Primitive Ventures: How to find an excellent local person in charge when entering the Asia-Pacific crypto market?

author:Primitive Ventures

Compiled by: Xiaobai Navigation Coderworld

Asia iscryptocurrencyIt is an important market in the field, gathering 60% users from all over the world, and contributing to the centralizationexchange (CEX) 37% of traffic.

Asia has a population of 4.8 billion, accounting for 60% of the world's total population. As a contributor to 40% of global GDP, Asia's economic size cannot be underestimated, and the median age of the population here is only 32 years old, showing young and energetic characteristics. With more than 2.8 billion active Internet users, Asia has become the center of on-chain activities - from creative decentralized application (dapps) developers to active participants and "airdrop hunters" in the market. Despite this, Asia is still the most underserved region, but it has also become the easiest market to expand due to its huge potential.

Summary

• Plan your Asia Pacific (APAC) strategy in advance, with a local hero leading the way.

• Avoid outsourcing to third-party agencies, “local consultants” or ambassadors and instead hire a local general manager (GM) who reports directly to the founder.

• Excellent APAC leaders should be judged by their actions and results, not just their resumes or self-promotion. Many excellent talents may come from the grassroots, are experienced and pragmatic, but may not be active on Crypto Twitter or have a glamorous LinkedIn resume.

• Prioritize localization in your go-to-market strategy (GTM) to take advantage of local uniqueness, especially when the project name is difficult to pronounce in Chinese or Korean.

• A strong APAC leader can help assess the founders and team’s leadership potential in the global market. They can quickly determine whether you are serious about the local market and have a clear strategic mindset.

cryptocurrencyIt is a truly global industry.Its asset class enables 24/7 non-stop trading, breaking through time zone restrictions and judicial boundaries. This 24/7, borderless nature is one of the core advantages of cryptocurrency. Cryptocurrency is not only digital-first, but also international-first, with participants from all over the world working together to promote the on-chain economy andCommunitydevelopment.

This international nature is particularly evident in Asia. It is no coincidence that some of Bitcoin’s earliest miners came from China.

Today, AsiaexchangeDominates the highest retail trading volume in the world.

Over time, other cryptocurrency hubs in Asia have emerged. From Hong Kong’s role as a traditional financial hub, to Singapore’s attraction to founders with its forward-thinking regulatory framework, to South Korea’s enthusiastic retail market, Asia has always played an important role in the growth and cultural evolution of cryptocurrency. Even places like Malaysia, Vietnam, Thailand, and Indonesia have thriving developer communities.CommunityAnd rich offline activities.

However, the complex and diverse cultures, languages, regulations and local market dynamics in Asia make it difficult to expand into the region. To truly do well in the Asian market, it takes more than just an occasional visit or hiring an agency with regional knowledge, especially for teams that lack an Asian background.

At Primitive Ventures (PV), we have been committed to bridging the gap between the Western and Eastern cryptocurrency markets since our inception.We often receive questions from our non-Asian portfolio companies about how to successfully recruit a great Head of APAC.

In this article, we’ll unpack some key tips for founders to build a successful business in the Asia Pacific (APAC) region. Here are a few key points we’ll explore:

1. When should I recruit an APAC leader?

2. How to find the ideal APAC head?

3. What makes a good APAC leader?

4. What are the common pitfalls when entering the APAC market?

5. How to understand local work culture and business norms?

When should I recruit an APAC leader?

不要急于求成。在开始寻找 APAC 负责人之前，先从根本问题出发，弄清楚为什么 APAC 对你的项目至关重要。你的目标是什么——是吸引开发者的参与、增加流动性、扩大Community规模，还是寻找战略合作伙伴？不要因为看到其他人在亚洲市场活跃，就盲目跟风，而没有深入理解自己的产品定位和市场需求。

Generally speaking, it is best to first establish some credibility in your core market.You don’t need to be first in the industry or have a fully mature business in the Western market, but you need at least some recognition. For example, the support of well-known investors, successful pilot projects, or a clear product roadmap can win you trust in the Asian market. The cryptocurrency community in Asia attaches great importance to trust and credibility: well-known partners, successful cases, and product-market fit are all important criteria for them to evaluate projects.

If your project is still in the early stages, it may not be appropriate to invest resources into the APAC market too early.The best time is usually between the mid-development phase of a project and the pre-release TGE.This period of time will give your APAC team enough time to prepare, including organizing events, building connections with local developers, planning collaborations with key opinion leaders (KOLs), and increasing brand awareness before officially entering the market. If you launch too early, you may waste resources; if you launch too late, you may miss the opportunity to gain a foothold in the market.

Where can I find the ideal APAC head?

• Initial market layout: First try to establish influence in the Asia-Pacific region. You can attend local industry conferences, translate the core documents of the project into the local language, or cooperate with the organizers of some small events for brand exposure. It is very important to establish initial brand awareness in the Asian market, which will not only increase the popularity of your project, but also attract suitable candidates for subsequent recruitment.

