Pak Chau, the wildly successful 22-year old gamerpreneur who operates in the esports market, did the unthinkable.
As a value-driven entrepreneur, Chau had undertaken an ICO (Initial Coin Offering) to raise nearly $2.5-3 million for his esports platform, which was a success.
But, after raising those funds, he returned the money from investors. Then, he told his team they were going to start raising sales-driven capital from scratch.
As months passed after the ICO, Chau harbored an ominous feeling. “Deep down in my heart,” he recalls, “I felt that something was wrong. I felt that the energy in the office was slowly draining.”
One reason for that was the newly-established investors from the ICO, “I knew nothing about gaming,” Chau laments. “They were offering advice that did not resonate well with me or my team, and it was starting to obviously impact the company culture.”
A Moment of Truth
Chau was looking for more than generating revenue, but rather to realize a more holistic measure of achievement.
Having foregone the funds from the ICO, he had to figure out a way to launch on a shoestring budget. He believed that he could build his new business directly with the customer; in this case as a community-based marketplace.
After all, his new business was centered around creating a massive community for gamers, a $900 million esports market. Indeed, the gamerpreneur was launching this new enterprise to create a more level playing field, allowing all gamers to get a chance to compete for income, and more frequently.
So, Chau pressed ahead without the ICO-driven funds and, with the support of his highly diligent team to launch Gamico’s “Discord” chat bot.
The development completion was also made possible by Chau alternatively securing $900,000 in seed investment funds. Within days, after the bot launched, it attracted more than 20,000 users and now, less than a year later, it boasts more than 70,000 users.
Want his success strategy? Read Part 2 for more.