We’re not going anywhere.
The past weeks and months have been pretty tough out there in the markets.
It’s the first time in history that we’ve had this perfect storm. Crypto bear market, beginning of a recession period, and the FTX debacle as a cherry on top. Sentiment in general is grim. Venture capital is tightening up globally over the next 24+ months, and uncertainty is at a maximum high.
The only thing certain is that it’s going to be a tough time for startups in the coming months and years.
But, we are not going anywhere. At Beyond we know that the importance of community never wavers, and it may be what we need now more than ever. We’ll still be here, building for you.
While it has been a tough time for many, and it will be a tough time to come, we know that some market change is also important. Hype-driven growth is not healthy. Hype can be exciting, but it also makes it really hard to build a real product that solves a real problem.
It can be difficult to know if you’re on the right path to product/market fit, or whether you’re just riding the wave, ready to crash with everything else. It can be difficult to know if you’re addressing a real market, or whether your customers are swept up in the hype too, ready to bail at any moment.
Products need to solve a real problem for a broader group — when a group of people in a bubble are just building things for each other, they’re in for a bad time. When it pops, everyone loses.
So, the silver lining to this macro negative: The ones who are building real products for real people will stay, and the net result will still be a leap forward.
In my last blog post, I mentioned how we build from first principles. First principles never waver. They remain true no matter the market. We’re still here to innovate fresh, to bring the online community space three steps forward. The way that this happens will grow and evolve over time, to match what the market and the people need.
Beyond is rooted in a timeless purpose, which is to serve online communities. We believe that online communities have the power to bring people together in a powerful way, whether that’s for making a friend over a common passion, discovering a new product, or collaborating with your favourite brand.
In the coming months we will make some changes to our product and how we communicate. But the one thing that won’t change: we’re not going anywhere.
Wishing everyone a very happy holidays, and a wonderful start to 2023. Take care of yourself, and those around you.