BitBoost, the blockchain company developing The Block, has recently partnered with Boston Entrepreneurship Center, or BEC. This partnership will help to develop the business model for its blockchain-based decentralized marketplace, helping to build The Block into a globally utilized, e-commerce application.
BEC is a cutting edge center for entrepreneurship, designed to prepare students and business people to create and grow new start-ups and accelerate business opportunities, through a program that consist of coaching sessions and hands-on workshops. Based on the prestigious Cambridge Innovation Center at the MIT campus, BEC has been educating entrepreneurs since 2012, to create successful start-ups. BEC is an excellent place, not only for learning the skills needed to launch a start-up, but for growing the business networks of their students, coaches, advisors, and supporters.
BEC will help BitBoost in two ways: coaching and supporting BitBoost team, and also widening their network in order to get new clients, advisors, and supporters. With this partnership BitBoost team will have more resources to understand and reach new markets, refining their value proposition and finding the best product-market fit.
In fact, the BitBoost team is already working on this, exploring both crypto and emerging markets to develop their business model of The Block, as explained in their white paper. E-commerce came of age in the early years of the 21st century but remains a high-growth sector. Not least due to the opportunities offered by the proliferation of mobile devices. While internet access rates across developed markets are well above 80%, emerging markets have yet to catch up. Applying the same average access rate to emerging markets would lead to an additional 1.1 billion people who have access to e-commerce. So the industry’s growth outlook remains very positive. Knowing this, BitBoost seeks to bring more opportunity to the people who need it most.
With a proof-of-concept currently in pre-beta testing, and a fundraising plan in place, the next step for BitBoost will be looking for appropriate market niches within this growing ecosystem, early adopters who will contribute value to the platform. This will require a lean, start-up based, approach where BEC guiding will be very useful.
BitBoost is going forward with a clear purpose in mind: to redefine e-commerce, by working with the blockchain community and using Ethereum blockchain technology to create a successful and profitable e-commerce app, The Block.
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