptocurrency exchange in the US. In October 2020, Coinbase faced a backlash from the media and the community after its CEO, Brian Armstrong, published a blog post stating that the company would not engage in social or political issues that are not related to its core mission. Many criticized the move as tone-deaf, insensitive, and hypocritical, especially in the context of the Black Lives Matter movement and the US presidential election. Some employees and customers also threatened to leave the company.

Coinbase responded to the crisis by reaffirming its commitment to its mission, vision, and values, and explaining the rationale behind its decision. It also offered a generous exit package to any employee who did not feel aligned with the company's culture and direction. It also engaged with the media and the community in a respectful and constructive way, addressing their concerns and feedback. As a result, Coinbase was able to retain most of its employees and customers, and maintain its reputation as a leader and innovator in the blockchain space.

7. Tracking and analyzing your media performance and feedback

One of the most important aspects of media coverage for blockchain startups is to measure its impact and effectiveness. How do you know if your media strategy is working? How do you assess the quality and quantity of your media exposure? How do you collect and analyze feedback from your target audience and stakeholders? These are some of the questions that blockchain entrepreneurs need to answer in order to optimize their media performance and achieve their goals. In this section, we will discuss some of the methods and tools that can help you track and evaluate your media impact, as well as some of the challenges and limitations that you may encounter.

- media monitoring: media monitoring is the process of collecting and reviewing all the media mentions and coverage of your blockchain startup, including online, print, broadcast, and social media. Media monitoring can help you measure the reach and frequency of your media exposure, as well as the tone and sentiment of the media coverage. You can use media monitoring tools such as Meltwater, Cision, Brandwatch, or Google Alerts to automate the process and receive alerts and reports on your media coverage. For example, Meltwater can provide you with metrics such as share of voice, media value, audience engagement, and sentiment analysis for your media coverage across different channels and regions.

- Media analysis: Media analysis is the process of interpreting and evaluating the data and insights from your media monitoring. media analysis can help you understand the impact and effectiveness of your media strategy, as well as identify the strengths and weaknesses of your media performance. You can use media analysis tools such as Tableau, Power BI, Google Analytics, or Facebook Insights to visualize and analyze your media data and generate actionable insights. For example, Tableau can help you create interactive dashboards and charts to compare and contrast your media coverage across different dimensions such as topics, sources, influencers, and outcomes.

- Media feedback: Media feedback is the process of collecting and responding to the opinions and reactions of your target audience and stakeholders to your media coverage. Media feedback can help you measure the satisfaction and loyalty of your media consumers, as well as the reputation and credibility of your blockchain startup. You can use media feedback tools such as SurveyMonkey, Typeform, Qualtrics, or net Promoter score to design and conduct surveys and polls to gather feedback from your media audience. For example, SurveyMonkey can help you create and distribute online surveys to measure the awareness, attitude, interest, and action of your media audience towards your blockchain startup.

However, measuring media impact is not without challenges and limitations. Some of the common difficulties that blockchain entrepreneurs may face are:

- Lack of standardization: There is no universal or agreed-upon way to measure media impact, as different media channels and platforms may have different definitions and metrics for media exposure and engagement. For example, what counts as a view, a click, or a like may vary across different media outlets and social networks. This makes it hard to compare and aggregate media data and results across different sources and formats.

- Lack of attribution: There is no direct or causal link between media coverage and business outcomes, as there may be many other factors and variables that influence the behavior and decisions of your media audience and stakeholders. For example, how do you know if your media coverage led to an increase in your website traffic, user registrations, or sales conversions, or if it was due to other factors such as word-of-mouth, referrals, or promotions? This makes it hard to attribute and quantify the value and return on investment of your media strategy.

- Lack of feedback: There is no guarantee or obligation that your media audience and stakeholders will provide you with feedback on your media coverage, as they may not have the time, interest, or incentive to do so. For example, how do you know if your media coverage reached and resonated with your target audience, or if it was ignored or dismissed by them? This makes it hard to collect and analyze feedback and opinions from your media consumers.

