Visuals to use – https://drive.google.com/drive/folders/1J9owMVnu8PxW9O4dP_8eHqbQwNKK1_LP?usp=sharing
Navigating the complex business world of web3 can be very challenging. In many instances, it takes more than determination to go from fundraising to building a competent go-getting team and to launching a POC.
Despite the multitude of challenges faced by innovative entrepreneurs, the allure of web 3 is so strong that smart investors across the world are not only seeking out promising projects but are also investing in them.
To this end, Attic42, a web3 venture builder, was founded to guide web3 projects through the stages of product development, team formation and fundraising. Attic42 Managing Partner Petar Atanasovski sat down for
Welcome, Petar! Can you share your journey into Web3 with us?
Thank you for having me, Olayimika. I have a background in computer engineering, but most of my career has been in product and operations. I’ve been fortunate to work with an amazing group of people for over a decade. During this time, we’ve experienced three acquisitions together and have created concepts and products for two unicorn companies. In 2016, we ventured into the blockchain space while exploring its potential to build the first decentralized email service, known as Lemon email. We also organized the first community meetups here in Serbia. Being among the early pioneers in the space opened up new opportunities for us.
What attracted you to Web3, given its challenges and opportunities?
Back then, it was all about having fun, exploring, and building new things. Interestingly, those same motivations continue to drive us today. Web3 offers a fantastic environment for continuous learning and exploration, provided you’re open to acknowledging how much you don’t know. The pace of innovation is high, and the industry represents an intersection of many fields, which creates enormous potential for meaningful impact.
Tell us about the inception of Attic42 and its mission.
Over the years, we became adept at three things:
- Identifying and adopting promising emerging technologies set to reshape industries.
- Prototyping, developing, and launching global market products based on these technologies.
- Providing product research, strategy, and development services to our partners through MVP Workshop.
We aimed to create an ecosystem where individuals could discover diverse opportunities for growth, including the possibility of becoming founders. We transferred everything we had learned and created for our own needs into a venture builder model, crafting an ecosystem where each entity operates autonomously yet benefits from a suite of complementary shared services.
How does Attic42 operate, and what’s its modus operandi?
In addition to financial investments, Attic42 has built a comprehensive support system for its portfolio companies within its ecosystem:
- A42 Hub serves as our central gathering place, offering physical co-working spaces and support for legal, accounting, administration, payroll, equipment procurement, and more.
- MVP Workshop, our blockchain development center, aids and supports teams in the early stages of product development and market launch.
- 3327, our R&D center, provides specialized research, often tackling cryptographic and applied mathematical challenges.
- A42 partners can take on various roles in a company until the team is fully established.
- A42 support teams offer assistance with design, branding, marketing, and hiring.
All of this revolves around the Founder in Residence experience, encompassing two programs: Incubator and Accelerator. Both programs consist of two phases. Incubator comprises Ideation and Incubation, while Accelerator comprises Acceleration and Growth stages. Each program has distinct prerequisites and expected outcomes, tailored to the specific product needs. Participants can join a program independently of previous phases.
What challenges do Web3 builders face, and how can they overcome them?
Web3 builders often have a strong drive to innovate and solve problems. However, they frequently encounter various ancillary challenges that drain their energy and time, leaving crucial questions unanswered. Attic42 has created a shared services ecosystem to help entrepreneurs focus on their core tasks: serving customers and developing their products. We’re here to support them in addressing and resolving the most challenging questions, even those outside their immediate focus.
Attic42 is launching a Web3 incubator. Can you provide more details about it?
Our Incubator commences on October 23rd and comprises two phases: Ideation and Incubation.
During the Ideation phase, participants are encouraged to network, establish connections, and build long-term collaborations. This phase fosters the idea of continuing the journey as co-founders. Through collaborative problem-solving and group rotations, participants gain practical experience in managing their own businesses and working together. They discover how their skills complement one another, align in values and vision, and adapt to different work styles. By the end of the Ideation phase, participants should have a well-defined idea and a founding team. This phase lasts for two weeks and involves multiple iterations of intensive problem-solving, akin to a series of hackathon programs.
The Incubation phase spans five weeks, with one week in between for participants to consolidate their work with mentors and instructors. Incubation focuses on practical work in key thematic areas of business development. The ultimate goal is for participants to emerge with a validated business model, a strong foundation for investor discussions, and a clear plan for the MVP development phase. Applications are open until the end of September, and you can find all the details here: https://attic42.com/incubator.
What can founders expect after completing the incubator program?
We plan to conclude the incubator with a grand finale—a Demo Day where participants can present their ideas to a team of investors. Additionally, Attic42 aims to support up to four ideas with further investments in 2024 and continue working with them through our accelerator program.
Finally, what advice would you give to entrepreneurs interested in venturing into Web3?
Always prioritize enjoyment in what you do, keep exploring, learning, building, and pushing boundaries. Move fast, and if our mindset resonates with yours, consider applying to one of our programs. Let’s embark on this journey together! 😊
