How To Develop a Web3 Project Roadmap?
Web3 Project Roadmap – Essentials
You are planning to launch your Web3 Project and you have no idea how to make a Project Roadmap, we have got you covered. This article will cover the essentials each Roadmap should have and will also aim to discuss the importance of setting up the right direction for your project.
What the project Roadmap should not have?
Before figuring out what the roadmap should look like and what it should include, it is essential to have a clear understanding of what it should not have.
Since the Roadmap of the project is going to be used by potential investors / collectors to understand more about the project’s future, it is important that the roadmap does not give out any information or share plans which you do not intend to follow.
A vague spread out plan
One of the key red flags that a potential investor will look for is for a project’s roadmap to be vague about the future and what the plan is. Such a roadmap would stand outright to investors as having unclear roadmap and reflect the founders’ lack of understanding of what the project’s future ought to look like.
This also means that the core team is unsure about the success of the project and that is why they have not thought about what to do exactly once the mint / IDO is successful. If the projects founders are not confident about the success of their own project, you might as well want to steer clear away from the project.
A vague plan also suggests that the founders will decide the fate of the project as things turn out and while this is not an entirely negative thing, the investors will still consider it a weakness on the founders end to be unsure of the future they are promising the investors of.
Too detailed with strict deadlines
Another way not to build up your roadmap is to include way too much details which are not necessary for a roadmap rather more suited for a whitepaper. Some projects make the mistake of making the roadmap too detailed with intricate deadlines.
Although at the first outlook it might not seem to be a major issue but it can be a major issue in the implementation stage, in the web3 dynamic world it is possible to run into many unprecendented issues and some of these can lead to the unfulfillment of the roadmap action items on the prescribed time.
Having a detailed roadmap with very stringent deadlines can lead to disappointment if not fulfilled exactly in the order according to the timelines and it can bring in unnecessary discontement from the community which could have been avoided at the roadmap development stage.
This goes without saying but a project’s roadmap should not also be too brief to not include the necessary details and the investors are made to ask for more details on the roadmap. If after reading a project’s roadmap you get more questions than answers, it means that its too short and needs to be more self-explanatory to do its job.
Too short of a roadmap can also make investors think like the founders are just winging it and do not have a clear roadmap laid out, and have taken a copy-pasted roadmap and customised it a bit to make it project specific.
What the Project Roadmap should have?
Although after reading through the don’ts you must have gotten a good idea of what the Project roadmap should be like. We will list the most important things the roadmap should have.
Long term action plan
A roadmap should have a long term action plan and not too focused on the shorter term, although it might feel tempting to let the investors know what the weeks ahead of the Launch will look like but to make a roadmap only 3 months long is not a good long term play.
This might be a good way to let the investors know how their investments will be spent in the near future but this type of roadmap will soon be fulfilled and then a new roadmap will need to be proposed, this will reflect a project’s inability to clearly seek out long term objectives.
A good roadmap should at least have a one year action plan the the project needs to achieve with stages divided in an year’s quarter to define the important milestones the project wants to achieve.
Clear cut and well Defined
A good roadmap will be very clear to understand and well defined, this means that it will provide the vision to its readers what the Project wants to achieve and how it plans to achieve that.
It should give the potential investors an insight into the minds of the founders as to what their vision is and what objectives need to be fulfilled to achieve the long term objectives. This would also mean that the roadmap will give a tunnel vision and not a broad perspective over the long term actions, this will also give potential investors the confidence to really get in the shoes of the founders.
Revenue Streams and Technical Development
In the current phase of the market investors are looking for innovators in the space, a well recommended approach in building the right roadmap to attract the right type of investors to your project is to clearly define the path to build the right revenue streams to make the project sustainable as well as definining what type of technical developments will make it stand out from the crowd.
With these details mentioned the Roadmap will be good to go. Although Roadmap is just one part of preparing for a project launch and to present your project in front of investors, it’s inarguably one of the most important parts of the Project pitch.
We hope we were able to guide you through the process of making your Projects Roadmap in the Web3 space, although there are developments being made in the space almost everyday but these robust fundamentals if followed will allow you to ensure your Project roadmap does cover the essentials looked for by Investors.