• Discover from the community: If conditions permit, prioritize recruiting talent from your project’s community. People who are familiar with the project’s culture and mission are usually more suitable as APAC leaders, and they can bring local insights and a strong sense of belonging to the team.

• Leverage local VC networks：亚太地区的风投机构通常拥有丰富的人才资源网络。他们能够推荐那些有过类似经验的候选人，比如曾成功建立exchange合作关系、与本地开发者协作，或者策划社区活动的专业人士。

We are 10 APAC Practitioners took a quick survey to find out how they heard about their current position:1/10 were introduced by headhunters, 5/10 were because they knew the team before, 2/10 were recommended by investors, 1/10 were self-applications, and the other 1/10 came from community recommendations.

What makes a good APAC leader?

A good APAC leader needs to be able to identify and acquire the key resources needed for projects at different stages of development. They are not only resource integrators, but also relationship builders and strategic thinkers. Their work effectiveness often depends on their ability to acquire and transform these resources.

• fluidity：In the cryptocurrency industry, liquidity is one of the most difficult resources to obtain. This requires building deep partnerships with centralized exchanges (CEX) while tapping into hidden purchasing power in the region. Since these resources are often more secretive, they require extensive industry experience and a wide network of contacts to successfully master.

• Marketing and Community：Brand building and community culture shaping are usually led by the headquarters and are difficult to achieve through localization alone. In the APAC region, cooperation between media and key opinion leaders (KOLs) is relatively common. The key is to choose the most appropriate channel for each event to maximize the brand's market influence.

• Business DevelopmentBD)：The BD role requires a high level of involvement, with a focus on building long-term relationships with developers and local partners. This job requires a significant investment of time and effort to develop a loyal user base. The core value of the BD team is reflected in fundraising and market entry strategy (GTM). Although many local teams excel in product development, they often have difficulty establishing connections with top Western venture capitalists. A successful BD team also needs to bridge cultural differences and help local teams reach and integrate into the global market.

• Institutional Resources: Although institutional resources are standardized to a certain extent, trust is still a key factor. However, the final decision for cooperation is often based on strong product strength and appropriate incentive mechanisms, which can naturally attract institutional partners to join.

In short, while it is relatively easy to acquire marketing and TVL (total locked volume) resources, business development (BD) requires sophisticated operational capabilities. The most challenging and crucial part of the APAC strategy is still toTokenToken Generation Event (TGE) obtains sufficient liquidity.

Common pitfalls of entering the APAC market

• Lack of clear goals: Before entering the APAC market, you need to know what your goals are. Do you want to attract ordinary users, integrate into the developer ecosystem, or win over institutional investors? Different goals require different market strategies and methods. Before recruiting an APAC leader, be sure to define your core needs and direction.

• Choosing the wrong agency: There are many agencies on the market that claim to help you enter the APAC market, but not all of them are trustworthy. In particular, those that do not focus on a specific country and claim to cover multiple Asian markets with huge cultural differences often lack depth. Localization is still a key advantage. In contrast, an agency that really digs deep into one or two specific markets will usually be more valuable than those that talk about generalities.

• Misconceptions about remote management: Don’t assume you can easily manage the APAC market remotely. Flying once a year or relying entirely on remote command rarely works. You need a dedicated local team that can respond to market changes in real time, not just a remote contact person.

• Will APAC The market is viewed as a single entity：APAC is not a unified market. From South Korea, Japan, China to Southeast Asia, each country has its own unique language, culture, and incentives. In the field of cryptocurrency, each country has its own strengths and weaknesses. Your APAC head should be able to understand the nuances of these differences, or at least have good local relationships in these regions to better respond to diverse market needs. Trying to cover the entire Asia-Pacific market with a "one-size-fits-all" approach is not only difficult to work, but may even lead to a waste of resources or strategic mistakes.

When entering the APAC market, it is important to develop personalized strategies based on the characteristics of different countries, while ensuring that the team has a deep understanding of the local market culture and operating methods.

Understanding work culture and business norms

Once again, it’s important to remember that APAC is a vast and diverse region. Each country has its own unique business culture, but overall it tends to be more relationship- and trust-based than purely transactional. This approach is in stark contrast to the more direct business models of some Western countries.

So, find someone who really understands these cultural differences. APAC The person in charge is crucial.They need to have excellent social skills and be able to interact well with people from different backgrounds and in an international environment. This is crucial because what is considered respectful in one country may be inappropriate in another. Learn to find the balance between being frank and respectful.Xiaobai NavigationBalance is an important step to succeed in the APAC market.

The ideal APAC head not only needs to have a deep strategic understanding of the operation of the entire crypto market, but also needs to have strong business social skills and be able to flexibly adapt and sincerely integrate into the business culture of different regions. This comprehensive ability will help companies build trust, win cooperation, and achieve long-term development in the diverse Asia-Pacific market.

The article comes from the Internet:Primitive Ventures: How to find an excellent local person in charge when entering the Asia-Pacific crypto market?

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