8. Creating partnerships, collaborations, and referrals

One of the most effective ways to gain media exposure and credibility for your blockchain startup is to leverage the existing networks and platforms of other players in the industry. By creating partnerships, collaborations, and referrals with other blockchain entrepreneurs, influencers, media outlets, and organizations, you can tap into their audiences, resources, and expertise, and benefit from mutual promotion and support. Here are some tips on how to leverage media opportunities through strategic alliances:

- 1. Identify potential partners and collaborators that share your vision, values, and goals. You want to work with people and entities that have a similar or complementary mission, target market, and value proposition as your blockchain startup. For example, if your startup is focused on developing a decentralized social media platform, you might want to partner with other blockchain projects that are working on identity, privacy, or content creation solutions. You can use online platforms such as LinkedIn, Twitter, Medium, or Reddit to find and connect with relevant people and organizations in the blockchain space.

- 2. Offer value and benefits to your partners and collaborators. You need to show your potential partners and collaborators what you can bring to the table and how you can help them achieve their objectives. For example, you can offer to share your expertise, insights, or resources with them, provide them with access to your network or community, or feature them in your media channels or events. You can also propose to co-create content, products, or services that can benefit both parties and their audiences.

- 3. Establish trust and rapport with your partners and collaborators. You want to build a long-term and mutually beneficial relationship with your partners and collaborators, not just a one-off transaction. You can do this by communicating clearly and frequently, delivering on your promises, respecting their opinions and feedback, and acknowledging their contributions and achievements. You can also use social media, email, or video calls to stay in touch and update them on your progress and plans.

- 4. Seek and give referrals to your partners and collaborators. One of the most powerful ways to leverage media opportunities is to get referrals from your partners and collaborators to their media contacts, such as journalists, bloggers, podcasters, or influencers. You can also reciprocate by introducing them to your media contacts and recommending them for media coverage or interviews. This way, you can expand your media reach and exposure, and also strengthen your relationship with your partners and collaborators.

9. Key takeaways and best practices for blockchain media coverage

blockchain media coverage is a crucial factor for the success of any blockchain startup. However, it is not easy to navigate the media challenges that come with this emerging and complex technology. In this article, we have explored some of the common media challenges faced by blockchain entrepreneurs, such as lack of awareness, misinformation, bias, and regulation. We have also shared some insights from blockchain entrepreneurs who have successfully overcome these challenges and gained positive media attention for their projects. Based on their experiences, we can derive some key takeaways and best practices for blockchain media coverage, which are:

- Educate the media and the public about blockchain. Blockchain is a new and unfamiliar concept for many people, and it is often misunderstood or misrepresented by the media. Therefore, it is important to educate the media and the public about what blockchain is, how it works, and what benefits it can bring to various sectors and industries. For example, ConsenSys, a blockchain software company, has created a media kit that provides an overview of blockchain, Ethereum, and their projects. They also offer webinars, workshops, and courses to educate journalists, developers, and enthusiasts about blockchain.

- Tell a compelling story about your project. Blockchain media coverage is not only about explaining the technology, but also about telling a compelling story about your project. You need to capture the attention and interest of the media and the public by highlighting the problem you are solving, the solution you are offering, and the impact you are creating with blockchain. For example, Everledger, a blockchain platform for tracking the provenance of diamonds, has told a compelling story about how they are using blockchain to combat fraud, theft, and conflict in the diamond industry, and how they are creating a more transparent and ethical supply chain.

- build relationships with the media and influencers. Blockchain media coverage is not a one-time event, but a continuous process that requires building and maintaining relationships with the media and influencers. You need to identify and reach out to the relevant and credible media outlets and influencers who cover blockchain and your industry. You also need to provide them with timely and accurate information, feedback and quotes, and exclusive and newsworthy stories. For example, MakerDAO, a decentralized lending platform, has built relationships with the media and influencers by participating in podcasts, interviews, and events, sharing their updates and milestones, and featuring their partners and users.

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