In this edition we share insights into how we’re growing, what we’re thinking about, and the next big targets for 2020.
At talks, I always bring up this thought that came to me one day when I was surfing. It’s around the idea of inevitability when you’re in the water and waiting for the next big set to come in. There is a certainty you must have that the wave is coming. There is a patience you must have to not take waves too soon. And last but often overlooked, there is a grit you must have to be in the water at all.
When I’m out surfing, I always remind myself that if you’re prepared, patient, and in the water, you can catch the inevitable wave.
When I wake up and come to Parachute everyday, it’s because I believe the impact of blockchain on disrupting our major systems is equally inevitable. I believe what we are working towards will happen and every day we must think, build, and make sure we’re prepared for when it does.
To be prepared means building products people use today that can scale to early adopters as the space grows. To be patient means not rushing what we do with gimmicks or short sighted attempts to get a flash of attraction in trends that lead to dead-ends. To be in the water means that we have to keep our doors open and have the grit it takes to stay around when others have failed to.
While we’ve known these pieces, making them our mantra helps us stay focused on the big picture and drive what we do when we show up every day.
It’s almost two years since we’ve launched Parachute. As much as we’ve been in the water, so have you. As someone who wakes up every day to explore ideas with you and the community I want to say thanks for staying in the water with us, and that I truly do believe that SURFS UP :)
What we’re reading:
Zero to One is a foundational read for anyone building a company. One thing I love to do is re-read great books as I’m working through new problems. I recently re-read Zero to One as I was thinking about how we set our growth targets today while seeing the big picture 5 years from now. Here’s a video summary for all of ya:
What we’re also reading:
Two great articles that any one building a company or giving a company their time should read. The first, by Sequoia Capital talks about stickiness metrics and how companies should use them to be honest with how people use their products. The second article was shared with us by our friends at SimpleID. It’s a “state of DApps” that puts some of these metrics front and center with over 200 blockchain projects.
Selecting the Right User Metric
Selecting the right metric for success requires thoughtful exploration.
— New features for ParJar: Simplified confirmation messages + /Chute for all you weirdos + Send in USD amounts
— New Numbers for ParJar: Comparable usage ratios to Venmo and Paypal
— Meeting new projects and seeing how they can fit into our world.
— ParJar no-whitelist + huge campaign to support people using ParJar with friends.
— Begin integrating SIMPLEID to focus on increasing our conversion of new users to power users.
This month shows two interesting data points for ParJar. First, as our closed beta comes to an end and we gear up for releasing the no-whitelist ParJar we are seeing new users from existing communities start to plateau. At the same time, we are seeing metrics around tips, withdrawals, and deposits from existing users greatly increase.
This shows us that existing users are using ParJar more as their communities adopt ParJar. This also shows us that our next targets are around testing the growth hypothesis with ParJar as we release a version that anyone can add to any group.
Additionally, partnerships with projects like Simple ID, and Fiat onramps are being adopted with a target of making it easier for people to use ParJar with their friends.
Coin Market Cap: $PAR
Who we are: The Parachute article