Blockchain technology has its origins as the infrastructure that would handle transactions of bitcoin. As the conversation around Bitcoin has grown over the past 10 years since its release, the viability of blockchain as a solution for securely managing data. A number of startups are trying to build businesses using this technology.
Patientory is one of those startups, rising to national prominence after raising $7.2M through an initial coin offering (ICO). An ICO is similar to an initial public offering on the public markets where a company raises money to fund their business. In the case of an ICO, investors buy into a company and the startup is able to secure the funding it needs.
Chrissa McFarlane is the CEO of Patientory, a startup looking to develop technology that enables patients to control the management and sharing of their data. In her conversation with GHOGH host Jamarlin Martin, she shared some keys to building a startup in the blockchain space.
Listen to GHOGH with Jamarlin Martin | Episode 63: Chrissa McFarlane
Jamarlin talks to Chrissa McFarlane, founder and CEO of Patientory, one of the first blockchain companies focused on healthcare records.
For those interested in building a blockchain-based platform, Chrissa recommended having an ecosystem mindset where you are not only aligning with your ideal customers, but also with government agencies and other stakeholders. The following are resources on building ecosystems:
Building the Right Ecosystem for Innovation
If you’re not building an ecosystem, chances are your competitors are
Chrissa also highlighted the importance of developing a network effect within your ecosystem. As a company, you develop network effects when every additional user of your product or service increases the actual value of that product or service. Here is a resource on getting network effects.
Blockchain technology is here to stay and we’ll see more and more use cases for its capabilities. Be sure to check out the resources above for keys on building an ecosystem and generating network effects. For the rest of Chrissa’s conversation with Jamarlin with Chrissa McFarlane, check out the episode here.
Kwame Som-Pimpong leverages relentless research, a knack for connecting dots, human-centered design approach, and effective communications strategy to help organizations realize their strategic objectives. Over a 10-year career, Kwame has supercharged grassroots political organizing efforts, assessed the effectiveness of U.S. federal agencies, managed an international program, founded a digital media startup, and advised government agencies on delighting their end-users. He earned a BA in Political Science from Davidson College and Master of Public Administration from the University of Georgia.
